Spot Gold Rammed Below $1300 As Japan Opens

Spot Gold Rammed Below $1300 As Japan Opens

Gold prices just legged down $15 as Japan opened, breaking bad below $1,300 for the first time in 6 weeks. No news (obviously). It seems the ‘early’ gold price rally when Summers stepped away was too much to bear… Equities and bonds rally because moar of the same dovish idiocy will remain at the Fed… and gold falls out of bed? It would appear Mikael has been a busy boy once again (in early we note by his Bloomberg status)

(we noticed the date of birth is back too..)

Gold futures down 9 of last 11 days, S&P futures up 10 of last 11 and the correlation is astounding…

and what’s so special about the nominal price of the S&P being 1.3x Gold? seems to have been resistance and support a few times now…

Does make one wonder what will happen when the debt ceiling debates start?

Charts: Bloomberg

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