Goldman Sachs probably bring Gold to its knees these 2 days. A catastrophy indeed. Goldman last friday issued a shorting call.
It is reported on Reuters that this is the worst 2 days drop in Gold in 30 years... 30 years!!!
One friend told me that he believes some great and well known bunch of traders together shorted it. And Goldman Sachs certainly has a good hand on this. Great point.
Certainly George Soros and Jim Roger has warned us 2 months before.
This is the cruel financial world. Money changes hand from the retailers to the super wealthy.
But as a retail trader, I would like to encourage all those traders that suffer from this incident to pick themselves up and not give up learning the art of investment.
Bear market will come again when the whole stock market collapse one more time. It always happen and we may not need to wait 30 years for it to come.
This is one good lesson learnt so that we wont be losing hundreds of thousands or millions in a stock market crash. It happened to my father in September 1998 when the clob shares incident occurs. At that time, it really affected my family deeply.
Hope such an incident won't happen again.