Current Events
Perth Mint Article – Update
To our valued clients, If you haven’t seen it already, an article was published today with the following headline: Perth Mint Sold Billions in Diluted Gold to China, Tried To Cover It Up; Report And right below the headline, they show a picture of a counterfeit gold bar produced by Credit Suisse. One might call…
Read MoreGold Feels a Bit Different
By Neland Nobel Part of gold’s recent story has been that of disappointment. A rally begins, and what takes weeks of clawing upward is erased quickly. Then gold starts the process again seemingly to fail at important inflection points. End result: flip flopping around in trading range. Could that be happening again? On Friday, perhaps…
Read More2021 Was an Odd Year for Gold
By Neland Nobel The year 2021, will certainly go down as an odd one for gold. As the chart below shows, gold spent most of the year in negative territory. It has not been a substantially negative performance, but more of a sideways move with modest losses. Gold was never very positive at any point…
Read MoreCross Your Fingers As Gold Approaches Important Inflection Point
What is an inflection point? It is a point, or multiple points, on the chart where success or failure at a given price juncture is believed to have some predictive abilities to determine a change in price behavior. The yellow metal is approaching a cluster of price levels that could determine whether this bear trend…
Read MoreGold Correction Well Underway
In our last entry, we suggested that gold had become “overbought” and vulnerable to correct, even though the main theme was taking a closer look at silver. The selloff seemed primarily caused by reaction to statements from the Federal Reserve, especially those of non-voting member Bullard of the St. Louis FED who suggested interest rates…
Read MoreLet’s Not Forget Silver
By Neland Nobel The last couple of reports have concentrated on gold. Indeed the action on gold has been important. After a severe oversold condition, gold put in a bottom in early April and has advanced through important resistance at $1800. Gold is once again at important overhead resistance near $1900 and is a tad…
Read MoreGold Breaks Through to Important Overhead Resistance
By Neland Nobel We suggested that gold had put in a major low in early March, and put in a double bottom, a variant of the classic head and shoulders bottom. The importance of $1800 was noted in the last blog and we suggested, that if that level were broken, gold would move to the…
Read MoreGold Once Again Approaches an Important Inflection Point
By Neland Nobel Gold is now at a turning point, which happens to be slightly below the blue 50 day moving average. There were a series of highs formed around $1760 that represents the “neckline” of the double bottom formation that gold has been building. (See chart below) Secondly, all the momentum indicators we typically…
Read MoreGold Correction Entering Bottoming Zone
By Neland Nobel Gold has been in a deceptive correction since last July. We say deceptive because it has failed several times by the narrowest of margins to breakout, it has stopped at appropriate resistance, only to hover there in a tantalizing fashion, and then proceed lower. It is not that picking a bottom is…
Read MoreThe Bitcoin Boom and Its Mysteries
Bitcoin has been on a tear of late. As you read the financial press, it would seem the world is very desirous of a currency other than the US dollar. Something that is limited in quantity and hence able to hold its value better than the fiat currencies electronically created by governments. You would think…
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