The Australian dollar is still trying to push higher this morning. The chart is still bearish:
Bonds are stable:
Stocks are struggling despite another drunken night on Wall St:
Big Iron is OK:
Big Gas is struggling:
Most of Big Gold is coiled in an ascending triangle pattern looking for break out:
Big Banks are still trending into correction:
Big Chunt is still smoking something very strong indeed:
Gold looks to be the new Nasdaq.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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Yeassss all on gold right now, I hope it’s going somewhere nice 🤪😆😁
Would a stock rout (which normally results in a much stronger DXY) harm gold?
If so, I guess it’s mostly a matter of whether there will be another stock rout anytime soon…?
I would have said yes a week ago. Now I’m not so sure and the AUD is hedge anyway.
I’d expect it to. I’m kind of hoping foranother stock rout so I can go shopping for some gold stocks on the sell off. However I don’t expect them to stay sold off for long on another general market downward move.
problem is a lot of people are hoping for the same
Yes I know. Which is why I have done all of my ‘essential’ gold share buying. There are a few more positions I’d like to size up a bit and I’m just waiting for a dip or a consolidation phase. If we get another bargain hunting opportunity then that’s icing on the cake.
the very small sell off last week didn’t affect gold at all
As per my post below on Auction Results, people willing believe in electronic over cash or gold.
The free $7000 for a $30000 buy in that NCM just gave out rewarded the faithful too . 🙂