We’re seeing momentum enter gold like we haven’t seen in quite some time, and 7 days of straight gains for gold is something to take note of.
Deferring gratification is one of the hardest things to do in life, but when you have a strong enough “why” for the things you do in life, you can find fulfillment through the midst of the grind.
2018 was a rough year for many gold investors, and I was in the thick of it. Granted, we saw some nice upside in the final quarter, but the trip to the $1,100s and back is a ride that long-term gold bugs didn’t relish and would prefer not to repeat anytime soon.
I believe a payoff for gold investors is going to be coming in spades…
This past week has put those fears to rest, but gold futures extended their advance to a seventh straight session on Thursday and gold is trading at its highest price since February 20. This price action represents gold’s biggest winning streak since an 11-day rally that ended on January 5, 2018, as well as an encouraging push above the often rejected $1,300 resistance level.
As of the time of this writing, gold has seen a more than 3% year-to-date increase against the U.S. dollar, and it’s trading 2.4% higher for the week so far. No matter how you parse the numbers, there’s no denying that the trend is clearly up:
There’s many reasons to point towards why gold is moving higher, such as trade wars, uncertainty, political discord, and immigration tensions, but I’d like to not overthink it – it’s just time.
Deep in the tooth of this decade-long bull market in stocks, we’ve seen metals depressed and still cheap by pretty much all measures.
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I personally believe central bankers will fail to engineer a sustainable recovery that will benefit gold over the long-term.
With escalating international trade tensions threatening a further weakening of economic growth and the Fed suggesting imminent interest rate cuts, fiat money’s dim outlook could provide a powerful headwind for gold.
One thing I’ve been saying for some time now is that because of gold’s toll on the investment community, we are going to need more confirmation than ever to truly know we are in a bull market once again.
I’m no chartist, but what I do understand about markets is that we need to see a decisive break of the psychologically significant $1,400 level for there to be a believable uptick in gold.
It’s gold at beyond $1,400 where I believe we will see the miners really begin to take off. This is leveraged exposure to the physical gold price where we are spring-loaded for the upside in a basket of miners.
As hard as it might seem for gold to break out and have its day in the sun, don’t be shocked when it does have its Bitcoin-style breakout and leaves many washed-up and disgruntled investors on the sidelines.
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