This week's chart comes courtesy of investors who are skeptical of the U.S. government's "bailouts for everyone" scheme. It's the chart of gold's latest assault on the $1,000 mark.
We encourage all our readers to keep a portion of their wealth in gold – not as a trading vehicle, but as real, tangible money... as insurance against crazed government spending.
Either way, the market likes gold. As you can see from this week's chart, gold has gained $50 per ounce in the last month to mount another assault on $1,000.
We wouldn't be surprised to see gold pull back a bit in this new foray toward quadruple digits. Gold trades in an inverse relationship to the dollar, which is oversold and due for a bounce higher.
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But if it takes the $1,000 level after that, we'll have cleared a 19-month consolidation. And we'll have a market saying, bailouts for everyone is a bad idea.
– Brian Hunt
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