Every time I mention gold, I hasten to add that it is the one market whose ascent I celebrate and whose asset I’ve owned for a long time. This is probably my get-out-of-jail-free card for being a feckless equity bear for so long. In any event, this morning saw gold reach yet ANOTHER lifetime high, crossing the psychologically important $2700/ounce level for the first time (red rectangle). It was a quick pop ‘n’ drop.
To be sure, gold is VERY extended right now, and it would be healthy to get a multi-hundred dollar pullback at some point. Having said that, I can absolutely envision a greater-than-$3,000 gold next year.
Why? Well, because the central banking Bozos have clearly accepted that inflation is here and is going to accelerate, and they’ll just print “money” by the trillions just to keep the show going as long as they can. The multi-decade chart for gold is clearly bullish, and while we gold owners can cheer this, it probably spells out some VERY bad things for the world in general.
