Gold’s Downward Drift

Gold’s Downward Drift

Physicist Niels Bohr once observed that prediction is difficult, especially the future.  I was reminded of that after speculating last week that gold prices would be up this week.  In fact we closed lower on a shallow but steady downward drift. 

After starting in the $1,650 range, gold closed in the low $1,640 an ounce range on Friday.  All through the week we experienced volatility that steadily produced lower peaks and deeper troughs.  

This week’s gold chart is exactly what one would expect to see in a gradually recovering economy coupled with softness...