Monday, January 26, 2015
Gold's already back to $1600. For me, anyway.
Here's a chart of gold in Canadian dollars:
And as you can see, as of last weekend, it's almost completely recovered from the waterfall collapse of April 2013.
Here's gold in Euros:
It's not recovered entirely yet, but maybe in the next few weeks with the Syriza victory?
Apparently Jeffrey Currie has given up the ghost on $1050 gold (and Marcy Nicholson at Reuters gave him a free pass, repeating his original 2015 gold target of $1200 and not the more recent $1050), so maybe this is about as far as gold can get without some consolidation?
I guess it depends on whether the Americans have all already finished going long gold.
We'll have to watch GLD flows for clues, I guess.
In the meantime, what does $1600 gold and lower fuel costs mean for Canadian miners? Is that good?