When I made a call we were going to have correction to $75 earlier this week, I must admit I didn’t mean in one day!
The headline / excuse for this is Trumps Fed Chair pick, who is a former Fed Governor and known to be Hawk. Obviously it’s overreaction being down 35% in one day, but Wall Street & media did say for months Trump would pick a puppet who would take rates to zero and print as Trump says, anyone not glued to media knew this was silly take. A shill like that wouldn’t be confirmed in the Senate, but the fact Wall Street is dumping silver positions to this degree is wild! I’m just glad I sold 25% my physical metals I said an hour ago, I got over $93 per ounce but truth is the online dealers are keeping insane premiums so even at $75.00 cheapest for a generic round is 30% over spot! I think anyone should have seen a correction was due, we went up way 2 fast and hard. But this? One day over a third move even I couldn’t have thought would be here today. I just think those saying “it’s rigged! Smack down by the banks!” Never say same thing when we doubled in 8 weeks, manipulation goes both ways, and I’m sure there is some for sure. That said this is a legit Wall Street position dump and it lead to a run to the door. Definitely overdone I’d say!
Gold also huge correction, but holding up much better and I believe the ratio won’t be heading to 25-1 anytime soon!
Stock market down too but not as much!
Bitcoin and crypto down but only to where it was earlier before these moves last night!
