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Brien Lundin: What if the whole world wants to play in gold's tiny sandbox?

Section: Daily Dispatches

Even a small shift of portfolio investment could send monetary metals prices soaring.

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By Brien Lundin
Gold Newsletter, Alert 1,023
Metairie, Louisiana
Monday, July 27, 2020

Gold is all the rage right now, being rediscovered by institutional investors and discovered for the first time by the Robinhood class of youthful investors. It is dominating the headlines in the financial media in a way that I have rarely seen in my long career in the industry.

Gold bugs being a naturally contrary sort, this is worrisome for many of us, including me. A correction or simple consolidation of this stunning rally would be expected and welcomed by long-time gold-market watchers.

... Dispatch continues below ...


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But to paraphrase a market sage whose name escapes me, "a market is loved least by those who know it best." In other words and in this application, gold bugs can be a dour sort and their own worst enemy.

After years of having our hopes raised and then mercilessly dashed, we have a tendency to expect the market to whack us upside our collective heads with a two-by-four the moment we finally throw caution to the wind.

I'm as guilty of this as the next gold bug, and probably more so than most.

But what we tend to forget is how small our little sandbox is, and what hell can break loose when the big boys come in to play. Gold is a tiny, tiny market compared with the oceans of liquidity now sloshing around the world's equity and bond markets.

Just a point or two shift in percentage allocation to gold and silver from even a minority of those investors would multiply the capital invested in the sector. And that, of course, would send the price of everything in the sector multiplying higher.

From another standpoint, consider the 10-year chart of gold. As you can see, we've only now completed a nine-year bottoming formation since the previous peak in 2011.

Think back to 2011 and compare that seemingly unprecedented moment in financial history to today. As unprecedented as the monetary moves back then may have seemed and in truth were, they are but a pimple on the posterior of a pachyderm compared to the monetary mischief afoot today. ...


Brien Lundin is editor and publisher of Gold Newsletter. For a free sample of the publication, vist:

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