Ganesh wrote asking me where I thought the bottom might be. Had I looked at Fibonacci Numbers? And, other price support levels? I told him that I had not, but that I would.
I put a scale on from the June 1 low, to the July 6 top, that GLD has put in. I hope I chose the right dates, as I am no Fib fan or user. All I can say is, if I chose the correct price points, then 23.6 was long gone. 38.2 broke awhile back. It opened this morning at the 50% down point, and has already blown through, but is actually, right now, as I type, at the 61.8% decline from the peak.
I’ve never been one to put any stock in it. Perhaps I’m wrong… I don’t know. GLD has a clear support point at its own 200-day mov avg, which at 119.67, while it’s at 121.35, right now. That’s the price support level I’d be most interested in at this time.
Here’s to your accumulation of real wealth!
Harold F Crowell