Ashraf Laidi on CNBC on the GDP, FOMC & Summers/Yellen - Jul 30, 2013

Now that both gold and silver broke well below key fibonacci levels following the jump in global bond yields, the selloff could accelerate depending on the extent, which stocks correct. We have learned this year, each time indices fall by more than 1%, metals move lower as asset managers liquidate long metals positions to stabilize their portfolios. We know the #1 economic priority (not an exageration) of the US administration is to stabilise bond yields in order to cap the interest rate on servicing the ballooning US debt. Gold and silver need to save the immediate support of 4500/oz and 75.40s/oz . The 23.6% retracement follow at $4450/oz and $73/oz respectively. Keep an eye on 10 year US bond yields, especially the possibility of a breakout of the wedge, which could trigger 5.0% in a swift manner. The market consequences of such an event would be ugly.