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Gold’s Back On Solid Ground
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The new year gold rally seems to have survived the geopolitical spike and subsequent correction. This is very good news for the long term.
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In the Gold Newsletter Alert I sent out late last week, I chose the simple word “Ballistic” as my headline.
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I explained it thusly: “The laws of physics and investing converge when it comes to the effects of missiles on the markets. In short, what goes up must come down.”
I went on to note that gold had indeed corrected, just as we had predicted, once the tensions with Iran calmed. However, at that point, the gold price had not yet given back all of the gains it had made since the crisis first erupted.
I’m here to report that as of today gold has not only refused to surrender any more ground, but seems to have resumed its rally.
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The metal is up about $10 today, a very nice gain considering that the big news of the day was the phase 1 trade deal with China.
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For nearly two years since the conflict with China first erupted, any perceived progress in the talks was interpreted by the markets as bearish for gold and bullish for the U.S. dollar.
Yet today, with the signing of a deal, gold is up strongly while the dollar is down.
A 180-degree shift in sentiment like this is very telling to me. Over my decades in the markets, I’ve learned that a true bull market is one that interprets seemingly bearish news as bullish.
That’s what’s happening right now. And it’s a strong sign that the “new year” gold rally we had predicted is back on track, and stronger than ever.
Of course, anything can happen over the short term.
Our job is to remember the big issues at play — the fact that negative real interest rates, continuing levels of excessive monetary accommodation and the impossibility of normalized rates given debt-service burdens, will combine to drive the price of gold much higher over the years to come.
And knowing this means we need to remain firmly positioned in gold, silver and mining stocks.
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All the best,
Brien Lundin
Editor, Gold Newsletter
CEO, the New Orleans Investment Conference
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