Yesterday gold plunged over $20 per ounce and silver followed with over a $2.00 loss.
I was almost in tears as a sat there looking at the real-time graphs that illustrated the greatest plunge in recent history in the metals...and I had no spare cash to take advantage of a buying opportunity that hasn't happened since the bull market in gold began five years ago. Ugh.
Of course, in less than twenty four hours the market recovered almost completely as to almost sneer at me for being caught off balance.
From Richard Russel tonight:
And gold, that unprincipled sneak -- it turned around and closed up 12.40 today -- and up another 3 in the after-market to 638.50 on the June futures. The previous high on the June futures was 636.00 recorded on April 19, so Monday it would not surprise me to see June gold at a new high! Silver did not do as well. But for those who were knocked out of the box in gold, sorry, it's never easy to trade the bull. All that's happened is that the gold bull has succeeded in shaking thousands of non-believers off his back. Amazing!
Experience is a great teacher although it's usually a very expensive one. I've learned my lesson well. There will be more corrections to come during this bull market in gold. In 1980-'81 there were corrections of $100 to $150 dollars that happened just as quickly as yesterday. I'm going to be ready for the next one.