Gold Breaks Above $1,400

Gold Breaks Above $1,400

It seems the crossing of the Maginot 100-daymovingaverage combined with JacksonHolechatter and the dismal new home sales data has set the precious metals ablaze once again. For the first time since early June, gold has crossed the psychological $1,400 level (up 18.5% from its 6/18 lows). Wesuspectthestill-unprecedentedshort-interestinCOMEXgoldfuturesmaywell be feeling more heathere (having fallen 40% inthelast 5 weeks)…

While COMEX Gold has fallen over 40% from its highs, it remains at pretty much all-time historical highs of the last 20 years…

Charts: Bloomberg

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