The Phaserl


Gold in a (Un)Tapered World

by Axel Merk, Merk Investments:

Gold is up, even getting a positive mention in Barron’s. Is it Japan’s election or the tapering of the taper talk that’s driving gold higher of late? Is this a bounce or the beginning of a new major uptrend in gold?

Until just a few weeks ago, pundits fell all over themselves to call an end of the gold bull market. Those that bought gold 10 years ago called the “correction” a blip; those that had bought in recent years required therapy; and those that never bought gold in the first place proudly proclaimed “I told you so.” Most would agree that the selloff in gold was rather vicious. And that may well be where the explanation of the most recent move lies. We have often argued that we like gold because of its “monetary sensitivity,” that is, the sensitivity to the mania of printing presses around the world. We like gold because of its comparatively simple dynamics. However, when gold moves higher twelve years in a row, no matter what our central bankers may be up to, the shiny metal can take on a life on its own.

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