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Taking Refuge In Gold
Geopolitical uncertainties took to the forefront this week. With the US re-entering the Syrian war, North Korea nuclear issues, uncertainty of the French election and others, all are pushing investors to seek safe haven. Gold and silver moved above their 200 day moving average as Trump told the Wallstreet Journal that the US dollar was too high. Interestingly, the knee jerk reaction of gold and silver to Trump’s comments is almost proof positive that gold is the hedge when it comes to depreciating currencies.
A major chart was put out by Ainslie Bullion of Australia discussing banks contracting commercial and industrial lending. The last two times this contraction took place there was an impending recession. Click Here for Chart.
Like Trump’s political flip-flopping, some major investors are now proponents of gold. Investor’s like Bill Gross, Stanley Druckenmiller, Dennis Gartman, and Bank of America are all touting gold’s positive outlook.