Gold Going Down And No One Cares
Gold continues to fall with theoccasional bounce, but no one cares. There has been no hand wringing, no panic,just matter-of-fact selling. The gold and silver manipulation stories continueto be around about the big banks shorting metals, trying to drive prices lower.
The cryptocurrencies have startedto rally and take away some of the alternative monies that usually are reservedfor the metals. There is no question that Bitcoin is in direct competition withgold as a stored asset class. Can cryptos and metals coexist in what manyconsider a safe place to store money?
The competitive battle betweenmetals and cryptocurrencies should not hinder either asset class. Right now,the biggest detractor from both is the U.S. equity market. With the VIXcrumbling and investors chasing yield, complacency is front and center.Although we expect the metals to test lower prices, there will be levels thatinvestors should look to buy. The first level is $1,180 in gold for a smallinvestment, understanding that you may have to average in.
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