Gold’s 6-month chart shows how the sharp drop this past Friday caused it to break down below its 200-day moving average for the 1st time since Fall 2023, when it was in a trading range.
This foreign entanglement has sucked billions from the US treasury over the decades, and it has sucked us into endless conflict in the Middle East, including the current US war on Iran.
A certain relatively high level of crude oil inventory works as a buffer in pricing, but typically when the market gets below that “lower high," market buyers become more jumpy.
In dollar terms, global ETFs shed a modest $2 billion. Net outflows dropped total assets under management (AUM) by the gold-backed fund to $604 billion, a 2 percent decline.
Strong investment demand and central bank buying mitigated a sharp drop in jewelry sales due to higher prices. Jewelry demand fell by 18 percent to a five-year low of 1,542 tonnes.
“We’re freaking doomed!” If you recognize that outburst you remember Mogambo and likely remember his total contempt for the federal reserve. How many economists will be leaving a parting message equally strong and important?
