What The Hell Is Going On?
November 10 (King World News) – Below is an email from one of KWN’s global readers out of Australia about Monday’s gold and silver smash.
I went to bed Monday night here in Australia with a rising USD gold price and the knowledge that the market had digested a Biden victory over the weekend. As a long time observer and investor in gold and gold equities, I really expected to see a higher gold price when I woke up Tuesday morning. In fact I was quietly optimistic we might see a US$100 rally, commensurate with a steep fall in general stock markets.
Talk about 200% WRONG!
I wake up to a nearly US$100 fall in gold, a massive stock market rally on rumours of a COVID vaccine…and an extra kick to the balls of a rising AUD v USD. Meaning in Aussie terms, the price cratered over $AUD125 oz. The biggest AUD gold price decline this year…
Billionaire Eric Sprott just bought a 20% stake in a mining company
to find out which one click here or on the image below
What the hell is going on? It was only this weekend I felt it time to tell a brother who sits on over AUD$200,000 in cash savings that he’d be wise to stick just 10% into gold as an insurance against the net negative interest he’s earning, the lack of diversification (it’s all he has) and the chance of inflation and freezing up of the banking system one day.
Well this gold crash has made me look like a total idiot. I myself will be down over AUD$25,000 overnight, not that I’m opening my spreadsheet to find out. But the damage to the psyche of someone who was just thinking about buying gold as a hedge is enormous.
Patience And Experience
I’ve got the patience and experience to wait this one out, just like all the others. But holy sh#t!…when the technicals point up, the fundamentals could never be more in gold’s favour, and a money printing bigger spending, debt growing president gets voted in – it’s just unfathomable to see gold behave like this. Right after the very weekend when out of concern and love for my family, I warn them that they should get into a little gold now, because I don’t want to here about the missed opportunities down the road.
What the hell happened to Agnico?
I look forward to some of your interviews addressing these concerns and this crash. Being fully invested already, there’s really not much I can do now. Income is down over 40% this year due to my airline job, so extra savings for gold investing are simply non-existent.
Keep up the good work. I love the site and the news analysis.
Gold Coast, Australia.
Hang In There Luke
King World News note: The shenanigans by various players in the gold and silver markets will not last. Gold and silver are in very powerful stages of their secular bull markets at this point and in the future this plunge will look like noise on a long-term chart. In bull markets you want to use significant price smashes to add to your already existing positions or simply hold existing positions.
Bull markets are known for shaking out weak hands and the people that read King World News from across the globe do not fall into that category because they are too well-informed. Patience is what is required during moments like this when there are shakeouts in the primary trend. Relax and know that by the time this bull market fully expresses itself, gold and silver will be trading at levels you can’t even imagine today.
To listen to this is incredibly powerful audio interview where Jon Case issued a dire warning about the US and discusses the fragility of the global financial system as well as massive bull markets in gold and silver CLICK HERE OR ON THE IMAGE BELOW.
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