You know, I always seek to tune out the noise when 'Mr. Gold' is putting inflammatory battle cries in my inbox, the CoT speculators are rampaging, the irrepressible silver bugs are making their case about silver's value compared to gold, and when a spammy email blurb shows up (courtesy of my friend Otto) with a picture of a noted commodity and resource guru sipping a cocktail, smoking a stogie and expounding upon the government's unbridled inflationary policies.I especially find the need for calm in the face of the Seattle Times indicator while the dollar - being micromanaged lower by the entire world that would seek to feel good about its demise - remains above the support level I have seen as critical.
It is actually a good time for me. I am saving money and stress by not trading much and thus not churning commissions. Meanwhile, the inverted H&S that was dreamed up on the weekly gold chart has yet to either express itself or be proved a sucker's play. But its promoters have quieted down, which is not bearish.
Anyway, here is a busy monthly chart showing mixed signals but overall an asset - the asset really in a world where almost everything is someone else's liability - that is going to make a lot of people happy one day. They will be doubly happy because they will have survived some terrible actions along the way, all the while standing firm in their beliefs about what is and what is not money. It is the players and sheep, with no core understanding that it is important to get contrary to the still ongoing racket we call a modern financial system, that will be victimized. The goldbugs will be right one day. They are right now. But many also tend to be strident and angry, and the goal is to get where we are going without embedded anger and long term mental injuries like post-traumatic stress.
Goldbugs use the word 'sheeple' a lot. Don't be a sheeple. Realize that coordinated government actions have solved nothing. Sure, it is possible they can engineer a cyclical bull market that the mainstream financial media can celebrate, but they have fixed nothing, only done more of what has been causing and growing the problem for decades. Except each time the policy is put on stronger and stronger steroids. Anybody see the movie The Wrestler? That poor Randy the Ram kept bulling his way forward until... well, I don't want to give it away for anyone who plans to see it. But our financial system is doing what the Ram did, only in much less lovable fashion.
Okay, I simply wanted to update the big picture chart of gold and what ends up happening? Out comes the tin foil hat and stream of consciousness ensues.
