"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat


Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

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Monday, April 30, 2012

Monthly Gold Charts

Isn't it amazing that some are so ready to call for an end to the bull market in gold. From a monthly chart perspective, there is nothing to indicate such an occurrence.

In 2008, the CLOSING MONTHLY GOLD PRICE dropped 26.5% from its best to worst level before it renewed its uptrend.

More recently, gold has dropped a mere 14.4% from it bests closing monthly level to its worst level reached with a handle of "15" in front of the gold price.

Keep in mind that purely from a long term technical chart perspective, the metal remains in a solid uptrend.

As a side note - for those of you would never seem to grow tired of castigating me for using the phony government CPI data in calculating my inflation adjusted gold price chart, please make an attempt to restrain yourself. You are always welcome to create one of your own and send it to us for publication which I will gladly to do.

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2 comments:

  1. arnieApril 30, 2012 at 3:33 PM

    Someone is trying to convince the weak longs that gold is not going a lot higher. But the monthly charts indicate to us strong longs that so much higher is in the cards. That drop today took seconds. This base area in gold has gone on so long that the move to the upside will be spectacular. I think it is coming sooner then most think.

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  2. AnonymousMay 1, 2012 at 3:02 PM

    Here:

    http://whichwayhome.com/index.php/gold/gold-prices/inflation-adjusted-gold-silver.html

    Also, long term charts should have the Y-axis in logarithmic scale.

    I will now refrain from future comments on this subject. :)

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