From the Desk of Ian Culley @IanCulley
The past two years of sideways chop on the gold chart has been a game of perseverance and pain.
Gold is a honey badger, attacking a beehive face-first, digging for larvae, and somehow persevering through a thousand bee stings.
That can’t be fun, especially as other areas of the market have experienced explosive trends. But it works for the honey badger.
And it’s worked for gold.
Now that commodities and stocks have come under increased selling pressure, the data continues to mount in favor of declining gold prices.
Precious metals are looking weak. Gold stocks are breaking down on absolute and relative bases. And signs of risk appetite are nowhere to be seen.
But gold doesn’t care. [Read more…]