Gold Daily Chart
Courtesy of Jesse’s Café Américain
A fairly brutal correction from an overbought condition.
Ben relieved the downward pressure today when he dispelled the myth that the US will be raising interest rates any time soon.
What seems a little funny is that so many are commenting on the US economy and markets as though it was an ordinary cyclical recession.
We think this is something obviously a little more ‘consequential’ given the build up of years of reckless excess.
This is not over, not by a long shot. What we have seen so far is prelude.
[click on chart for larger view]
