Gold and silver may have been expected to move higher on safe haven buying, but instead were getting lumped in with a broad market selloff. There were reports that Gadhafi loyalists bombed an oil field in Libya as fighting escalated. Moody's struck out at Eurozone nations again, this time downgrading Spain's credit rating one level to aa2 with a negative outlook citing worries over the country shoring up its banking system. Moody's cut Greece's credit rating Monday and downgraded 6 of its banks Wednesday.
The Bank of England also left interest rates at 0.5%, which was expected, as the easy cheap money flow continues in the country even as inflation nears 4%.