Wednesday, April 17, 2013
Gold and Silver stage a cautious rally
Gold and Silver have staged a cautious rally in London and New York trading. As of time of writing gold is up 4% and silver up 7% from the extreme lows seen in Hong Kong and Sydney trading yesterday.
The last few days have been a trying time. Obviously a boon for those wanting to enter the market for the first time or those wanting to add a significant allocation to their existing holdings. But for those with significant exposure to precious metals it has been a testing time. Even I who has held my physical metals position thru the crash in 2008 and the parabolic move in 2011 found myself requesting the ABC Bullion CEO on Monday to "keep me away from sharp objects". Although I did feel comforted by the confidence of the overwhelming number of clients buying and total absence of sellers. That and I know that Gold and Silver have never fallen to zero in the last 5,000 years, unlike every type of paper assets.
The last few days have been a trying time. Obviously a boon for those wanting to enter the market for the first time or those wanting to add a significant allocation to their existing holdings. But for those with significant exposure to precious metals it has been a testing time. Even I who has held my physical metals position thru the crash in 2008 and the parabolic move in 2011 found myself requesting the ABC Bullion CEO on Monday to "keep me away from sharp objects". Although I did feel comforted by the confidence of the overwhelming number of clients buying and total absence of sellers. That and I know that Gold and Silver have never fallen to zero in the last 5,000 years, unlike every type of paper assets.
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| charts from goldprice.org |
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