Gold hit a new all time HIGH at $2171.50 per ounce. And yet it seems that there is little coverage of this fact.
I can remember the last time Gold touched the $2000 per ounce mark and everyone and his brother was talking about it.
Perhaps, it is because the mining shares have not yet taken off. Below is the Monthly Chart for the HUI Index.
The last time Gold traded around $2000 per ounce the HUI Index traded around 638! The HUI traded today at 238.97.
My little Monkey Brain is still trying to get wrapped around this little nugget. I mean if Gold is at an All Time High, then why have the mining stocks, which typically lead the charge, still hanging down in the Valley of Death?
Is this more a move on Physical Demand for Gold? Is something amiss in the Securities Markets?
What are your thoughts?
Personally, the "Gold Bug" crowd has seemed to me to be the original River Boat Gamblers and perhaps there is just a new Game in Town, specifically the Crypto Market.
Silver is nowhere near it's all time HIGHS, but I am not concerned about this as in any early phase of a move in the Precious Metals, Gold typically leads and Silver follows.
Silver needs to breach the current range with a decisive move above $26.35 per ounce to have a similar breakout move that Gold has put on.
Peace Out and Stack On!