Gold Down More than 2% today ... Why you shouldn't worry!
My fellow Steemians,
Gold is down more than 2% today and below his 200 MA.
Let's try to put this all in perspective:
On the COMEX the banks issue contracts to the speculators, this is almost always the speculators taking the long side and the banks taking the short side. Sometimes sentiment crashes and the speculators rush for the exits. This allows the banks to cover their shorts and take the other side of the trade.
This is what we are seeing today!
At the end of the process the banks have won and the speculators have lost and the game begins again.
We have been here before. Just look at the chart below:
After such a decline, the gold price could rally about 30%, just like we saw in the first 6 months of 2016!
Thank you for reading!
https://www.sprottmoney.com/Blog/the-gold-spec-washout-begins-craig-hemke-15-052018.html
Gold is best viewed as an alternate currency, physical gold is a currency that can survive when paper currencies do not. It’s essentially a currency which is somewhat better, any dip in the price of Gold is a good buying opportunity.
For me gold is the main currency. No paper currency has ever survived. Gold has survived for more than 5.000 years. I agree that every dip is a good buying opportunity. Thanks for your reply.
The PM market is bending, but it won't break, pay attention to the interest rate of the 10yr, last I looked, at 3.05%.
Yes, very interesting to see the interest rate at 3.08% as I look now, something is brewing below the surface ;-)
Gold is best viewed as an alternate currency. Thanks for share this information . Upvote and resteemed it . Thanks @chinchilla
Thank you so much for saying this satellite surveillance. And we do not know that the price of gold has increased so much. And thank you again for giving such a good information.