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Albert Sung is the author of the Katchum Macro-Economic Blog, monitoring breaking economic news from a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at... More
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Katchum's Macro-economic blog
  • Gold Bounces Off 200 Day Moving Average 0 comments
    Feb 20, 2014 5:57 PM | about stocks: GLD

    You know what's important today? Gold bounced off the 200 day moving average. The green line here, has now become support.

    If we go higher from here till $1400/ounce, then we might be starting a whole new bull market in gold, like we saw in 2009.

    Let's zoom in a bit.

    And another thing, even though gold has corrected itself, the M1 money supply and the Fed custodials have kept going up, I expect gold to bounce right upwards in the near future.

    (click to enlarge)

    Let's zoom in on the Fed custodial reserves. It is soaring. Remember, that bleep downwards is only because the U.S. government fudged the numbers with a new accounting method to create a new series of data points.

    (click to enlarge)

    Stocks: GLD
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