It was in early 1849 that the director of the Mint at Dahlonega, Dr. M. F. Stephenson spoke from the steps of the mint building in a futile attempt to convince the miners to remain in Georgia to mine rather than to flock to California to chase what might be an impossible dream. “There’s gold in them thar hills, boys,” he shouted as he pointed at the hills surrounding Dahlonega.
Below commentary is courtesy of today’s a.m. edition of Rareview Macro’s “Sight Beyond Sight”
Gold is showing the largest negative risk-adjusted return across regions and assets.
The pre-market price in SPDR Gold Shares (symbol: GLD) is ~126.40. The volume-weighted-average-price (VWAP) from June 19th until last Friday’s close is 127.0392.
We use June 19th as the starting point because that is when the IRAQ-ISIS conflict registered its loudest decibel level and Brent Crude Oil made its high and Gold broke above the April-May period.
The technical support levels are illustrated below but the first one was breached so far on an intra-day basis. A move closer to 1300 would suggest longs just became trapped. Continue reading