Take physic, pomp

Chart of the day is….

…gold, weekly candles.

Right here right now gold is a lick and a spit away from the highest price it’s ever fetched in US dollars, but the difference is that it’s getting there on the back of a solid build-up, not the spike of before.

This is good.

Your humble correspondent trimmed a little PM exposure last week and it sure looks like the timing was wrong-o (oh wow, again?) . It goes without saying that the weakness in the dollar is at least 90% of this waxball here, but gold is doing what it does well; protecting the portfolios of those who didn’t believe the “all is now well” self-congratulary backslappers known as economists; we still know them as dumbasses-in-suits.

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