The strong price action of gold lately has been interesting.
As seen in the daily price chart, the $1000 level has been a pivotal area.
For a variety of reasons I am closely watching whether this $1000 price level will be surpassed. I am under the impression, due to a variety of factors, that either gold will soon strongly surpass this $1000 level, or fail to and begin a strong descent. In essence, I think we have approached the "moment of truth" for gold, and it will "break" from this $1000 level decisively either up or down.
As many know, gold has a long-standing reputation as performing strongly during what is perceived to be inflationary conditions. As such, how it performs here in the short-term could prove instructive on this topic, which would impact many other markets.
The hyperinflation / inflation / deflation debate is of foremost importance at this time for many reasons. How this debate is "answered" will have vast implications for investors, business, and the nation's financial standing.
SPX at 1003.24 as this post is written
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