Since the forced closure of the Strait of Hormuz began, both gold and silver have corrected. Gold briefly touched $4,350/oz before recovering to around $4,700/oz at the time of writing.
Prices remain volatile, however, and predictably that has led some people to jump the gun and declare the death of the gold narrative. After all, isn’t gold supposed to rise during a crisis?
The Financial Times suggested that gold’s safe-haven status is now in question, having only just begun to warm to it. How fickle these mainstream media rags are.
More recently, I saw a well-known “Wall Street veteran” on X mocking gold holders for buying a “speculative pet rock,” confidently declaring that the run-up is over. He was very self-congratulatory, claiming he had called the top.
What he forgot to mention was he failed to call the 100% run-up that came before it. Nor did he explain that a 20% correction after such a large move is perfectly normal. And he certainly didn’t mention that he has been wrong about gold for 26 years, which is how long gold has been outperforming the S&P 500.
So it sort of feels like the financial media really want people to sell their gold right now. Having spoken to large retailers in Europe this week, it could well be working. Right now, they’re net sellers.
Why is that?
Well, in my latest video, I answer some of the critics’ questions and explain why gold and silver are down, how long the correction is likely to last, what conditions will lead to the turnaround, and ultimately whether gold’s safe-haven status is really over.
Have a great weekend,
Mike
Disclaimer: Nothing discussed in Mike’s broadcasts should be considered financial, tax, legal or health advice.
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