Meanwhile, Silver And Gold Bugs Are Killed26 September, 2011, 14:39. Posted by Zarathustra
Tags: Gold, Silver
So you thought gold was a safe haven, you thought it is something to hedge against money printing and others, you though US dollar is going to become toilet paper. The world now looks dangerous, you though, and you need some safe assets. So you buy gold (and silver).
Yet just as the world are getting a little more scary now, just when you really need the safety, gold betrays you. And so does silver. Remarkably, silver bubble burst in early May when it reached around $50. Now, it is down from there by almost half. Meanwhile, gold is also being melted. As I said, the inflationary story of gold and silver was just wrong (here’s an alternative hypothesis).
Following are the daily chart of silver and gold from Finviz: