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But the fact that so many silver stocks are basically in bare markets when silver is trading at the second highest price that it's ever traded. It just shows you how quickly the sentiment soured just on a a sell-off. And remember, silver got down to about $46 and change at the low. Uh, and as I said, 50 is no longer the resistance.
I mentioned that on the podcast I did on Friday when I just got back from the New Orleans conference, and I mentioned that there wasn't a lot of uh exummerism uh there. I mean, yeah, I mean, but it was tempered and there was a lot of people that were worried about a bigger correction, a lot of people talking about taking profits.
And what I was saying was the mistake that people are going to make in this bull market, precious metals. And you know that sharp correction is quickly becoming a distant memory at this point. Gold was up about $70 today, but it was up $100. Gold was only higher than it is right now on five days in history.
Right? This was before the correction. Silver, on the other hand, has had an even bigger comeback. It was up better than $2 an ounce today. We came less than a dollar away from that today. In fact, based on where silver is right now, there was only one day in history where silver traded higher than it's trading right now.
So, for all the people that were talking about the end of the bull market, there's only been one day that we've had a higher price. Yet, despite that, there are plenty of silver stocks that are still in bare market territory. I looked at a couple of big ones today uh that were down, I think you're down about 30% in Celane from the high, about 20% in Endeavor Silver, about 10% in Pan-American silver.
The only silver stock that I noticed that made a new high because it was up 8% today was hecka mining. But the fact that so many silver stocks are basically in bare markets when silver is trading at the second highest price that it's ever traded. It just shows you how quickly the sentiment soured just on a a sell-off.
And remember, silver got down to about $46 and change at the low. And now we're back up uh to 53 plus. Uh and as I said, 50 is no longer the resistance. I mentioned that on the podcast I did on Friday when I just got back from the New Orleans conference and I mentioned that there wasn't a lot of uh exummerism uh there.
I mean, yeah, I mean, but it was tempered and there was a lot of people that were worried about a bigger correction, a lot of people talking about taking profits. And what I was saying was the mistake that people are going to make in this bull market is taking profits too soon. Now, sure, you know, traders, you could have sold and bought back these gold stocks.
They did have a big enough pullback. In fact, you could still buy back if you got out right at the top. Uh, but most people aren't going to get back in. They going to get out and, you know, they'll be waiting for a bigger correction. The corrections are generally very swift. Maybe they're shallow and they're over with.
A lot of people who probably bailed out aren't back in yet. And the next thing they know, we're going to be at record highs. Now, certainly in the metals themselves, I mean, silver can easily hit a new record high this week. Uh, gold, you know, is a little bit further from its high. Gold still has a couple of hundred to go.
Uh, so we need a bigger rally in gold than than we do in silver. But they're both likely to make new highs. And I'm going to get into some of the fundamentals because there were a lot of very bullish uh news items um that we were getting in the market. I mean, of course, one of them, I think, is the end of the government shutdown.
I mean, I mentioned that on the last podcast that it looked like it was getting likely that the shutdown would end and by Monday morning, it was pretty much a done deal. and and that was really the catalyst for the $100 rise in the price of gold. $100 plus was the end of the government shutdown. Now, a lot of people might have thought intuitively, well, wouldn't that be bad for gold?
I mean, wasn't gold going up because the government shutdown was bad for the economy? It was creating uncertainty and that that was benefiting gold. And so that once that uncertainty was behind us, once the government reopened and that was good for the economy, that would hurt gold. That's what a lot of people might have thought.
But the opposite happened because the government reopening isn't bad for gold. It's the government staying open that's bad for gold. Because when the government is open, it's doing bad stuff. It's spending a lot of money. It's borrowing a lot of money. It's printing a lot of money. The problem with the shutdown was we didn't shut down enough government.
Maybe if we shut down a lot more government that might have been bad for gold. But the fact of the matter is it's business as usual in Washington DC and that's good for gold because it means the reckless spending is going to continue. The money printing is going to continue. And so inflation is going to get worse.
The dollar is ultimately going to crack. And all of this is is bullish for gold and bullish for silver. The markets have not reacted. They're still shell shocked from that uh correction. And they haven't realized, like I just said, silver was only higher than it is right now on one day. One day. And it was barely higher.
Yet you have all these stocks that are in bare markets because of that, right? So it's not going to be long. All those silver stocks I think are going to make new highs. Uh gold stocks, you know, some of them have made new highs. Barrett Gold made a new high. Their earnings came out on Monday. Again, blowout earnings, record earnings, record revenue, raised the dividend.
The stock's up about maybe 13% um in the last three days. Uh and it's at a it's a new high. So, it took out its high. I noticed IM Gold, another stock we have in our even in our value fund. That stock hit a new uh uh record high today or or I don't know if it's a record going back, you know, but 52- week high.
U so some of these stocks have taken out their highs, but the vast majority of stocks are are still significantly below where they were uh when gold and silver prices were not that much higher than they are right now. But it's just that fear entered the market and it's just taking a little bit. Jones hit another new record high today.
We're getting closer, right, to a 50,000 Dow, which doesn't really mean much in the context of $4,000 gold, right? The media won't talk to you about that, but we're at what 48,250 or so in the Dow. So the Dow hit a new record high today, but the Nasdaq was flat to slightly lower on the day. Uh so you're getting more of a rotation continuing out of uh growth particularly technology stocks which have had you know they had problems last week and they're having more problems again this week.
So you're seeing some money coming out of the tech sector but before people started moving money out of tech they were moving money out of crypto right the crypto industry has been decimated. you know, Donald Trump, uh, uh, DJT, that stock hit a new 52- week low today. It's down over 70% from its January high.
One of the reasons that it's doing so poorly is because it pivoted to become a Bitcoin treasury company earlier in the year. But look at, you know, the Winklevoss, you know, Gemini uh, space station. That thing just came out uh, not too long ago. It's down over 70%. I think the same thing for Circle.
Circle is down. It's still up from the IPO because it went crazy. But if you bought it on the highs, I think that first, I don't know if it was the first day or the first week, you're down 70% uh in that stock. Uh but that stock bullish, you know, also another crypto, you know, down I think 70%. I mean, these things are getting killed.
Micro Strategy is down maybe about 55%. And it almost hit a new 52- week low today, which may might have been down about 60%. But it didn't quite quite hit it. Uh although I think it will probably do it tomorrow. Um Bitcoin itself is still hanging in there at just over 100,000 102,000 and change. But Bitcoin is now down 35% priced in gold since its October high.
This is November. So from last month's high to now, you've got a 35% drop. Now, in terms of the dollar, it's only down 19%, which is still a lot, but 35% priced in gold. This is a big deal that the entire crypto community is glossing over and acting like it's nothing, right? This is something. And I think people are ignoring this at their own financial peril.
But I think what's a bigger indicator is what's happening to the whole crypto industry and all these crypto stocks, whether it's exchanges or the Bitcoin treasury fund stocks or the Ethereum treasury or whatever. Anything that is now connected in any way to crypto is getting killed. And pretty much anybody who bought
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