Schaefer's include the comment (link):
The big loser today is metals, as the AMEX Gold Bugs Index (HUI) is down a massive 26 points or seven percent - so much for September being the most bullish month for metals
Seasonality can be a useful factor. However, I rank it down the list, below news, below technicals, below fundamentals. I was strongly tempted to stay long AU Ashanti Gold, especially after being whipsawed out of GM and JWN a few days earlier. That is often the way the market seems to work, to "trick" traders into thinking it is going one way then hammer them for being undisciplined.
I did not see much in the way of useable analysis at Kitco Commentary (link), but gold watchers can watch that space in the coming days.
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