Many of you call gold a old money item not worthy of attention.
But gold has a reputation earned because every currency in the world prices gold.
In times a stress, high inflation and wars- gold has been the item that central banks have used to protect themselves.
I use the 5 year chart to demonstrate that we are in one of those times.........
We have a war, banks are stressed and we have inflation in some countries above 80%.
Short term traders go for whims but long term traders like real proof of a trend
Central banks have been hoarding gold in huge quantities
The war in Ukraine does not look like it will end soon
Banks are failing.
It is important to look at facts not just daily charts. Gold is facing a huge 5 year trend at 1956
If gold exceeds that level it signals we should expect more bad news
But gold has a reputation earned because every currency in the world prices gold.
In times a stress, high inflation and wars- gold has been the item that central banks have used to protect themselves.
I use the 5 year chart to demonstrate that we are in one of those times.........
We have a war, banks are stressed and we have inflation in some countries above 80%.
Short term traders go for whims but long term traders like real proof of a trend
Central banks have been hoarding gold in huge quantities
The war in Ukraine does not look like it will end soon
Banks are failing.
It is important to look at facts not just daily charts. Gold is facing a huge 5 year trend at 1956
If gold exceeds that level it signals we should expect more bad news
Trade closed: target reached:
closed at 1965
