March 4, 2019 -- Gold and silver prices melted last week. The losses are perhaps best explained by the bullion banks, which have been building large short positions in recent weeks, pushing down prices, and ringing the till. Some damage has been done to the price charts. Gold and silver bulls will need to step up this week to prevent more deterioration in the technicals.

Perhaps they will get a boost from remarks made by President Donald Trump over the weekend.

His two-hour address to the CPAC conference included more criticism of the Fed and concerns over the strength in the U.S. dollar.

On Saturday, the statutory federal borrowing limit ran out. The limit was suspended by Republicans in control of Congress a year ago.

Now that Democrats control the House, we may see Republicans remember they are supposed to care about excessive borrowing and start howling. However, that drama will likely wait until fall when all “extraordinary measures” have been exhausted by the Treasury this fall.

Investors will have plenty of economic data to chew on this week. There will be key reports on housing, manufacturing and employment.



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