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Gold Breakout: A Vital Perspective
After years of failed attempts to break out of its trading rut, gold finally did, shattering resistance that has held since 2013. Not only that, it breached the “psychologically important” $1,400 level. It looks to be consolidating before heading higher—possibly much, much higher. But all of this is in US dollar terms. The US has plenty of hard-money advocates, but it’s the Chinese who buy more gold than anyone else. It’s important to look at gold from an international perspective. Here’s a chart showing the percent change in gold prices in seven major currencies. The first thing that strikes me about this chart is ... (full story)
