This actually makes a lot of sense because traditionally January and February are the profit Taking months for investors. However, don't ask me why this is true it just is. So, it appears that Gold and silver holders sold at the highest prices they could get to make a mint likely. What happens next though is anyone's guess but the profit Taking motive here is obvious for this time of year.
begin quote from previous article:
Spot gold plunged over 12% by midday, wiping out its entire gains this week. Silver took a bigger blow, down as much as 33% to around $75 an ounce. By the end of regular trading gold had settled around the $4,910 an ounce mark (down more than 8%) while silver recovered some of its losses to the end the day at $85 per ounce, still down 29% on the day.
No comments:
Post a Comment