Friday, September 23rd, 2011
Gold still deserves lots of respect
The other day I stepped back and had a look at the long-term trend for US stocks, which is up — despite recent volatility and falls!. With gold falling as well, it’s also time to look at the long-term for that asset as well. In a recent post I noted that gold had become a hot topic at BBQs, which is often a sign of a market top. Someone at a BBQ told me to buy gold and I quipped that I’d rather short it. Shorting gold might work out, I don’t know. What I do know is that gold is in a very, very strong long-term uptrend as you can see in the chart below. That means it deserves respect.
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