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It seems that over the past few months now, day to day, week to week, precious metals are trying to tell us something. They just keep powering higher. Do you think perhaps the underlying message is that the central bankers’ dictatorship over the planet might be starting to fray at the edges a bit?
Okay, the title of the post is a bit of a joke at this late stage of the rally because it sounds like hype and we have actually been calling the move in the gold sector a potential launch for weeks now, since gold and HUI each busted through their bear market limiters, the EMA 75 and EMA 55, respectively.
Back on February 11th (known for the rest of my life as The Day I Should Have Covered Everything), gold did something very important: it jumped above a channel that had been confining its price action for literally years. I’ve circled the descending trendline which constitute the upper boundary of that channel. Gold, represented here by way of GLD, “escaped” its downtrend.
Using the Macrocosm theme again (I can’t get enough of this gimmick) let’s update some key gold ratios in poker terms.
Gold is currently working on a ‘full house’, with three of a kind (gold out performs stock markets, gold rises vs. commodities and gold rises vs. global currencies). We can call the pair needed to complete the full house economic contraction (to varying degrees globally) and confidence declines.
Gold vs. Stock Markets (more…)
For whatever reason, aluminum companies have been massively on the ascent. However,they are approaching important gaps that I think should cap their rise.
