April 2, 2013
Gold and silver are in a full blown correction. Because the stock market is making all-time highs, a lot of money is rotating from the precious metals, commodities, and bonds to stocks. Plus, gold and silver have increased in price 11 years in a row up to 2012, which is unheard of in any bull market – there are usually short periods where the prices consolidated.
Major support for gold is at 1525. If this does not hold, then a drop to 1200 may be next.
I still highly doubt that the bull market is over, despite what almost all the commentary from the “experts” is. There really has been no emotional end to the bull market – no blow-off peak. I am confident to say that this will be in the future sometime – when, no one knows.
Hold off on any purchases of coins, bullion, and especially precious metal mining stocks, which are just getting killed.
Frequently, right before the last major move up in a bull market, there is a major move down that acts as a shakeout to eliminates the “weaker hands” . This could be what is happening now.
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