Gold's big drop is good news, in a sense. It should mean that the so-called "weak hands" are being shaken out, setting the stage for the metal's continued advance.
I'm always reluctant to say something like that - because it's so easy to be proven wrong over the next few weeks and wind up looking foolish. But, obviously, none of the problems that have made gold such a good bet over the decade have been fixed. In fact, we're getting more of the same. What HAS changed is that a panic has caused speculators who didn't really know what they were doing in the first place to sell what they'd hoped would be short-term gains.
I'm okay with that - though I wish it hadn't happened right at this moment. I'm going to need to sell some stock before too much longer if my land purchase goes through. I'd rather like to have my stocks at a high point when I do that!
I'm trying to get a Kitco chart of gold, but the site is being hammered so hard right now that I haven't even been able to get one. It's a good bet that the current -84 on gold isn't even close to what it will be at the close. Which direction it moves in the next six hours is anybody's guess.
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