by Louis Basenese, Advisory Panelist
Senior Analyst, The Oxford Club
Since I last suggested gold looked “toppy,” our projected government budget deficit ballooned to $1.75 billion. The Fed decided to print money non-stop to fund a $1.15 trillion asset purchase program. Economic upheaval continued, including several major bankruptcies. Political unrest erupted in Iran. And North Korea stepped up its nuclear defiance.
All should have emboldened gold prices. And yet, the metal struggled to tread water. It’s actually down 2% since February.
