by Clive Maund
Gold Seek
We will start this update by looking at gold’s price measured against various important currencies. These long-term charts quickly make clear that gold is in a major bullmarket, which is another way of saying that these currencies are losing purchasing power.
[…] So we should clearly not allow ourselves to be fooled by gold not breaking out to new high against the US dollar, especially given the Fed’s recent extreme profligacy involving the creation of trillions of dollars for the purpose of backstopping the credit markets, bailing out favored crony corporations, and paying countless millions of newly unemployed people to sit at home twiddling their thumbs, none of which can be classified as productive use of the money.