There are all kinds of reasons to be fearful. The debt is getting blown out to proportions that seemed unthinkable last year. China is getting hesitant about buying our debt. The Fed will probably be forced to print, and despite so-called quantitative easing, the long end of the yield curve is shooting higher. Meanwhile, the Dollar index is way off its highs in March. Oil is starting to creep up again.
So in light of all this, you’d think gold should be doing great. Well, no.
An ounce of gold is still a little bit over $900, lower than it was earlier this year and lower than it was last year. A year’s worth of volatility, inflation and Armageddon fears hasn’t done jack, much to the chagrin of the precious metal’s most ardent supporters.
But surely, one day, longsuffering gold bugs will have their day and be kings of the post-dollar world… right?