Sales of gold bracelets, pendants, earrings, and necklaces that draw on dragons, phoenixes, peonies and other traditional Chinese patterns and symbols, are flying among consumers, especially those in their 20s and 30s.
The weak jobs report sparked a sharp rally for gold that now appears to be on the cusp of breaking out. Stock markets faltered and given growing divergences everywhere ..
I doubt we will taper this year. The miners were the object of the attack last week. Gold is still in the ballgame but we do not want to see another attack on Tuesday to stop its momentum.
There is no question left in my mind that this was the intermediate cycle low, but what I want to see is to see major follow through. Need to test this intermediate top quickly..
The Federal Reserve wants to let inflation run. Gold's trend is up, but if the market wants to back-off a little bit, $1,782 area is the big initial support.
