[edit] Please accept my apology. Said lunatic as noted below is chasing a different story, not the one about Ukraine/Russia. I got my wires crossed due to reading across several sites large and small trying to gauge sentiment in not only gold, but all around. It does not change the fact that this unnamed character is always writing with hellfire warnings when something looks dicey even though he is supposedly just one of we lowly chart guys. Charts are charts. Real macro analysis is real analysis and quackery is… well, you know.
Gold bugs will now STFU (for a moment at least)
It’s perfect because never do you want gold bugs out in the market touting, lecturing and admonishing the great unwashed. Especially when said gold bugs are also inflation bugs and war/terror hysteria bugs.
Also especially when a well known gold man who stares at charts for the lunatic fringe of the gold “community” writes his latest scary hype filled article touting the Russia/Ukraine situation as the thing that is going to propel gold to the heavens, it’s time to brace for the fallout.
Better luck next time, man who stares at charts. You get into trouble seemingly every time when you mix hell fire and brimstone (and flat out lunatic) personal views with your charts, which are kind of a mess by the way.
But I digress. Let’s use GLD for gold here because it – unlike the gold price futures – shows a gap up, which is a sign of shall we say, enthusiasm. It is very likely to fill and once the promotional bugs have STFU maybe we can look at this chart as an in-day correction but also an upside price sentinel for the future. That poke above the May high, which for the actual gold price was our bull gateway at 1920, has been pierced today as gold popped up, had a look around, thought better of it and reversed.
Gold is fine ladies and gentlemen. Especially so now that the bugs have (I assume) STFU for a moment (other than blathering about manipulative “attacks” on poor gold, or whatever). I tell you that anyone even mentioning the word attack today with respect to gold should be avoided as a promoter, not an analyst.
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