Gold smashed

It seems during the United States public holiday the other day someone forgot to switch off the trading algos and gold has been manipulated down during the time the markets were closed.. Price is now below some key technical points in the chart including 200day moving average gold is in waterfall decline mode. Heres the decline on todays spot chart.

For much more indepth discussions on gold and silver and the end of ‘The Great Kenynsian Experiment’ I highly recommend having a look at Turd Fergusons blog, and bookmark it if you don’t already read it regularly, heres Turds latest public post

Anyway heres my updated gold chart showing last couple of years gold price with 1 day candles.

Not looking bullish compared to last time I posted gold when that promising pitchfork was still holding. Now price broken below that fork. In fact, you might say is grinding down similar to bitcoin. Price is also now below a wedge I had marked in with pink trendlines. What does this mean? Economy is healthy and rosy, gold is a relic only used by central banks for traditional purposes and serving no real purpose just now. Yeah, something like that.

My conclusion is same as always, hold gold, silver and bitcoins while the economy continues its path to ruin.

4 thoughts on “Gold smashed

  1. I personally would be wary of holding gold/silver in case of a financial apocalypse, cf. the precedent set by “Executive Order 6102”.

    Of course bitcoin has the risk of going all the way down to $0, which gold does not really have šŸ™‚

    1. I doubt an attempt at confiscation would be very successful myself. Still they may try if desperate enough, it will mean admiting gold really is money though. Best to diversify.

  2. Pingback: Gold smashed

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