The Golden Hour

Monday, September 7, 2009, 7:57 AM
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Monday, September 7, 2009

Executive Summary

  • Gold had a techncial breakout this week to the upside.
  • Fundamental support for gold is also strong at this time.
  • Swiss vaults are full.
  • Gold is accumulating to strong hands.
  • Hong Kong "recalls" gold reserves.
  • China changing the game?

Because it rose during both down days and up days for the stock market, gold has been acting in a fairly unusual way these past few weeks.  What's going on?  I follow gold very closely, and here is what I am thinking at this time.

Before I begin, let me reiterate this:  Every portfolio, no matter how large or how small, should have a core position of physical gold in it.  Not paper gold (mining shares, ETFs, futures, etc).  I am talking about hard, physical gold that is either in your possession or in a vault.  If you have the means, you should have some in a vault outside of your resident country as well as within it.  

Gold's Technical Breakout

From a purely technical standpoint, gold broke out with conviction from a triangle this week (see chart below).  The next usual step to this process would be a back test of the breakout.


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