Waking Up The Golden Sleepy Giant?
The gold bugs that have been in forced hibernation for a very long time, may be ready to have their day in the sun for the first time in a long while. Looking at the chart below of the GLD it is about to break a pattern of lower highs dating back more than a year. Many have just been confounded by several bullish head fakes and that is a reason that the precious metal just may have some staying power this time around, as believers may be in the minority. A move above 175 could have the ETF moving in the right direction toward the very round 200 figure. Good looking charts within include Barrick as the GOLD chart is looking for its second consecutive 7% WEEKLY advance. Comparing GLD to SLV as to where they reside from their most recent respective 52-week highs shows no contest as the GLD is 2% off its annual peak compared to the SLV that is 17% from its ascent. It may be gold’s time to shine.