Gold Daily Chart
This is an incredibly price-bullish setup. Buy Gold.
Mike “Mish” Shedlock
Gold Shorts About to Get Burned
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Mish
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Gold is not going to resurrect itself until Trump leaves office. The people who used to buy gold are all happy as clams right now with Trump. Gold is going nowhere until 2024 when the US debt finally catches up with it and the entire train goes off the tracks.
Careful. The gold futures chart is now at a critical juncture. It will tip it hand soon.
Let’s take a stock which is heavily shorted, say TSLA, is that extremely price bullish? Of course not, neither is a heavily shorted GOLD position.
GOLD is spelled with an “O”.
GLD is not GOLD!
Try GoldMoney 🙂
Why is this happening? Surely those shorting gold must know what they’re doing. Or at least they think they do. Or have people with no recollection of the 1970s (nor the 1930s) taken over the “controls” of the hedge funds, and somehow believe that rising interest rates are bad for gold? Algos and momentum chasing gone awry?
I think you answered your own question – correctly.
I hope so, but I’m not betting on it.
Long GLD when volatility subsides and the 10 yr yield declines.