by David Schectman, MilesFranklin.com:
It was a pretty rough day Monday – gold got clobbered again AND it was Income Tax Day. They got us both ways.
They’re not only trying to break the price, they’re trying to break the credibility of our industry. We – the newsletter writers – are the only ones warning you where we are headed. Our credibility is at stake here. The price will move back up again, but if they are able to discredit us, or dull our resolve, then the “engineered correction” will have been worth it to them. Based on what we experienced on Friday and Monday at Miles Franklin, I can assure you that our readers are buying gold and silver, not selling. I don’t remember the last time we were this busy. Joel did 34 trades by himself for nearly $700,000. All of the staff were swamped. Our readers know an opportunity when they see one.
Here is what I think is happening. Most of the weak hands, the sellers, have already bailed out. Margin calls have seen to that.
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