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Gold’s Straight-Jacket Escape


We’ve become used to seeing gold struggle for loft when stocks are rallying because the chimpanzees who move the markets can’t handle the implied mash-up of risk-on/risk-off strategies.  Lately, though, bullion has notched some sweet gains with stocks in their by-now reflexive rally mode. Bulls should take encouragement from the moderate surge in gold under way late Wednesday night. With the E-Mini S&Ps trading five points higher, Comex February Gold has been up as much as $5, extending a $25 gain recorded over the last few sessions. If it picks up a little steam, the rally could soon reach the 1529.50 target first broached in Rick’s Picks two weeks ago, when a ‘buy’ signal triggered at 1491.30.

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