Facebook Stock Crashes Amid Shadow Banning And Censorship Controversy

London (July 29)  Coming up we'll hear from Ed Steer of Ed Steer's Gold & Silver Digest and the Gold Anti-Trust Action Committee. Ed talks about the manipulation in the gold and silver markets, who's likely behind it, and the explosive moves he believes will occur once it finally comes to an end. Don't miss my conversation with Ed Steer, coming up after this week's market update.

Well, gold and silver markets attempted to recover this week but didn't make much progress. Gold is currently posting a 0.6% decline on the week to come in at $1,225 an ounce. Silver is off a slight 0.2% since last Friday's close to trade at $15.54.

Turning to platinum, the beaten down metal is flat for the week as prices check in at $833. Palladium, meanwhile, is making an impressive recovery - up 3.4% this week to trade at $933 an ounce as of this Friday morning recording.

Precious metals aren't capturing much safe-haven buying this month as the U.S. dollar maintains relative strength and stocks trade higher. The broad U.S. averages are on the upswing again this week despite one of the darlings of the technology sector getting pummeled yesterday.

Facebook (NASDAQ:FB) shares crashed 19% Thursday on ugly revenue growth projections. The company's market capitalization fell by an astonishing $120 billion.

To put that in perspective, if $120 billion in wealth evaporated from the precious metals sector, it would be the equivalent of every gold exchange-traded fund going to zero… plus every last silver ETF getting completely liquidated… plus Newmont Mining (NYSE:NEM) and Barrick Gold (NYSE:ABX) - the two largest gold mining companies - going totally bankrupt… plus every Silver Eagle produced by the U.S. Mint in 2018 vanishing from existence.

All that devastation would be equal to a 19% drop in a single internet stock, Facebook. That's just how stretched "FANG" stock valuations have gotten. And just how tiny the precious metals space is by comparison.

Gold, silver, and mining stocks aren't even on the radar of most Wall Street analysts. The sector has been left for dead while "dot com" bubble 2.0 rages.
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