A gold “flash crash” shocked and appalled commodity traders exactly one year after gold hit an all-time high on August 6th 2020. It wasn’t an issue with gold bullion itself, but a sudden and unexpected plunge in gold paper/futures contract prices that represented the biggest two-day drop in gold (in dollar terms) since the March 2020 crash.
No matter which angle you’re looking at it from – economics, chart technicals, or a combination of both – the bull case for silver is as powerful as ever. $35 will prove to be a key level, and after the bulls break through that, the $50 resistance point from 2011 will be next in line.
$2,000 and much higher: it’s not an “if” question but a “when” question for gold because it’s destined to break through new resistance levels, just as it has always done in the past. Still, it’s understandable that people want to how long it will be and how far it will go.
Between the government’s extreme monetary policy, skewed prices among multiple market sectors, and the confluence of national budgetary concerns, there’s no shortage of flashpoint events impacting the commodity market today, particularly precious metals.
It’s the silent destroyer of wealth that impacts each and every one of us, rich or poor, but especially the middle class that works and saves for years just to watch our money’s value waste away due to reckless government print-and-spend policy.