Yesterday in the chat room, I asserted that gold should have been up $120, not a mere $70, to discount the Fed’s planned dollar giveaway to…EVERYBODY. However, I was unmindful of the fact that the supposedly omniscient stock market is actually as dumb as a fence post, hence the delayed reaction. It can be dumber than a fence post, actually. Recall how it took more than two weeks for stocks to drop after people began to keel over dead in Wuhan. If Feinstein and Burr knew enough to sell their shares, ‘the market’ should have too. Anyway, I do NOT see inflation on the horizon, and that is why I think this rally is unlikely to hit $2000. We should enjoy it while it lasts, though. It is guaranteed to hit a minimum 1731.20 (basis April) over the very near term, or 1852.00 if any higher, with a possible stall at 1751.70. The chart shows the provenance of these targets.
