Seek and You Shall Find
This week has been a volatile one, to say the least.
The British pound was pounded down 6% overnight. Oddly enough, it happened at the most illiquid time of the day.
Most of these losses have been recouped, but it was a stunning sight to see, as this is highly unusual for a major reserve currency.
Gold and silver were also slammed this week, with billions of dollars hitting the bid during the Chinese week-long holiday.
Just this morning, as gold began to recover after the payroll data, it was once again smashed down when someone dumped over $2.25 billion in under 60 seconds!
In our opinion, the markets are being manipulated constantly. All markets are, but when we see things like this, you have to wonder what the near-term agenda is.
Remember, it was only days ago that the entire world was watching Deutsche Bank implode, and now, instead of the world focusing on the euro and the banks, they are reading headlines about the pound and gold crashing.
In the past 24 to 72 hours, I have used this week as a strategic buying opportunity. I’ve been purchasing physical precious metals and mining shares. I own physical metals for insurance and the mining companies for profit.
Being patient in all matters of wealth building is important. The very fact that you are reading this letter means that whatever your financial goals are, they are likely going to happen (seek and you shall find).
It’s not because of anything we say, but due to your mindset and focus. Study wealth and you’ll become wealthy. Plan to be rich and you’ll grow and learn to be rich. This will all happen for you in due time, because you are listening to and reading from all the right people.
Most of us here have positions in the mining sector and physical precious metals, and this week may seem like a setback, but in reality, nothing goes straight up. And this week was a real opportunity for us to add to our wealth building plan.
If you liked gold at $1,350 and silver at $20, then right now, for a limited time, you can buy these assets on sale: gold for $1,230 and silver for $17.20.
Rick Rule told me a story once about the husband who sits down with him at his office who buys a stock at $1, then more shares at $3. A few weeks later, the stock trades for $1 again and he is asking Rick what he should do… Meanwhile, the guy’s wife goes grocery shopping next door, sees a can of tuna for $1 and buys it. A week later, she sees it for $3 and chooses to not buy it that week, but instead waits. Then a few weeks later, when tuna is on sale for $1, she loads up.
Rick’s analogy is a perfect example of what we are facing today: a “buy the dip” moment, as mining shares (goods) are on sale!
There’s no need to go all-in, but we should certainly be adding to our favorites and be dollar-cost averaging down.
Have a great weekend.