Gold is like a nightmare
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
As we look at gold right now, it's a nightmare; it keeps getting worse and worse. Silver looks terrible as well, but is it in the same category as gold?
If we just look at the numbers, silver is worse than gold. Silver is down over 2% today, while gold is down less than 2%. Of course, $27.00 feels a lot bigger than $0.58. Remember, like for like, it is the % of the movement.
Quite frankly, we have been short both gold and silver and see no reason to reverse course. Someday, whether sooner or later, they will change direction. However, those who try to guess when that change is coming are playing a fool's game.
The most important part of trading and investing is the discipline and patience to follow the patterns. Investing is holding a position for an extended period without being driven by fear or emotion. Trading is the same, except for the time in a trade. Patience, discipline, and emotions rule the day.