October Gold took off last week from a low that missed our stingy bid by $9, or 0.2%. Friday’s rally in bullion was of a piece with lunatic buying in stocks triggered by blather from Powell. However, I don’t see gold as being on the verge of a melt-up like the one I’m predicting for stocks. I’ve highlighted Friday’s rally to show how insignificant it was amidst four months of meaningless dithering. Yes, the move could conceivably turn into something worth watching. But there is little point in getting all het-up about it now. When that finally happens, the futures should be presumed on their way to 3710.70.
GCV25 – October Gold (Last:3391.30)
