I’ll preface this by saying that, philosophically, I’m a fan of precious metals. I’d love to see them thrive and prosper. They are, as many have pointed out, the only real insurance against the insanity of central bankers.
However, metals have been in a bear market since September of 2011 (and how many assets can you say that about? Not many). I have made some posts lately suggesting that maybe – just maybe – they are starting to find firm ground. This morning, yet again, the floor has been knocked out from beneath gold, and it’s plunging to levels last seen in the depths of the financial crisis. This would be the equivalent of seeing a quote of 700 on the S&P 500. It’s a big deal.
