by Theodore Butler
I hadn’t planned on writing about the very sharp selloff that started yesterday (Tuesday) in gold and silver, but can’t imagine anything more on investors’ minds – mine included. No amount of prior mental foresight fully prepares most for the type of selloff underway – no declarations of an overbought technical condition, warnings of increase price volatility or of big shorts’ being backed into a corner and not giving up without a fight. Here, I would bow to that noted philosopher, Mike Tyson, “everyone has a plan until he’s punched in the face.”
Actually, I’m probably being too harsh in that I’m sure most were prepared for some type of selloff or should have been, although in order to fulfill the purpose of why gold and particularly silver sold off as they did, it was necessary for the selloff to be much sharper than most would have anticipated.