The yellow metal closed just above $2,017 an ounce. Peter talked about gold's new record high and what it's telling us in his latest podcast. He says most people still don't really understand the significance of $2,000 gold.
Peter noted that when gold first peaked its head above $2,000, it immediately sold off. He said that kind of nervousness is exactly what he wants to see in a gold bull market.
Instead of wanting to buy the breakout, they want to sell the high print. And that's exactly what they did. And of course, once gold pulled back, all the buying that drove it up to $2,000 in the first place was still there. The problem for the sellers, or the shorts, is once it got back above 2,000 again, all the people who wanted to sell 2,000 gold had already sold and the smart money had bought it from them."