Loading ...Gold Revisits Neverland
The Gold Update by Mark Mead Baillie — 478th Edition — San Francisco — 12 January 2019 (published each Saturday) — www.deMeadville.com
Nearly five years ago came our 24 May 2014 piece entitled “Gold in Neverland” wherein we bemoaned that for “…26 of the last 28 trading days (better than a month), Gold has traded in the 1290s…”, its never having been able to materially escape said 10-point zone — hence the name Neverland — and its then being nicknamed The Whiny 1290s.
Thus far for 2019 with eight trading days in the books, Gold’s settle yesterday (Friday) at 1288 finds price up 3 points for the year, just less than one quarter of one percent. The good news is that Gold is at least trading (barely) above The Box (1240-1280), albeit still not sufficiently so (as stated a week ago) to morph that 40-point swath from resistance to support. The bad news is that — save for trading (barely) in the 1300s for 16 minutes early in the 04 January session, Gold for the most part has thus far made its New Year’s home back in The Whiny 1290s, indeed having therein traded at some point for all eight days year-to-date. Great. Wake me up when we leave this state.
And the above Gold Scoreboard which always “tells it like it is” –(Howard Cosell) in citing price rather than change puts it stark in our face: Gold’s price is above where ’twas at this time both two and three years ago and is below where ’twas one year ago. Nuthin’ but status quo. And yet throughout, the driver of debasement — our M2 money supply — continues its ascent such that Gold by all rights today “ought be” priced at 2876 “…tick…tick…tick…tick…tick…”
https://www.investing.com/analysis/gold-revisits-neverland-200375014