Monday, July 20, 2015

Gold Plunges 5.5% in Overnight Trading

Gold abruptly dropped through $1,100 an ounce for the first time since March 2010 and is lining up for its second-longest losing streak of the year.

The price fell sharply in overnight trading, dropping as much as 5.5 per cent to a low of $1,072.35 an ounce from Friday's close of $1,134.47.

No central banks have not admitted their sins. They have not decided to stop printing fiat money.

In other words, this is a short-term phenomena that has nothing to do with the long term prospects for gold or price inflation.

Consider it a buying opportunity.



  1. Jim Rogers has stated he'll wait until gold is @ $950/ounce and then buy...I wish I understood his methodology better.

  2. don't get in their way..............

    Video of the Day – General Wesley Clark Suggests Putting “Disloyal Americans” in Internment Camps

    If these people are radicalized and don't support the United States, and they're disloyal to the United States, as a matter of principal that's fine, that's their right. It's our right and our obligation to segregate them from the normal community for the duration of the conflict.

    - General Wesley Clark in a MSNBC interview

    Saying that the following tyrannical, entirely anti-American comments by General Wesley Clark during a recent MSNBC interview are statist and disturbing would be the understatement of the century.

    What General Clark is advocating in no uncertain terms is that the U.S. should rewrite it laws to allow for the internment of Americans who the government feels have engaged in thought crimes. Mind you, laws on the books are sufficiently strong to punish people engaged in actual criminal behavior. What Clark is suggesting is forcibly separating people based on their political views.

    Sure, he couches it in the war against ISIS (an entity created by U.S. government foreign policy), but once you make it policy to disappear people based on one particular type of thought, it will quickly spread to other undesirable political views.

    Perhaps he has to make certain amends to his overlords, recall that he took a job with financial giant Blackstone a couple of years ago: Meet the Military-Industrial-Wall Street Complex: Blackstone Hires General Wesley Clark.

    Please share this video with everyone you know. It's that crazy:

  3. I would wait till some sort of base or boring side ways price action develops. Precious metals markets need time to heal before they can walk, much less run again. The positive is that the China bid in commodities is long gone so prices of metals and metal related assets will remain reasonably valued at least until the current strong dollar sentiment fades.