Afternoon everyone …..
I’m sure many of you are saying WTF to the smackdown of metals the last two days.
Well….
There is a direct correlation between metals and the stock market in this instance. Normally the stock market and precious metals move in different patterns and typically opposite of each other.
But when you see such a mass destruction of over 3,000 points in two days. There are massive margin calls that need to be met. To pay these margin calls they sell their position in the stock out, which drops the stock price and market as well. But many of them have been throwing money into gold as well. Not physical gold but paper gold. Which has caused the pretty massive beating that gold has taken in the two days as well. Silver is just collateral damage in my opinion, but there was a mass sell off on those contracts as well.
The only thing to do now is buy more physical metals while they are on the cheap. To me this is a huge buy trigger. We haven’t seen sub $30 silver in quite some time now. And by mid week I don’t think it will still be under $30. That’s just my personal opinion anyway.
Early in my attempt to get back into collecting/stacking. I was buying these small pieces of gold here and there. I’d never buy these anymore, but it’s pretty funny looking at these ultra tiny pieces. I have a few half gram and a few one gram. They sure don’t add up very quickly and I stopped buying them.
But here is one of the half gram ones that I do own. It’s an IGR bar in a sealed blisterpack. That stands for Istanbul Gold Refinery a very reputable company.
Here it is….
