As Bitcoin steals the limelight, gold quietly and gently breaks out
GLD
#GOLD
Gold put in its first all time high for a daily close
This will likely end with an all time high by EOW or a highest ever weekly close.
Unfortunately, this leaves me with a conundrum as gold is a risk off asset and if we see a substantial increase, its possible it could be a signal of a risk off move from the liquidity sloshing around out there.
Funds have been allocating to bonds and money market funds as these lower risk fixed income assets provide an element of security during uncertain times and pay an interest yield. Gold offers protection and upside potential whilst providing additional protection against inflation.
In any event, it could be that we are due this long awaited move up for an asset class that has been moving in a relatively tight range since 2020.
The TA suggests the bullion bull gate may have just opened
Keep an eye folks,
PUKA
GLD
#GOLD Gold put in its first all time high for a daily close
This will likely end with an all time high by EOW or a highest ever weekly close.
Unfortunately, this leaves me with a conundrum as gold is a risk off asset and if we see a substantial increase, its possible it could be a signal of a risk off move from the liquidity sloshing around out there.
Funds have been allocating to bonds and money market funds as these lower risk fixed income assets provide an element of security during uncertain times and pay an interest yield. Gold offers protection and upside potential whilst providing additional protection against inflation.
In any event, it could be that we are due this long awaited move up for an asset class that has been moving in a relatively tight range since 2020.
The TA suggests the bullion bull gate may have just opened
Keep an eye folks,
PUKA
