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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ild who wrote (64592)6/26/2006 2:05:12 PM
From: ild  Read Replies (1) of 110194
 
Date: Mon Jun 26 2006 13:16
trotsky (Earl@Dabchick's index) ID#248269:
Copyright © 2002 trotsky/Kitco Inc. All rights reserved
if i'm not mistaken, Dabchick's world gold price is an average of the gold price in different currencies. with 'real price' i mean gold's ratio to other commodities. a good proxy for this is the gold/copper ratio, which has been declining since late 2003 ( almost exactly concurrent with the peak of the yield curve steepening from '00-'03 ) . in a true gold bull market phase, this ratio should be rising ( i.e., gold's price relative to copper should be increasing ) . iow, the 2005-2006 gold rally is largely a reflection of excess liquidity spilling into gold, whereas the 2000-2003 rally was the real McCoy.
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