Good Morning: We are working on a proper analysis of last week’s Gold events for distribution today. But what is below cannot wait. It is very possibly the next chapter in Gold’s story.
Below is a very important write-up on Gold written after the events of Sunday night. It may seem a short, mundane read. In context it is anything but.
The analysis below confirms almost everything believed for a year surrounding Gold’s behavior and how bears would ultimately react if China became the force we thought they could in markets.
Old Gold-bugs will quickly recongnize the arguments as recaps of past bearish rationales in combination with a zoom-out (“…but over the long run”) type chart.
Nothing new content wise. But the timing is contextually alarming.
When a Bank of this size and importance puts out a bearish piece a day after Gold reaches a new All Time High, either they were short and remain bearish, or have reason to be bearish now.
Either way, while our beloved buy-season does not officially end until January, consider this a major shot across the bow.
We will not even say the bank’s name here, (It is believed employees are premium subscribers).
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2dbf45bb-7703-4a3f-9572-5ec1078fe85c_366x469.png)
Finally. We are neither short nor long now. Hopefully this is wrong. But actionably, the risk-reward is no longer there for our own short term speculation.
The next chapter will likely be a War on Gold. We want you to be ready for it.
Presented with no further comment, that analysis: