Some investors may be unloading gold inventory which was bound to happen after a vertical move. The question is how deep can gold go? Below $1485 would be nice but I’ll be open to a deeper plunge if need be.
Any correction means another leg up in the gold price is still to come. I’m looking for diagonal connections, as the mainstream media was all charged up for $1600 gold. We sure don’t want to disappoint them if gold crashed to $1400!
Silver is also taking a hit but it has a lot of catching up to do and is lagging behind gold like it has done many times before.
Some analysts are already calling for $2200 gold but they have been doing that since the 1970s.