I would like to make my own modest effort to put to rest a trite little phrase that gets trotted out every time silver and gold are getting trashed (which has been the case for years now). “I just checked, and my pile hasn’t gotten any smaller.”
These precious metals kooks – sometimes called “stackers” (since they stack up coins, as well as losses) somehow make the point that since their physical asset hasn’t changed shape or amount, it hasn’t really dropped in value. Not in a real sense. Honest Injun.
All the comparisons to 2000 seemed a little far-fetched………until today.
Before the opening bell, I was looking at my iPad from the comfort of my bed, and I took a few screen shots for posterity.
I wrote last night about Bears in the Balance, musing that if we pushed a little higher, it was pretty much curtains for the bears. Well, that’s what happened: the S&P 500 and NASDAQ both closed at the highest levels ever recorded. The NQ has burst above its pattern, yielding a very bullish breakout: