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I’ve been disappointed enough times by precious metals to have developed a distrust of the stuff. As a chartist, I can say that gold certainly seems to be grinding out support, but I just can’t shake the feeling that we won’t really bottom until we push (briefly) below $1,000 per ounce. In any case, the longer-term outlook isn’t good; even if gold rallies mightily, I can’t see GLD making its way past about $110. So at best, it’ll just be another rally to fade.
By Biiwii
Anyone who has been bearish on gold for the last 4 years has been right. They have been right in Euros and though the trend appears to have been gently changing over the last year or two, they have been right in Canada & Aussie (i.e. commodity currencies) dollars as well. Certainly, they have been right that gold as measured in most global stock markets has been (and remains) bearish.
They have also been right in that gold as a hedge against the kind of inflation that global policy makers have promoted non-stop for years now, has utterly failed. And for gold as an insurance and value asset, a small phase like 4 years is like a blip. Yet still, so many people throw their hats into the ring on gold, constantly micro-managing its every twist and turn.
Below is the opening segment of this week’s edition of Notes From the Rabbit Hole, NFTRH 353. After this theoretical exercise we got down to nuts and bolts analysis, which provided logical ‘bounce’ targets (provided a bounce is indeed what is in play) for Gold, Silver and HUI, a compelling trend in the Commitments of Traders data and more talk about the trends that will need to be in place before a favorable macrocosmic environment is in place for the gold sector.
Not one to obsess on the gold sector in a vacuum, NFTRH also covered US and global stock markets, commodities, macro indicators and currencies as usual.
