There are so many smart people providing so many smart explanations to justify the thieves.
The only explanation missing is the one calling the whole thing for what it really is: a shameful robbery by financial goodafellas, selling 500 tons of phantom gold on the stop-bids and watching the blood-bath of margin-called longs the next day.
See the link above for the details.
Gold and silver are the only markets in the world where this is possible: -20/-30% in a few trading HOURS, with a few financial entities allowed to sell naked a quarter of the yearly world production in a single shot.
Then you have to listen to all these smart people…..
I’m sure they will also explain us once again why do we need the CFTC (LOL, they are such a joke!). Of course, they “got to look at it” and will say after a few months that everything was fine. Because they are there to serve and protect, just not you.
This robbery is not the first and will not be the last!
If you are there (COMEX) on margin, you are getting exactly what you deserve.
Buy the physical, but forget the current paper price: you’ll not get it buying hard metal instead of paper (but PHYS is discounted now).
And forget also all the rest, including these smart, oh so smart!, people.