Precious Metal investors were reaching for their Counting Crows CD's early yesterday. After plunging early Monday, off the back of a firm NO to the Swiss Gold...

Precious Metal investors were reaching for their Counting Crows CD's early yesterday. After plunging early Monday, off the back of a firm NO to the Swiss Gold referendum, and a continued collapse in commodity prices, it was indeed looking like A LONG DECEMBER ahead. Silver at one point broke below USD $15oz, whilst gold fell through USD $1150oz, pushing the GSR ratio towards 80, with a string of bearish headlines accommodating the market action - the worst of which 'charted' gold's likely demise to USD $600oz next year! But with India easing restrictions on the bullion market, scrapping their 80:20 rule, negative GOFO persisting, and with the precious metal market close to 'peak pessimism', we ended up seeing a massive reversal in bullion yesterday, with gold heading back above USD $1200oz, whilst silver is now threading to push above USD $16.50oz, a circa 15% move within 24 hours All eyes are now on support between $1180 and $1200oz - if this holds, and gold can consolidate yesterdays' strength over the next few days, then it could be a profitable XMAS period for the bulls