Monday, June 24, 2013

Gold needs fuel to go up

Gold needs fuel and a lot of fuel and monetary aggressiveness to push it up. It only has one friend in the Bank of Japan. If you are going to be long Gold, the only way to be long is to be long in terms of Yen. Anybody who holds Gold in dollar terms finds himself in a very uncomfortable position.

You can't find yourself being too terribly bullish of any of the metals at this point. I'll press the short side in gold.