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Sunday, June 23, 2013

Gold's Concentrated Trend

Observations:

  • Gold's downtrend is displaying similar concentration to that of 1976.  1976 decline was the deepest of the 1968-1980 gold bull.
  • Today's downside concentration is greater than 2008.
  • Extreme downside concentration implies a crowded trend (trade).  While crowded trends can persist for extended periods, they become exponentially difficult to push lower once concentration is achieved.


Chart: Gold London PM Fixed Priced In A Basket of Currencies


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