As Herman Melville might have put it, the precious metals are spouting black blood and floating fin up. No doubt the astute readers of this blog are all short gold on the commodity exchanges, but I shudder to think of the gloom among the goldbugs today.
Gold spot close last Monday: $1574
Gold spot close today: $1335
The reason given for today’s drop of over $140 an ounce was “weakness in the Chinese markets.” Lame. The guys who come up with that stuff are just one step above editorial writers.