The wild ride in gold continues. After what was shaping up to be a great week, the metal took a hit today just as Eric stopped by for a chat. On this edition of the Wrap-Up, he breaks down:
• This week’s “bombing of gold”
• Why Russian stockpiling matters
• Plus: What’s going on with the shares
“I have a view of markets, OK? It’s almost like, whatever the narrative is at the time, you know it’s likely to reverse. For example, I look at the Emerging Markets that got hammered, hammered, hammered. Next thing you know: Whoomp! Away they go, they turn around to the upside. It’s like this Invisible Hand comes into the market. So, you look at the gold market, and as you and I both know, we’re at the 50-day, and we’re thinking, ‘Oh my God, it’s going to break out of a down trend that it’s had for the last three or four months. It goes right to the line and bang! Right back down again. And viciously down.”
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