A Tough Day for Silver and the Euro

Silver was absolutely obliterated today, and is continuing to drop on the Hong Kong market, now down more than six percent in the last 24 hours. The drop is partly a result of a strengthening US dollar, as capital continues to seek shelter in the world's reserve currency.

The Euro is now flirting with new 52 week lows, dropping through the 1.30 USD level for the first time since last January as the reality of the pan-Eurozone sovereign debt crisis begins to hit home.

Bitcoin, meanwhile, continues to gain strength on the Mt.Gox USD market, up nearly 2.5% over the last 24 hours on relatively light trading.

Market depth on the bid side has grown substantially over the last few hours, indicating that further gains on the Bitcoin market are imminent.

Posted in: Euro,silver,trading