Yesterday, over 1,000 tonnes of “paper” gold sold into the market aggressively. In our opinion, yesterday was a coordinated takedown of the metals… The sell orders flooded into the market as soon as London opened for no real specific reason.
With the Chinese on holiday until Sunday, the set-up here couldn’t have been better for the criminals to take down precious metals in order to cover their short positions.
Here’s the deal: the U.S. is in a big, fat bubble, the Eurozone is about to be voted out of existence as a monetary union, and global central banks are stuck at policies of zero to negative interest rates.
If you think gold and silver will go down in this environment, then I would avoid them. If you think the precious metals will do well in this environment, then I suggest using this manipulative smash-down to better position yourself to profit in the very near future!
I know it’s been a tough 6 weeks compared to the non-stop party we’ve had for nearly a year in this sector, but this really is a small dip in a market that is headed much higher, in our opinion. With stop losses at key levels yesterday, silver at $18 and gold $1,300 were broken and helped lead to an avalanche selling mid-morning here in the U.S., especially in the mining shares, where even the GDXJ was down 10%.
However, look at a 1-year chart for gold or the shares, and you’ll see that it certainly feels worse than it really is. I personally purchased physical silver yesterday, and a few mining shares.
One of the best buys is K92 mining, who we profiled to you at CAD$0.90. Today, it trades for CAD$1.31 (up 45% since May).
Over the coming months, gold production will ramp up to a steady state of operations, reaching an annualized production rate of 52,000 ounces per year.
Shares can be bought on the OTC, under KNTNF, or the TSX-Venture, under KNT.
Lastly, I conducted two interviews yesterday with industry insiders Mickey Fulp, where we discussed mining, and Andy Hoffman, who talked about physical precious metals with us. Both of the interviews can be viewed at FutureMoneyTrends.com.
Expect excellence at all levels from the management and people you invest in!
President, FutureMoneyTrends.comShare Disclosure: I am long K92 Mining.
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