Bad day for gold stocks - but POG has really only dropped about 1% and is only down a little over 2% from ATH unlike NASDAQ down 13.6% from its peak and pre-market down over another 1% while BTC down 27% from its ATH and other cryptos down double that or more while meme coins are down 80%, 90% etc. . I am surprised gold and silver are not down a lot more.
If history repeats or rhymes, in the event a recession in the US does happen then Nasdaq and crypto have a lot further to fall while POG will go down further in the short term but then it will go up a lot more and approach $US4,000 or even more as there will be a big rotation from tech stocks, AI stocks and crypto to gold, silver and commodities. No idea how much POG will fall in the short term.
Market is totally over reacting to a relatively small fall in POG. Bargain hunting in gold stocks may be around the corner - too early to buy more if share markets keep falling for a while.
CYL - down 10%, was 12% RMS - down 13.5% was 15% OBM - down 11%
SPR down 8.5% was 11%
Other gold stocks down 5% to 8% or so.
SPR Price at posting:
$1.38 Sentiment: Buy Disclosure: Held
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