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Gold and US Banks; a Critical Juncture

Little Gold Piggie

It's all about confidence, right? Right.

In 2011, when the commodity and 'inflation' trades blew out, the Federal Reserve was completely discredited, with gold bugs out front poking them in the eye with taunts of "Helicopter Ben". Markets rebelled against the Fed by sending silver to $50 and commodities in general to an all-time high.

Today, we have come 180° as market participants the world over have been conditioned to revere policy made from on high. Herds being what they are, every utterance from the jawbones of these former buffoons is respected in the form of instantaneous market movement. It's as if everyone believes the Fed is in total control.

One indicator that this confidence is coming unwound would be a breakdown in the banks. They are right at key... as in critical... as in bull market... support. Not surprisingly, gold has taken on an inverse stance to the Pigs. This should be interesting.

$BKX Bank Index - Philapdelphia INDX
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