Today’s chart provides some long-term perspective on the gold market since the turn of the century. As today’s chart illustrates, gold’s parabolic bull market came to an end in 2011 and has been trading within the confines of a downtrend channel ever since. Over the past year and a half, however, gold found support at around the $1,200 per ounce level — bouncing off this level on a total of three occasions. That support has now come to an end as a result of economic weakness in both Europe and Asia coupled with relative economic strength in the US. All this encouraged global investors to allocate some of their funds into the relative safety of the US dollar thereby reducing the cost in dollars of commodities such as gold. As today’s chart illustrates, there is now room (i.e. no nearby support) for gold to move lower.

Quote of the Day
“The gold standard makes the money’s purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard; it is its main excellence.” – Ludwig von Mises

Events of the Day
November 11, 2014 – Veterans Day

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