Is Gold Making A Move?
Tim Knight | Jul 29, 2021 10:21AM ET
Do my eyes deceive me? Did we all wake up to gold not flat-lining? Could it be?
Because the terrific performance gold has had over the past futures session is really just a blip when you look at the daily chart.
All the same, I’ll take it. It gets kind of nauseating to see the likes of Bitcoin leap $8,000 in a single day while gold stands in a corner. I own a goodly amount of the stuff, and it would be nice if, ya know, someday it wasn’t the most boring investment on the planet.
I haven’t lost faith, though. Long-term – and I do mean long term – it still looks absolutely sensational. Here’s the multi-decade continuous futures contract. The next important goal is to clear the $1,910 level. Fingers crossed.
On a shorter-term note, the preliminary GDP numbers came out. The chart below is easy to interpret. The gold bar shows the expert estimate of what the number would be. The blue bar shows the actual number. Let’s just say this was a vast overshoot in expectations.
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I’m thinking of a word. Let’s see if you can guess it. It’s three syllables.
OK, here’s another hint. It starts with “stag” and the later part is “flation.”
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