As we all know, few assets have been as persistently disappointing as precious metals. They peaked well more than a decade ago, and even though on the surface it would seem this environment was tailor-made for a crazy bull market in gold………….nope. Oftentimes,, it’s the only asset that ISN’T rising.
For the immediate moment, it has managed to dust itself off and find a little strength:
It also is sporting a candlestick “hammer” on the futures (although I’m not crazy about the fact it keeps slipping through those trendlines).
I went long a modest amount of GLD, but my enthusiasm is tepid. Let’s see if metals wake up to the fact that they’re needed in a world like ours right now.
