by Alasdair Macleod, Gold Money:
Gold and silver continued to drift lower over the course of the week, with gold trading at $1,145 and silver at $15.02 in early European trade this morning.
This is close to the lowest prices we have seen since 2010. At the same time equities have rallied strongly and the S&P 500 Index is within a whisker of its all-time high.
It is a crazy world. On the New York Stock Exchange margin debt has hit all-time records at $500bn, roughly double that at the top of the dot-com bubble in 2000 when valuations rose to the highest ever recorded. This is at a time when China’s stock markets have begun at the very least a serious bear market; at worst embarking on a 1929-style market crash.
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