{"id":17479,"date":"2013-05-13T22:30:47","date_gmt":"2013-05-14T05:30:47","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=17479"},"modified":"2013-05-13T22:30:47","modified_gmt":"2013-05-14T05:30:47","slug":"three-reasons-why-a-new-bottom-for-gold-will-likely-prove-elusive-for-now","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2013\/05\/13\/three-reasons-why-a-new-bottom-for-gold-will-likely-prove-elusive-for-now\/","title":{"rendered":"Three Reasons Why A New Bottom For Gold Will Likely Prove Elusive For Now"},"content":{"rendered":"<p><strong>(This is an excerpt from an article I originally published on Seeking Alpha on April 14, 2013. <a href=\"http:\/\/seekingalpha.com\/article\/1340031-3-reasons-why-a-new-bottom-for-gold-will-likely-prove-elusive-for-now\" target=\"_blank\">Click here to read the entire piece<\/a>.)<\/strong><\/p>\n<p>During <a href=\"http:\/\/seekingalpha.com\/article\/1281481-cyprus-low-volatility-and-risky-plans\" target=\"_blank\">the height of the banking crisis in Cyprus<\/a>, I figured gold (GLD) would be a good trade. That lasted for all of a few days. {snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_17480\" aria-describedby=\"caption-attachment-17480\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GLD-weekly.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GLD-weekly.png\" alt=\"GLD finally breaks down\" title=\"GLD finally breaks down\" width=\"500\" height=\"350\" class=\"size-full wp-image-17480\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GLD-weekly.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GLD-weekly-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-17480\" class=\"wp-caption-text\">GLD finally breaks down<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>I have seen some articles try to explain this breakdown as a reaction to <a href=\"http:\/\/www.guardian.co.uk\/business\/2013\/apr\/12\/gold-selloff-cyprus-eurozone-crisis\" target=\"_blank\">the potential of Cyprus selling gold reserves to help fund its banking bailout<\/a>. {snip} If there is anything the rolling panics over the eurozone have taught us, it is that sell-offs generate buying opportunities. Gold is no different. Serious gold investors know that these acts of desperation of forced selling will literally be golden opportunities, the long awaited big dip to provide a chance to add to holdings at much better prices.<\/p>\n<p>{snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_17482\" aria-describedby=\"caption-attachment-17482\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130411_USDJPYvsGLD.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130411_USDJPYvsGLD.png\" alt=\"While the relation between USD\/JPY and GLD periodically changes, the divergence since Oct, 2012 is very clear\" title=\"While the relation between USD\/JPY and GLD periodically changes, the divergence since Oct, 2012 is very clear\" width=\"500\" height=\"350\" class=\"size-full wp-image-17482\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130411_USDJPYvsGLD.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130411_USDJPYvsGLD-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-17482\" class=\"wp-caption-text\">While the relation between USD\/JPY and GLD periodically changes, the divergence since Oct, 2012 is very clear<\/figcaption><\/figure><br \/>\n<strong>Source for charts: <a href=\"http:\/\/www.freestockcharts.com\/\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>Seeing this chart suggests that the gold sell-off has little to do with deflation fears and a lot more to do with relative shifting of preferences in currencies. {snip}<\/p>\n<p>A third and final reason a bottom for gold will likely prove elusive is seen in my old &#8220;gold enthusiasm index.&#8221; {snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_17483\" aria-describedby=\"caption-attachment-17483\" style=\"width: 556px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GoldEnthusiasmIndex.