This past Monday, while the DOW dropped over 800 points, gold rose 1.5% and in the process hit a six year high. The gain yesterday is on top of the 15%+ gain since December. Gold has a lot going for itself these days. We are on the brink of a currency war between the US and China, the British pound may collapse if England leaves the EU and the addition tariffs imposed by Trump isn’t helping the global economy which is slowing down.
The best thing to do in these trying times is to obtain some hard assets if possible in form of gold / silver coins. The next best alternative, besides bitcoin is to invest in funds that mimic the performance of gold.
The 800 lb gorilla gold electronic traded fund is GLD. It’s the largest fund in the space with over $32 billion in assets under management.
Five month ago I talked about GLD and laid out my projected price action for GLD.
Although gold hasn’t broken out yet, from its recent consolidation,
the GLD has broken out.
But don’t chase price, usually breakouts return to origin of the break out. So for those who don’t have any exposure to gold, the chart suggests to go long on the pull back.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.