Italy surprised the markets with a 40% windfall profits tax on banks, while Moody's downgraded several small to midsized US banks.

Other minimally bearish developments include Turkey placing a 20% levy on some forms of gold imports and news that gold ETF holdings yesterday fell for the 11th straight day!

Much weaker than expected Chinese import and export data undermines physical and investment demand hope for gold and silver which will also be facing slightly negative spillover from strength in the US dollar...[MORE]

Please subscribe to receive the full report via email by clicking here.