by Steve St. Angelo
SRSRocco Report
Black Monday hit Wall Street in a BIG BLOODY WAY today. With oil being the main driver of the economy, U.S shale stocks lost nearly half of their value… IN ONE SINGLE DAY. That’s correct, the average decline from eight of the top U.S. shale companies saw their stock prices decimated by 48%. While the energy stocks lost almost 50% of their value today, the precious metals held up rather nicely.
Gold closed up about 0.4%, while silver declined 1.9%. Of course, not all precious metals investors are happy with the silver price action. I see some people complaining that silver is selling off with the markets, and it isn’t a good investment. I wouldn’t be so pessimistic on silver because it takes time for the fundamentals to kick in.