Gold Market Wire
News, analysis and commentary for gold traders and investors
Gold Market Update
After The Deluge: Gold Shines Through
November 29, 2021 - (Gold Market Wire) - That was a Friday for the record books. The 'new' Covid variant from Africa caused the equity markets to collapse. ... especially in Europe:
A proper bloodbath. The rest of Europe was the same. The US was barely in the market, but also got stung - though not as bad. If you were leveraged, you got stopped out, almost for sure. What a show. The authorities scream 'New Virus!" and everyone bails. It's tough not to see this with a cynical mind.
And what did Gold do as a result? Practically nothing is the answer:
And this is Gold's ultimate role: to guide you through the Force 9 Gales. Friday was certainly one. Brent crude oil collapsed over 11% on the day. But Gold just sat there.
Magic stuff, indeed. We note, in this context, that $1780 showed itself to be a true horizontal support line. Make a note!
Going forward one can really only repeat the obvious. All this Covid 'shout and scream' is doing is causing the public to lose confidence in Government. The public is really starting to see Government not as just self-serving and incompetent - but, now, malevolent. That is a change in tenor. It means that the trust link is broken. We already know that the public opinion of government is at rock bottom levels, and they have been joined their by the Press. But now, it appears like this dynamic duo actually is up to something that the public views as not merely manipulative - but evil. That is the end of far more than trust. It is how whole countries and even civilisations fall. Hyperbolic? Not to anyone who has lived through the past 2 years.
Gold is coming into its own. The world of equities and even oil is spinning around its axis. That is a new twist indeed.