Gold and Silver Down

Gold and Silver are backing up today due to China raising interest rates, profit taking, strengthening in the dollar,  the stock market sell off due to a dip in IBM's outsourcing business and quarterly reports.

Investors were apparently rattled by a dip in IBM's outsourcing business, and sent its shares falling 3.3 percent, or $4.73, to $138.10 in extended trading.   

Source: http://news.yahoo.com/s/ap/20101019/ap_on_hi_te/us_earnings_ibm_5

Lockheed Martin also warned on the impact of pensions on its bottom line,  as we saw from a previous post that they are $10 billion underfunded on pensions.  Other companies have diminishing views of the future economy (fears of a double dip re-entering) and this is having an impact on business and the market in general.  

Nothing moves in a straight line, a healthy backup was needed and provides opportunity.  See your investment advisor on the right moves for you.