Gold, Symbol of a an Old Era
Gold continues to hangon to its bounce from the summer swoon, but as we move towards the end of the year it will see its luster fading. The era of big easy money is behind us and investors will start making choices between: 1) buying real assets and 2) just symbols. Friday was a day of more volatility than we expected but the most interesting fact was that gold, oil, and stock rallied together. It is obvious that it was a money play day, not a day when long-term investments were being made.
Moving forward towards the end of the year stocks, basis the S&P 500, will continue their price mediation role with the 1220 area being value and 1130 and 1330 being levels of extension.
The two best articles that I read over the weekend, one political, one big picture solution, are:
I will be out Monday so am posting this on Sunday evening.