For the most part, both gold and silver got sold off early in Thursday trading in the Far East and Europe. Silver showed a little spunk just before the Comex open, but that was it. However, the moment the Comex opened, gold was smacked for about $8…and silver was knocked down about 25 cents.

Copper prices have risen in London trade on news that US manufacturing data contracted less then expected in May.

This from Casey Research:

“‘Copper’s fundamentals this year are very supportive — this is a market in deficit. We would expect to see any further drop from these levels as being short-lived,’ said Gayle Berry, metals analyst at Barclays Capital.

Both gold and silver did virtually nothing on Thursday until shortly after London opened. Then (just like Wednesday) a sell-off began in both metals which lasted until shortly after the Comex opened in New York.

Wall Street firm Goldman Sachs made the term “BRICs” famous in a 2003 research report.

The rising US inflation rate is dampening policy makers’ appetite for more Fed rate cuts, even if the economy sinks into a recession, according to recently released minutes of its last policy meeting. This from MarketWatch:

Surging prices for gasoline, food and other commodities forced the Fed to sharply boost its inflation outlook for this year, but not for next year. At the same time, their forecast for economic growth this year was revised much lower this year, with a rebound next year still in the cards.

Both gold and silver in the Far East didn’t do a thing until London opened for business on Wednesday morning.

Neither gold nor silver did much of anything in the Far East or Europe on Tuesday. However, shortly before 10 a.m. in New York, something set a fire under the prices.

Watch out, bears! The bulls are ready to roll up their sleeves. That was the message in Thursday’s big push higher last week.

Gee a lot can change in a day. Before we get to the energy, Australia’s manufacturing future, and just where the biggest mob of drongos is, a quick word about the BHP, Rio Tinto, China love triangle.

Gold futures have shed over 4% so far today in what MarkeWatch is calling “a broad-based commodities sell-off.”

According to the site, “gold for June delivery tumbled $41.80, or 4.5%, to $879.70 an ounce on the New York Mercantile Exchange. Other metals futures were also sharply lower, with platinum selling off 7%.”

Read on at MarketWatch.com