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posted on 20 April 2017

Gold Reclaims Some Fame

Written by , Clarity Financial

"War, huh, yeah

What is it good for

Absolutely nothing" - Edwin Starr

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Well, actually, "war," or the perceived threat of it, tends to be good for gold. This is particularly the case over the last couple of weeks as Syrian missile strikes have raised the ire of Russia while the Trump administration is sending not so subtle threats to North Korea.

From a weekly perspective, Gold is becoming more interesting. Back in 2013, I exited all of our long gold positions at the time due to the breakdown in the metal as QE-3 flooded the system with liquidity making the "safe haven" of gold unattractive at the time.

With the Fed now raising rates and discussing the reduction of their balance sheet, combined with rising economic policy uncertainty, the "mix of ingredients" to draw investors back into the shiny metal have improved.

As shown in the chart above, Gold is still contained in a well-defined downtrend. However, a break above $1300 an ounce will provide a reasonable setup to add gold back into portfolios from a trading perspective.

We will be watching for that opportunity as the bullish backdrop improves.

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