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GoldEnthusiasmIndex.png\" alt=\"The Gold Enthusiasm Index continues to bounce along its all-time lows\" title=\"The Gold Enthusiasm Index continues to bounce along its all-time lows\" width=\"566\" height=\"413\" class=\"size-full wp-image-17483\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GoldEnthusiasmIndex.png 566w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GoldEnthusiasmIndex-300x218.png 300w\" sizes=\"auto, (max-width: 566px) 100vw, 566px\" \/><\/a><figcaption id=\"caption-attachment-17483\" class=\"wp-caption-text\">The Gold Enthusiasm Index continues to bounce along its all-time lows<\/figcaption><\/figure><br \/>\n<strong>Source: Yahoo!Finance for GLD prices, <a href=\"http:\/\/www.google.com\/trends\/explore#q=%22buy%20gold%22%2C%20%22sell%20gold%22&#038;cmpt=q\" target=\"_blank\">Google Trends for &#8220;buy gold&#8221;<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>Combine the lackluster sentiment toward gold with the search index for &#8220;buy gold&#8221; and &#8220;sell gold&#8221;, and I sense a general disinterest in gold either way.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_17484\" aria-describedby=\"caption-attachment-17484\" style=\"width: 574px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GoldGoogleTrend.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GoldGoogleTrend.png\" alt=\"Google trends shows no spike of interest in &quot;buy gold&quot; or &quot;sell gold&quot; since gold&#039;s peak in 2011\" title=\"Google trends shows no spike of interest in &quot;buy gold&quot; or &quot;sell gold&quot; since gold&#039;s peak in 2011\" width=\"584\" height=\"227\" class=\"size-full wp-image-17484\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GoldGoogleTrend.png 584w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/04\/130412_GoldGoogleTrend-300x116.png 300w\" sizes=\"auto, (max-width: 584px) 100vw, 584px\" \/><\/a><figcaption id=\"caption-attachment-17484\" class=\"wp-caption-text\">Google trends shows no spike of interest in &quot;buy gold&quot; or &quot;sell gold&quot; since gold&#039;s peak in 2011<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.google.com\/trends\/explore#q=%22buy%20gold%22%2C%20%22sell%20gold%22&#038;cmpt=q\" target=\"_blank\">Google Trends<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>{snip}<\/p>\n<p>Be careful out there!<\/p>\n<p><strong>(This is an excerpt from an article I originally published on Seeking Alpha on April 14, 2013. <a href=\"http:\/\/seekingalpha.com\/article\/1340031-3-reasons-why-a-new-bottom-for-gold-will-likely-prove-elusive-for-now\" target=\"_blank\">Click here to read the entire piece<\/a>.)<\/strong><\/p>\n<p>Full disclosure: long GLD, GG, and SLV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(This is an excerpt from an article I originally published on Seeking Alpha on April 14, 2013. Click here to read the entire piece.) During the height of the banking crisis in Cyprus, I figured gold (GLD) would be a good trade. That lasted for all of a few days. {snip} I have seen some &#8230; <a title=\"Three Reasons Why A New Bottom For Gold Will Likely Prove Elusive For Now\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2013\/05\/13\/three-reasons-why-a-new-bottom-for-gold-will-likely-prove-elusive-for-now\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[199,794,20,21],"tags":[1150,513,471,200,24,473,138,129,284,1591,454,500],"class_list":["post-17479","post","type-post","status-publish","format-standard","hentry","category-commodities","category-europe","category-forex","category-u-s-dollar","tag-cyprus","tag-fxy","tag-gg","tag-gld","tag-gold","tag-goldcorp-inc","tag-japanese-yen","tag-market-sentiment","tag-spdr-gold-shares","tag-u-s-dollar","tag-usdjpy","tag-uup"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Three Reasons Why A New Bottom For Gold Will Likely Prove Elusive For Now - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2013\/05\/13\/three-reasons-why-a-new-bottom-for-gold-will-likely-prove-elusive-for-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three Reasons Why A New Bottom For Gold Will Likely Prove Elusive For Now - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(This is an excerpt from an article I originally published on Seeking Alpha on April 14, 2013. 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Click here to read the entire piece.) During the height of the banking crisis in Cyprus, I figured gold (GLD) would be a good trade. That lasted for all of a few days. {snip} I have seen some ... 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