In light of the above, let’s do a short-term comparison of Newmont mining vs. the S&P 500.
That’s just a short-term pattern. There is no reason to believe it will hold.
That aside, I was rather impressed with gold today in the face of a rising dollar and rising interest rates.
Mike “Mish” Shedlock
In a bull market, you get regular daily rises, and a few very sharp drops. In a bear market, you get regular daily drops, and a few very sharp rallies.
The words. Plunge Protection Team. Is there any doubt?
Actually kind of funny. Us gold bugs are accustomed to ritual beatings by now, so nothing new.
Margin calls undercut “safe haven” securities. This is why debt deflation takes down all nominal values in the whole economy. But in the end, that which can’t be paid won’t be paid. We ain’t seen nothin’ yet!