very quick take on gold's move
Nothing sinister here. Rally is US- centric, rates are a feature but so is rising geopolitical tension. Rally faltered in Asia/Europe yesterday but came out of the traps blazing on the CMX opening following the rally on Friday driven by disappointing numbers. Move became self-fulfilling with stops triggered and then of course that brings in the momentum boys. Physical market slowing and Shanghai premium has been steadily contracting after very good New Year Holiday and in the face of higher international prices.
Note that while LBMA auctions are posting nominal records, the intraday high of $850 on 21st January 1980 equates to $3,386 in today's money (basis US CPI Deflator) so in real terms we are still 61% off the high!
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