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As we all know, few assets have been as persistently disappointing as precious metals. They peaked well more than a decade ago, and even though on the surface it would seem this environment was tailor-made for a crazy bull market in gold………….nope. Oftentimes,, it’s the only asset that ISN’T rising.
For the immediate moment, it has managed to dust itself off and find a little strength:
Detailed work, which got us to this point intact, if a little frustrated*, is done in NFTRH reports and updates. But it’s always handy to have a general summary view of macro markets. So let’s get to it.
* Reference this post done while sitting with a flight delay at JFK managing the breakout in the Gold/Silver ratio after Jerome Powell tanked the markets with his all too tardy jawbone (as I harangued per this post from February) during my out-bound flight several days earlier.
(more…)Gold has disappointed me more times than – – than – – well, someone who disappoints me a lot. It’s a real heartbreaker. In spite of that, I’m giving this another whirl by way of mining ETFs, based on what seems to be important support for gold by way of GLD:
Even though precious metals have absolutely sucked out loud since, oh, about the year 2011, I’m going to give them just one more chance. I just bought a bunch of GLD based on this support level.
Reference this article posted on 12.30.21:
Gold has done nothing unusual and in fact it has done as would normally be expected. In February it began to rally out of the base on the daily (futures) chart below. Driven by war (easy on the war, terror and pestilence bull rationales dear gold bugs) and inflation hype, kneejerkers and momos (momentum players) quickly jumped on pushing gold to an overbought high on March 8. The resulting correction is normal and it is healthy. Momos are not allowed to participate in a real gold bull (at least not until later when the bull is obviously blowing off).
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