That’s Gold, Jerry! Gold!

The Midas metal is poised to do well, as central banks and sovereign nations open up the monetary spigots to full.  The classic Seinfeld moment above came to mind.

As you can see on my daily candlestick chart below, gold has roared back from a test of the positive influence of its longer-term moving average line.  Recent forced selling was met by demand.  That is shown by the long and strong red candle lines.

gold chart

Chart by Steven Sarnoff, h/t

Neel Kashkari, Minneapolis Fed head, whose name reminds me of “cash and carry” futures trades, who gained fame/infamy for his role in the bailout from the 2007-2009 financial crisis, said the quiet part out loud near the conclusion of his segment on 60 Minutes this past Sunday.

Scott Pelley: To the person who is about to grab their car keys and go to the ATM and take out $3,000, you say what?

Neel Kashkari: You don’t need to. Your ATM is safe. Your banks are safe. There’s enough cash in the financial system. And there’s an infinite amount of cash at the Federal Reserve. We will do whatever we need to do to make sure that there’s enough cash in the banking system.

Cue the flight to gold.

Stay well and safe.

Best regards,


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