I'm also posting the monthly chart of closing prices (with 2 standard deviation confidence band from the midline, although technically the distribution of points isn't independent). It isn't too meaningful mid-month, but we see that a close at this current level just under $1600 would technically be a healthy sign that the trend remains up without any overextension.
Our friend Nouriel Roubini, who's always warning of impending economic apocalypse yet somehow considers gold one of the worst investments imaginable (he went so far as to tell Maria Bartiromo this week that "only inbred, cave-dwelling shit eaters with jutting brow ridges and congenital micro-phalluses concern themselves with gold") recently published a piece for his clients titled "Whither the gold safe haven?" (Whither? Seriously dude?) Anyway, the high net worth clients of Screwtape Global Economics know better, as per our proprietary $GOLD:$CRB chart that captures gold's safe haven quotient. When the top horizontal red line is broken, watch out!
|Spam has done even better|
Silver closed strong. If you're trading, watch the lowest of 3 green lines (once support) and especially the crossing points with the top red line for future resistance. And by all means take profits and use stops.
|Is it me, or does this chart look like it's ready to drop trou?|