I wrote a story for InvestmentU.com on Monday that was published Thursday ...
How to Play This Pullback in Gold
There's no sugar-coating it. Gold got off to a no-good, horrible, very bad week on Monday, and it hasn't yet recovered. I expect to see the yellow metal test important support this week or next. The question is, what should active traders do when gold slumps? Let me show you some options.
First, let's look at what has pounded gold.
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And I wrote a story for Free Market Cafe on Thursday that was published Thursday, making me look quite prolific ...
ARE YOU BEING HACKED RIGHT NOW?
This week, I spoke to a room full of 500 people. Most of them had experienced some kind of cybersecurity breach. And yet very few of them had taken the most basic precautions. That worries me.
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Gold is finding support at 1,292, where its 50-day moving average crosses up through its 150-day moving average. Maybe we'll see it reclaim $1,300 to end the week, or maybe we'll see it go down and test support around $1,284.
The bears think gold will go lower because they see improvements ahead in Europe and the US, and generally improved health in capital and credit markets. In other words, they think the fear trade is dead.
I think the fear trade will come back. I had dinner with Frank Holmes, of US Global Investors,last night at Rick Rule's gorgeous California home. And Frank can tell you a lot about the fear trade. Frank had some very interesting insight he shared last night. But I won't steal his thunder. He's speaking today at the Investment U Conference I'm attending in Carlsbad. If you aren't attending the conference, US Global recently released a report titled "How Government Policies Affect Gold's Fear Trade."
But for me, the more important aspect of gold is the love trade. We see the love trade in China continues to pick up steam. India's restrictions on gold imports could be changed ahead of elections starting next month -- at least, we keep hearing that will happen (see also this) -- but we haven't seen that market budge yet. So stay tuned.
A Special Note for My Daughter
Finally, it is my daughter's birthday. I could write whole pages about how much joy she has brought into my and Cindy's life. Ellie is brilliant, witty and bursting with love and goodness, an inspiration to everyone around her.
But one thing that sticks in my memory is when Cindy and I brought a baby girl to a beach house in St. Augustine, where we spent a wonderful long weekend with friends. Ellie was just a toddler then, and she was overjoyed to run and run and run around on the beach, entranced by the water and the sand between her toes.
She had so much fun, that that night, she actually fell asleep in her high chair during dinner, going face down in her spaghetti.
But as much fun as she had, we had 10 times that much just watching her and experiencing things through her eyes and laughter.
Fast forward to today -- Ellie is awesome. She's everything you could want in a daughter and more. And I'm so glad she's part of my life.
Happy birthday, Eleanor.