Joined Mar 2008
Status: Name real with real own way
waiting for a breakout at 1880 to confirm at 1856 this year / day or week , not any great but at least temporarily! only weekly posing bull but others likely more correct before any further up ! take care
We should continue to see institutional flow into gold. Despite any correction, longer term fundamentals still support holding gold.
Today is the biggest daily drop in gold since Nov 9th (so far) even with NFP disappointing. I see this as a shorter term correction.
After the DC/Trump fiasco the markets might be pricing in the end of Trump. All the uncertainty about Trump creating instability is a lot lower if not gone. He's been silenced and forced to accept the election results. There is still uncertainty surrounding covid and how the economy will look even after the vaccine is distributed.
I don't believe that bitcoin is replacing gold as the ultimate store of value, or safety investment, in uncertain times. That day might come but it's not here yet.
The stock market is long overdue for a correction and fundamentally very overvalued. Monetary and fiscal policy can continue to prop up equities, but at some point the market needs to return to equilibrium. Institutional flows into gold is still expected to continue.