Gold is down sharply this morning (over $30 an ounce as I write this — ouch!). Maybe the “technical” buy signal gold triggered last week was incorrect, or maybe this is a pullback for all the late stragglers to get in before gold goes higher. We’ll have to see how things develop.
Meanwhile, look at this chart I made on Stockcharts.com. It shows gold’s weekly percentage performance over the past five years compared to the S&P 500, the Dow, the CRB Index and the US dollar. And gold has been kicking butt. I don’t know if this outperformance will continue, but it certainly is a head-turner.
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