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Gold had a significant up day on Friday closing near the highs. At first glance, it would seem like a positive development and that gold miners might be in for another leg up. I would say a case could be made for either outcome, but this week should be a decision week for what is next for the gold and miners.
This is gold going back 20years. It is a weekly chart with a 52-week bollinger band. Notice how well price holds the 52-week MA during gold bull markets suggesting it is still in one. However….
Wait, Tim, what? 2024? Are you kidding? Yeah, I’d like to say something about it.
2020 feels just like 2016. Two lousy candidates that no one really wants to vote for. Any “passion” about voting for one person is simply a vote AGAINST the other person. This occurred to me when I was sitting near a guy at an outdoor table going on at great length to his friends about how they should vote for Trump, even though they all hated him, because if he loses then they will lose their guns, their God, their jobs, and their freedom of speech. So voting seems based more out of fear than love.
The irony to this whole thing is that whoever wins is going to get The Crappiest Job In the World. Do you honestly think they can keep this simulation of prosperity going for four more years? Do you? Hell, they’re having to pull out all the stops and tell lies left, right, and sideways just to attempt to keep the plates spinning in the air for just a few more weeks.