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Dark Days Ahead For Gold

Published 12/20/2016, 10:52 AM
Updated 07/09/2023, 06:31 AM

Peter Schiff of Reuters said on Monday that I am “totally wrong” when it comes to my grim view of gold. As almost always seems to be the case, just about the only asset in the red this morning is gold. We got a little two-day respite (Friday, Monday), but it’s back to its old ways.

I have no doubt there will be a bounce at some point -- perhaps even a hearty one -- but the damage is vast. If you look at the gold and silver index I think you’d agree that 2017 is going to plumb much vaster depths (for miners in particular) than precious-metal bulls want to conjure.
Philadelphia Gold/Silver

Latest comments

That maybe the case if there was still some room in other markets. Right now just about all currencies are squeezed by the dollar. Significant historic lows all around. Dollar markets have seen some of the steepest acceleration in a very short time frame, right next to a looming uncertainty regarding the presidency for next year. Further drop in gold is still very possible, but this year end still strikes me as a banana in a tailpipe situation, meaning things could turn very quickly.
Misleading ....
Gold and savings accounts are too risky. E-mini futures is the ultimate safe haven asset.
What.gold.. Next
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