Gold Stocks: Shaking Out The Weak Hands

Gold and silver stocks got obliterated. Most of the gold and silver stocks were down 8 to 10 percent on the day. That is a huge move but remember the biggest moves in a bull market are down and the biggest moves in a bear market are up and that is what you got. You get these huge moves that are there to shake out the weak hands, to shake out the speculators.

All this rate hike talk, this is just a bunch of talk but it provides fear in the wall of worry this bull market is climbing.

Stocks: Newmont Mining (NEM), Barrick Gold (ABX), NovaGold (NG), Hecla Mining (NL), Goldcorp (GG), Yamana Gold Inc. (USA) (AUY), Eldorado Gold Corp (USA)(NYSE:EGO), Kinross Gold Corporation (USA) (NYSE:KGC), Gold Fields Limited (ADR)(NYSE:GFI), Harmony Gold Mining Co. (ADR) (NYSE:HMY), Randgold Resources Ltd. (ADR) (NASDAQ:GOLD)

Exchange Traded Funds: Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), iShares Silver ETF (SLV)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.