Welcome

Thanks for stopping by my blog. This is the first post, in what will be a series of daily postings on the economy and financial markets. The super brilliant people at the federal reserve continually say that inflation is not a problem. It is good to know that they do not have to eat or use energy. Whether it be in the form of crude oil (closed at a record 83.69/bbl) gasoline, heating oil, electricity, or natural gas.

Gold is now basing in the 740-750 range with short term support at 742.50 (where I would try to buy on a break). There is even better support at the 732 level. Don't listen to the people telling you that gold shouldn't be that high. It has been consolidating for over a year and creating an ascending pennant ( a strong chart pattern I follow). Gold is in an early breakout stage right now. Remember when AAPL just cracked 90-100 a share and people said that was too much? Well that is where I think gold is right now.


Listen to the market. The market is voting all the time with billions of dollars and it is saying that gold deserves to be at this level. This is an early trend, and it is solidly up for gold.

Thanks for reading,

Michael