Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Gold Pullback Needed

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Note from Tim: I didn’t write this! Anyway………

The gold price reached a new record high this week, beating the previous record set on Sept. 5, 2011. The gold price kept rising past the record high to new heights as the week wore on, and now the $1,940 record that was set on July 28 appears to have become the new floor for the price amid today’s pullback.

The organization said this week’s record high gold price has been driven by a combination of several factors. They are high uncertainty, very low interest rates and positive price momentum. All of these factors support investment demand, but the World Gold Council added that there are reasons to believe that the market is still early in the cycle.

The coronavirus pandemic is still far from being over, and its impact on the world’s economy is still being worked out. The organization said some countries like China, South Korea and parts of Europe seem to be turning a corner. Globally though, hope of a rapid recovery is gone.

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Gold Miners Still Pushing That Cart of Rocks Uphill

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Our hard working miner here (we’ll call him Huey) has been pushing his cart of rocks, first gently downhill from 2016 to 2018 and then uphill to a bull market since May 2019.

As tracked in NFTRH, in 2019 the macro backdrop became positive for the gold stock sector as gold entered a bull market by taking out the 1378 level and its ratios to stock markets began to rise. Gold/SPX is among the most important macro indicators to a bullish gold mining case as a gold price rising in terms of stocks is the key factor in drawing larger investment (e.g. institutions) to the sector.

gold spx ratio
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2001: A Coin Odyssey

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Over the course of this week, there have been two overnight “lunges” to try to firmly vault gold over the $2,000/ounce mark. They’ve been beaten back each time.

gold

It’s irksome indeed that, over the course of the past few months, Amazon has had no issues climbing from the 1000s to the 2000s to the 3000s while gold has struggled to retain every few dollars of gain. I remain confident, however, that these exploratory jabs into the next level are going to stick soon.