Nov 2, 2018
In five days, the Indian festival of lights known as Diwali will kick off the Hindu New Year. And during this celebration, guess which investment is considered lucky?
That’s right: gold. And on this edition of the Wrap-Up, Eric Sprott breaks down the latest in precious metals for us, including:
- What’s behind the recent swings in gold
- Where the physical gold is flowing now
- Why the mining sector is getting interesting
“The Boys—the commercial banks—when gold first moved back up into the 1230s, they sold every contract that the hedge funds who were short wanted to buy… There was just a huge reversal of roles there. A little bit again last week. And then all of a sudden, now we’re back up through the 100-day moving average. And undoubtedly, the hedge funds have to buy again. It’s like: man, they got double-crossed here, you know? They’re just getting b-slapped around by the commercial banks. It’s sort of interesting to watch.”