Gold keeps moving up. The move took every trader in the US by surprise. I monitor serveral trading sites, all of whom consider themselves to be hip and in the know, and they consider those not on their sites to be stupid outsiders, and most of them were trying to figure a good place to go short gold around $2000 dollars, figuring they'd buy back in at 1900 or 1870.
After all - the dollar (though it fell the last couple of sessions), is historically high, as are rates, and the stock market is still going gangbusters. So there's really no reason to own gold.
Yet it keeps going to record highs sesssion after session.
The gold bullion premium over the spot price is at record lows.
Inflows into Gold ETF's are flat, to NEGATIVE.
No retail investor is buying gold in the United States.
So how it it moving?
Central Banks.
Who else? I don't know. But there have been several large repositories created in places like Switzerland which hold tonnes of gold for Super High Net Worth individuals and families.
They don't release their inflow outflow information, but some who direct these repositories give interviews and say business is excellent. Check the site Thoughtful Money for inerviews with some of these like Mathew Pipenburg. It's interesting.
The wealthiest invidividuals and institutions are all proecting their wealth.
From what?
Take a look into the near future and ask yourself if the Political and Economic atmosphere is healthy or deteriorating?
Clearly the average retail investor in the US is coming to a very different conclusion than the Central Banks of the world, and many of the super high net worth investors of the world.
So what else is new?
But when the retail investor finally discovers gold, a new phase of this bull market will open up.
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