Dude...Did You See Gold Prices?

Author

Howard Lindzon
June 20, 2019

Before I get started….this tweet made me laugh out loud last night. Watch it.

Onward…

I have a lot of friends that are 65 years and older.

Don’t judge me…I did not realize it until about 7 pm PST last night.

After dinner, my phone started lighting up with texts that Gold was up $34 an ounce.

Gold is around $1,350/ounce so we are talking about a 2 percent move.

I am happy for my old friends. It’s a big few years for them with Fat Nixon, Joe Biden, the advances in adult diapers and legaliized weed for the cataracts.

All kidding aside, the yellow metal looks really good technically. My friend Alpha Eye explained it to me on Stocktwits:

a 6 year base within a clear and defined longer-term uptrend (2000 to 2010, with a nice correction in 2008). Within this 6 year base, since 2015 we have made 4 higher lows as it gets tighter and tighter on the right side. On the daily chart, since a near-term uptrend began in October 2018, we consolidated those gains sideways before resuming higher to today. Gold never rolled over as the market rallied 25% in early 2019. Same sort of situation for Gold Miners though they did correct more, we have been forming higher lows. Certain individual Miner names have rallied 100% off a 10% Gold move with no desire to give back those gains. Sentiment wise, no one but beaten down Gold bugs think we head higher. Probably missing a few things. Check my tweet log from the last month and a half I’ve put out plenty of Gold twits. With that said, I’m not bearish Equities. But I do think Gold will outperform S&P later this year or in 2020. I believe we get some rotation soon enough

The markets love everything that Fed Chairman – soon to be intern – Powell had to say about the economy and interest rates yesterday. I know because I am looking at prices of stocks, bonds, gold and oil this morning.

I have no idea how long this lasts, but I won’t complain.

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