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No matter what angle I look at gold, it looks long-term bullish. I’m a bit paralyzed by the idea that the moment I plunge into it feet first, it’ll start to fall. There is, I confess, about 15% of potential downside (which is the $2100 buy point I kept yearning for, but never materialized). Measured over years, however, it seems exceptionally positive for gold.
I’ve always been fascinated by the GDX/XME ratio. It has been cyclic for literally decades, and after reaching a lifetime high in February, it has been tracking downward nicely. I suspect it has years of plunge left in it.
In Wonderland what is, it wouldn’t be.
The subject of this post has been made anonymous, as I’ve decided to release it to a wider audience. Said subject anonymized those he was critical of and so, turnabout is fair play.
Elliott Wave technical analyst Mr. Anonymous (Mr. A) has an article explaining his view of why gold is misunderstood by analysts that claim it is a hedge against inflation and a hedge against stock market weakness. On the surface, he is correct. You cannot argue with facts and the facts are that gold has been a less than stellar inflation hedge (under certain inflationary circumstances) and it did go down significantly during Armageddon ’08 and the 2020 pandemic crash.
(more…)If gold can get beaten back down to the $2,100 level any time this year, I’m a size buyer. I think that would be a terrific price for a long-term hold of physical gold.
