Loading ...Maddog – thanks for the chart, I’m glad you know how to read that thing, it’s all Greek to me. Hard to see them getting us back to $15 but we’ve seen stranger things.
I’ve been looking at the similarities between this and the last rally R6 pointed out in 2016, which lasted 6-7 months before crashing in on itself. Actually, the beginning of this rally is pretty much the same in terms of speed, at least in gold.
If we get a similar move then it looks like we could get to $16-1700 Gold, 450 HUI – although the HUI is lagging the 2016 move in terms of price vs. Gold. If gold decides to keep up this pace over 6 months, it seems like we could go much higher. I don’t know.
What I don’t know, other than maybe a potential decline in rates, is what’s driving this rally. The dollar still appears to be trending higher and is higher than it was in 2016. So someone appears to be betting on a decline in the USD.
Lastly, GLD appears to have that gap right around $128-130 that could be filled which would take us back to Maddog’s $1380 level. If the rule of “all gaps in pm’s must be filled” comes into play.
OK, so now I have a headache from taxing my last two brain cells. Would love to hear your thoughts.