The European equity markets dropped 2% led by a 10% drop in French banking stocks. All of this is the results of the ongoing Euro-zone Debt Crisis led by Greece & Portugal. Sparking a sell off of gold holdings to cover losses in stocks and bond holdings.
This is healthy for the Gold market, strengthening its position as a safe-haven in times of crisis. While gold is down almost 2% today it should continue to move forward over the next weeks as the current pressures of Debt, an even stronger indication of a QE3 & emerging market demand pressure Gold to higher levels.
In this current retraction the savvy investor continues there acquisition of gold & silver. We as always recommend a Tangible Asset Portfolio consisting of rare coins, gold & silver as financial insurance. A conservative 10% to aggressive 20% of your total net worth will provide you with the security for your financial health. Review your positions at this time and consider acquiring during the current retraction.