Everyone has an opinion on why gold and silver were smacked down on Wednesday. In today’s daily, I have gathered together opinions from experts ranging from Jim Sinclair, Ed Steer, Ted Butler, Bill Holter, Bill Murphy, Andy Hoffman and John Embry. Martin Armstrong said it best:
Nevertheless, this Flash Crash was by no means a “Fat-Finger” Error as portrayed previous. This Flash Crash was illustrating how unsettled the markets are and the lack of confidence in general that exists. Of course, the rumors prefer to blame a cascade effect that of algorithmic and high frequency trading platforms. Others call this the robot attack. Still others say it was JP Morgan who sold gold short a other attribute it to selling one million ounces of gold all at once for an Asian fund (10,000 futures contracts).
The bottom line is it really doesn’t make a difference why it happened – it is not a game changer. This bull market has anywhere from three to five more years to run and many more frustrating days like Wednesday lie ahead. But in the end, gold and silver will rise to heights most of you cannot imagine. Don’t be in a rush. This is not a sprint, it is a marathon and all you need is conviction and patience. I bought two more Silver Eagle Mint Boxes today and will have them delivered to our favored domestic storage facility with Dakota Depository in Fargo. That’s how worried I am over what just happened. I really do buy the dips. Hope you do too.