While I was out working in the garden this morning, gold and silver suddenly nosedived. I went searching for the reason and I think I found it on KingWorldNews.com with today's headliner, 'Alert: Bullion bank gold short positions approaching highest in history'. So I guess there was some profit taking today.
The way I see it, it's just noise, a normal price correction. While silver rose above $26 this morning, it was pushed down to $25.20 before regaining some ground to $25.32 at time of writing. Two days ago, silver closed at $25.48 so it really isn't much of anything, just 18 cents difference.
It's still up 25% since March 10th.
Just a reminder that April is first quarter results month from the biggest companies in the world. This might cause mood swings in precious metals for the next couple of weeks as well.
As for gold, the story is the same. While this looks like a huge tumble, it's really only a $10 drop from the close two days ago.
Gosh, just look at it. Gold is above $2,000! Everybody's paying more for gold now.
Here's gold performance in April 2003, 20 years ago...
It's gone up a bit since then, close to 600% since 2000!
So yea, I knew there was a correction coming because there always is in the business of precious metals but in the long term, the pattern is quite clear. Gold and silver's value in dollars is going up.
You know what else? It feels good to hold an ounce of silver or gold in your hands. You can feel in its weight the amount of energy that was used to find, dig, crush, separate, refine, ship, refine, pour /mold, stamp and ship again. Did I miss anything?
So don't panic gold and silver bugs. It really is just noise.
Peace and love to everyone.
P.S. Need silver? I've just added another 50 pure silver one ounce 'Stagecoach' bars available for sale with low, low ship costs on my Ebay channel. Show your support by buying an ounce of real silver. Send me a quick note letting me know you saw this post on PublishOx (or Substack) and get 20% off already low ship fee of just $5 within Canada and just $6 to USA. Once they're gone, they're gone. Click the image below to view the listing. I have other silver bars and coins listed so be sure to browse my other listings as well and add me as a favorite. Thank you for your support!
Stagecoach silver bar (Pan-American Silver). Main dealers are either sold out or have wait times. When you buy from me, the only wait time is 'while in transit'. I usually ship within 24 hours (except weekends and holidays), in a discreet white envelope.
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