Thursday, February 24, 2011
If gold (top chart) can't manage a new high despite soaring crude oil prices (bottom chart) and a chaotic situation in the Middle East, it would appear that gold has already priced in a whole lot of bad news (e.g., geopolitical turmoil and rising inflation). That in turn leaves gold very vulnerable to even the slightest whiff of good news. Caveat emptor.
Posted by Scott Grannis at 11:27 AM