Gold's Big Picture

"Nothing wrong with that one right there."
--Dave Patterson (The Rookie)

Usually markets that are up 400-500% catch the public eye. Not so with gold. Although the yellow metal is up over 4x since 2000, there continues to be no shortage of detractors. Classic example from liberal media here.

The current argument is that gold is down this year despite all of the fear and money printing. So gold must not be such a safe haven after all...

Elongating the time horizon tells a different story. That's one pretty chart. Prices over the last year can be seen as consolidating in declining pennant fashion. Healthy behavior.

Textbook technical analysis suggests that pennant will likely resolve in direction of prevailing trend.

Up.

position in gold