The gold (GCZ25) and silver (SIZ25) markets hit record highs in October and then backed well off those peaks. In late October, the December silver futures contract dropped to a low of $45.51 an ounce, well down from its record high of $53.765 scored on Oct. 17. December gold futures hit a low of $3,901.30 on Oct. 28, after scoring a record high of $4,398.00 on Oct. 20. Near-term technical damage was inflicted on the price downturns, including price uptrends on the daily charts being at least temporarily negated. Those were early clues that gold and silver bulls were exhausted and that near-term market tops could be in place.
