On gold

There has been quite a lot of chatter about bitcoin recently and it is making it quite obvious how useless gold is as a currency in comparison. Hard to store, hard to carry and very few places can make change for it. Like so many elements of society, technology is replacing it with a different digital version - paper money, books, photos, the list goes on and on and on. 

Here is daily bitcoin/USD vs GLD in red. I purposely picked the start of 2016, because the few months that GLD outperformed BTCUSD was one of the best rallies in GLD in years. And remember BTC would look even better against other currencies like EUR and especially CNY/CNH.

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GLD (not posting charts)
Quarterly chart - below 10MA and falling 20MA
Monthly chart - below 10MA, 20MA, 50MA, 100MA and not oversold
Weekly chart - below 10MA, 20MA, 50MA, 100MA, 200MA, recovering from oversold
Daily chart - above 10 and 20MA, below all others

So the recent move is most likely a bounce in a downtrend. If GLD stays under its YP at 114.41, then if The Pivotal Promise delivers we will see 97.68. That is a nice risk reward with it currently at 111.75 and could get even better if GLD is able to rally further.