Bloomberg reports that the price of gold has more than doubled in the past six years and reached a record $1,032.70 an ounce on March 17 as the dollar slumped and oil advanced, increasing the possibility of accelerated inflation.
Regardless of what happens with gold, we still follow the trends, and gold is still below any “buy” signal for us. The largest gold fund, SPDR Gold Shares (GLD), is 7.4% off its 50-day moving average and down 12.5% year-to-date.
Read the disclosure, as Tom Lydon is a board member of Rydex Funds.