No one can perfectly time the markets, not even the best of the best but when some of them start speaking in sync about possible coming events in the financial realm, I tend to take notice. Over the last few days, three well known names have come out suggesting gold is about to take a massive hit and may drop all the way to $1,000 USD.
One of those names is Steven Van Meter, financial planner and investment advisor at Atlas Financial Advisors and whose Youtube channel boasts more than 178,000 subscribers has been sounding the alarm that gold is about to experience some kind of a drop as a rare triple top chart pattern signals a coming reversal. He also shows that there are less buyers coming in. This could initially push the price of gold down by $100 but could exacerbate into a full blown selloff. You can view his latest video here.
George Gammon of Rebel Capitalist is sounding a similar alarm. In his latest video, he shows that a powerful economic indicator has hit an all time low. While by his own admission he may be off by two or three months, depending on when the recession is 'officially announced', he also sees a drop in demand for gold based on FED (F.R.E.D.) historical economic data. Gammon sees a drop coming either as soon as a few weeks or it could come about three months from now. He's waiting on that official announcement.
Robert Kiyosaki, 'Rich Dad Poor Dad' author tweeted yesterday that Steven Van Meter is someone he highly respects and has taken notice of Van Meter's warning. He tweets, "If gold drops to $1,000 I will buy more"! In a previous tweet on April 17, Kiyosaki wrote, "Steven Van Meter says 'sell gold' while David Hunter says 'buy gold now'. Who do you believe? All markets are made of buyers and sellers. Your job is to find out logic behind buyer and seller. Opposing logic makes you smarter which is more valuable that $".
Yes, there could be a drop in gold and silver coming after their stellar performance in the last month or so. Both metals are at 12 month highs which suggests they may be overbought but a massive $1,000 correction? Has the debt ceiling issue been taken into account? How about that massive deficit in the U.S.A. that's set to hit $1 trillion later this year?
Next week, the FED will have their next FOMC meeting and most in the know agree that another rate hike is coming. We're only a month and a half into feeling the lag effects of last year's rate hikes and already, we've seen a couple of banks go down. On top of that, the money contraction continues as banks hold back on lending.
Yes, something is about to go down economically and financially and it could affect gold either up or down in price. Ultimately though, gold's true purpose is to act as insurance and whatever the dollar value is set at, an ounce of gold is still an ounce of gold. The more likely scenario is a quick drop in the gold price followed by an historic rise,. eclipsing its previous highs as George Gammon states in his recent video.
David Hunter, chief macro analyst at Contrarian Macro Advisors whom Kiyosaki mentioned in his tweet, says gold will hit $20,000 by 2030 and silver to go to $400. He sees the USD losing its reserve status as King Dollar, upsetting the global order. As a side note, he sees oil as a great long term investment.
In the meantime, I'm not letting any fear talk get in the way of accumulating silver, my favorite metal. If the silver price drops along with gold, you betcha I'll be buying. Something like that would probably cause one hell of a supply squeeze which usually drives the price up, not down. In fact, the silver squeeze on the demand side these days is one for the record books. A lot of dealers are sold out of their most popular products.
At time of writing, gold is at $1,988 USD.
As always with gold and silver... brace for impact!
Peace and love to everyone.
P.S. Need silver? I've added Ten 10 ounce pure .999 silver bars now available for sale along with just $10 S&H (within Canada) on my Ebay channel. Show your support by buying 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. Once they're gone, they're gone. Consider investing in silver. 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!
Republic Metals 10 ounce bar. 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.
I'm now also on Substack where I will soon begin new podcasts as well as post extra material.
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