The price of gold dropped below the $2,000 level this week, in its worst single-day rout in seven years. That’s typical for a bull market, where the biggest daily moves tend to be down, says veteran stockbroker Peter Schiff.
“The market is trying to instill fear in the weaker hands, so you get these spectacular one-day moves in the opposite direction of the primary trend to shake people out, to get the weaker players out of the market so you can clear away the excess baggage and then continue the trend,” he said, noting that people shouldn’t lose sight of the fundamentals, and they’re still bullish for gold.
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