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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.
Yes, yes, I know, Bitcoin had a great run from 2009 to 2019. There’s no doubt about it. But let’s focus on the past few years, in light of gold’s fantastic performance this year:
The media pounded and pounded the yield curve’s inversion as a signal about an imminent economic recession. We have noted again and again that it is not the yield curve flattening to inversion that brings the pain, but instead, the subsequent yield curve steepener and un-inversion. From the September 17 post on the matter:
(more…)Good morning, everyone. That’s not something I would have typed yesterday, and given my experience twenty-hours ago, I was bracing myself for God-knows-what this morning. For the moment, at least, everything is down (ever, ever, so slightly) as we’ve been during a very slow burn all night long leading up to this massive OpEx day.
It seems to me the precious metals rally is getting pretty long in the tooth. Don’t get me wrong – – I’m a precious metals booster! – – but the steady series of higher highs and higher lows that has been transpiring for many months now is due for a “higher low” awfully soon.
