The price of gold went up again towards $1800 an ounce this Wednesday and silver rose over 2%, while the S&P 500 sagged and TSLA fell over 3%. We are seeing positive price action in gold and silver this week relative to the S&P 500, which is a huge positive for gold bugs. However, the masses are ignoring it in favor of trading big cap technology stocks that were the big winners of 2020 and now are lagging the market averages badly this year. These are becoming millstone situations for them that are not only causing them to drag their accounts down this year, but to avoid what are now the winning situations in the market. If only they would sell some of these stocks that they have losses on and realize the tax loss and move into silver, I believe they would do better next year.
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Michael Swanson is the founder and head editor of WallStreetWindow.com. He ran a hedge fund from 2003 to 2006 that generated a return of over 78% for its investors during that time frame and in one year was ranked in the top thirty-five hedge funds among several thousand tracked by hedgefund.net. He received a Masters Degree in history from the University of Virginia in 1998 and since retiring from the hedge fund world writes about global investment trends, the financial markets, and American history.
4 Comments
Great update…was looking at the gold/silver prices today and am heartened for my holdings.
Beat the market. Listen to Mike. Find the more competitive sectors…
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GLDG