It is reassuring to see today’s bounce in the precious metals. All bull markets have to start from somewhere, and the latest leg of this multi-year bull market in gold and silver started at the end of June. That is when we hit the low prices of this correction. Prices have not been lower since the precious metals correction began in 2011.
Now here we are over five months later, and those June lows are still holding, which is really sort of remarkable given everything that has been thrown at gold by the central planners to keep the gold price under their control. But I am a firm believer in the principle that markets eventually reflect value. They can be distorted by central planners and even trashed for a while with capital controls and other edits unfriendly to everyone’s right to free choice, and to do what they want with their private property, in this case, their money.
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