The gold price is taking a hit but importantly, crude oil is taking a harder hit
Let us hear no ghost stories about Banksters attacking gold or as Larry would say inflicting a “take down” on poor old gold, as if it’s planned, personal and a war of good vs. evil. Well it is, but “evil” is a moving target and sometimes wolves hide in sheep’s clothing.
Using the associated ETFs, let’s take a look.
It’s a metal dug out of the ground that represents an ancient tie to monetary value. So, if gold is getting dunked today…
…what do you suppose is happening to a commodity that is not monetary? Oh, well I guess it’s not personal.
In fact the gold price is ticking a new recovery high vs. the oil price.
So if the Banksters hate gold they must utterly despise oil. Either that or the markets are simply doing what they are supposed to be doing at this point of the macro in transition. A side benefit, that will confuse the ‘buy gold, silver, copper, oil, hogs!!!’ herd, a rising Gold/Oil ratio is a discretely positive fundamental for the gold mining industry.
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