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Gold Market Update

CNBC - Gold is now a major bullmarket as evidenced by its strong breakout from a giant 6-year long base pattern in August. The larger trend is up. We had thought that it might react back closer to the breakout point before turning higher again, but it didn’t, and started higher again in recent days over the Christmas period. This is a sign of greater strength.

There is a broad array of fundamental reasons for a bullmarket of unprecedented magnitude in gold, but by far the most important of them is the ongoing and accelerating destruction of currencies by Central Banks. They are responding to crushing debt burdens with money creation on a gargantuan scale, and we can expect them to maintain a low or negative interest rate environment and to pump money like crazy, since faced with a choice between a liquidity lockup and systemic implosion, and rampant money creation leading to hyperinflation, they are bound to follow the latter course because it is more gradual and buys them more time. While all Central Banks around the world are playing the same game, they will find it very hard to keep up with the Federal Reserve of the US which is ramping up money creation at a frenetic pace, the effect of which will be to collapse the dollar, which is already starting to break down – hence last week’s rally in gold and silver.

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