by Bill Bonner, SilverBearCafe.com:
Yesterday, the Dow rose.
Gold, the subject of today’s commentary, fell. From the Financial Times:
‘Gold has tumbled to its lowest level in nearly three years, putting it on track for its biggest quarterly fall since the collapse in 1971 of the Bretton Woods system of exchange rates, which pegged the value of the dollar to the metal.’
This is good news. Gold is doing what it should do. And it is giving us another good opportunity to buy a life vest before the boat sinks.
No market goes up without a correction. Speculators typically get ahead of themselves. They need to be slapped around a bit…tested…and tempered. Like a steel blade, they need to be hammered before they are ready for the final battle.
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