3rd November 2014

There was a wholesale rout in the precious metals complex on Friday, with both gold and silver sinking to their lowest levels since 2010, this after the dol- lar surged against the yen and rose to a four-year high against a basket of other currencies. The stampede into the greenback was triggered by the stunning announcement from the Bank of Japan that it would be substantially expand- ing its stimulus program. The yen lost almost 3 full units to finish at just under 113, while the Euro broke below the $1.25 mark to a fresh 26-month low.