Monday, February 2, 2015
THE ONLY GOLD CHART THAT MATTERS: here's where we stand
Here's gold as the rest of the world sees it, with the US dollar factored out:
Looks for now like just a drop to work off overbullish momentum. That white candle on Friday getting us back to where we were is nice. We'll have to see how it goes from here.
And the weekly:
Gold still looks fabulous to the rest of the world, having gone up 20% in little more than a month, winning back most of its losses of 2013.
But Whitey can't see this because Whitey thinks the US dollar means something to gold.
I find it promising, btw, that even Whitey is talking up that "gold has zero yield" story, in the context of all world bonds and interest rates having dropped to below zero. Hey, so owning gold is better than owning a bond?
It has nothing to do with that, of course, but Whitey puts his investment capital into all sorts of stupid things anyway.