from Gold Money:
Before looking at the year ahead, it is useful to look back at the year just passed. This adage is particularly true now because little has changed. Three major markets – stocks, bonds and gold – will again be driven this year by the same forces that shaped 2013, but the outcome will be different in one key respect. This year the price of gold will rise.
In January 2013, my outlook for the year ahead focused on three specific events. These were a rising yield on the 10-year Treasury note, growth of the Federal Reserve’s balance sheet, and a decline in the gold/silver ratio.
Two of these events unfolded as expected. But the third did not confirm the other two.
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