What Most Gold Bugs Don’t Understand

by Dave Gonigam
Daily Reckoning

“There’s mounting evidence this gold rally could have legs heading into the summer,” says Greg Guenthner of our trading desk.

If you’re a longtime reader, you’ll remember Greg called gold’s bear market in February 2013 — as the Midas metal broke below the $1,650 level. If you’re a really longtime reader, you might’ve been among those who hurled a torrent of insults Greg’s way — “Antichrist” was the most memorable.

But Greg’s approach to every asset class is the agnostic one. When the charts turn, he turns.

“No one was paying attention when gold started ticking higher in January,” Greg writes by way of update this morning. “A false breakdown at the very end of 2015 is what caught everyone off guard.”

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