Last week saw another stomach-churning volatile market for gold.
This has many gold investors not only scratching their heads, but throwing in the golden towel entirely.
And who can blame them?
Gold trading has been as erratic and unpredictable as Kim Kardashian’s love life.
On Friday, June 29th, the yellow metal opened at $1,551… and closed the day at $1,604. It was one of the biggest single-day moves in gold history.
Yet this past Friday, gold fell $30 to close at $1,578.
Gold seems to have support at these levels.
Take a look:
I’ve talked to some of the savviest gold investors in the world, and they’ve been buying gold on every dip.
In fact, they’re telling me the violent sell-offs we’ve seen (like last Friday’s) are having a positive effect: They’re shaking out the weak hands and speculators — and long-term investors are purchasing gold during these panic sell-offs.
This thesis has been confirmed by the data published by the World Gold Council.