Both gold and silver have been slammed this week in an all out attempt to discourage investors. The modus operandi remains the same- unload a large position during thinly traded market hours when there are no buyers to keep the price in equilibrium. After that, the momentum traders (and their computer algorithms) kick in to send the price further down. Once again, the kings of the east are thanking central planners for providing a cheap price.
In the meantime, the derivatives crisis is in full swing. It has been estimated that as much as $300 Trillion in derivatives around the globe are worthless. You can thank some major investment banks for providing such a dicey time ahead. The individuals that led everyone down that path have received their bonuses and have attempted to insulate themselves from the fallout, and there WILL BE fallout.
Both April and June have the same “fingerprint”.
Destruction of wealth is in full swing. However, long term I continue to expect the price of gold to shoot up in terms of purchasing power.