Gold in very well-defined down channel, facing heavy resistance.
Previous bubble retraced 67%, before finally bottoming at -70% loss. Currently correction has reached -45%, that's obviously not enough if 2011 was top of the bubble.
Previous bubble retraced 67%, before finally bottoming at -70% loss. Currently correction has reached -45%, that's obviously not enough if 2011 was top of the bubble.
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Cumulative Moving Average
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Gold yearly average (blue) chart 1833 to 2018 with cumulative average (yellow): ibb.co/jy4nkd4
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Dow:Gold ratio, complete history back to 1896 ibb.co/QFB9VSN
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Price is being kept just under resistance in anticipation of FED meeting today. Have to wait and see.
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"Whereupon I was at much pains to describe to him the use of money, the materials it was made of, and the value of the metals; "that when a Yahoo had got a great store of this precious substance, he was able to purchase whatever he had a mind to; the finest clothing, the noblest houses, great tracts of land, the most costly meats and drinks, and have his choice of the most beautiful females."
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"In some fields of his country, there are certain shining stones of several colours, whereof the Yahoos are violently fond, and when part of these stones is fixed in the earth, as it sometimes happeneth, they will dig with their claws for whole days to get them out, then carry them away, and hide them by heaps in their kennels; but still looking round with great caution, for fear their comrades should find out their treasure. My master said, he could never discover the reason of this unnatural appetite, or how these stones could be of any use to a Yahoo; but now he believed it might proceed from the same principle of avarice which I had ascribed to mankind."
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Bonfire of the Yahoos is coming...
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Soon.
