Gold’s a touchy subject in the blogosphere. I have nothing against stacking. Holding some of the shiny metal — whether for fun, inflation protection or the coming zombie apocalypse — probably makes sense.
But, it’s the GC futures we concern ourselves with, here. And, most serious gold bugs will tell you that the futures and ETFs are not the real thing. I get it.
Central banks have been hammering it for years, trying to convince investors and preppers alike that it’s not worth holding and, in any case, is not a viable substitute for those pretty pieces of paper they print down in the basement.
It’s not hard to see when they came to realize that gold’s ascent was a problem. The only challenge has been figuring out when and where it’s going to bounce along its path.
In our last update with GC at 1145, we noted it had the potential to break above a TL from last January and tag 1178 or 1198. It did break out, reaching 1191.70 about two weeks later.
But, then it fell back through that TL to another in a long series of new lows — confirming what everyone who charts it suspected: it’s just as manipulated as everything else. That doesn’t mean, however, that there aren’t some good trading opportunities ahead.
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