With all of the seemingly bad news for the gold price over the past few days, you might have expected today to bring more selling and another price drop. However, that's not the case and I, for one, am glad to see some green on my screen.
We discussed this in last night's podcast. For all of the factors that would typically lead to a sharp drop in the gold price...a surging POSX, crumbling rate cut hopes, higher nominal rates...it's really sort of amazing that, as of yesterday, Comex gold was only down $30 YTD. And now today? It's down about $20 YTD. That's pretty remarkable....
