Tuesday 23 August 2011

Bank of America Tanks; Gold Goes Parabolic, No Telling Where It Stops

Bank of America Tanks; Gold Goes Parabolic, No Telling Where It Stops

I am somewhat amused by the lack of commentary on the latest advance in gold. Did people sell, waiting for a correction that did not come? I do not know the answer to that, but I can see that financials have been clobbered, led by Bank of America, while gold has soared. These events are not unrelated.

Bank of America Daily



Bank of America Weekly



Questions Abound

  1. Who would have believed in 2007 that a 44 cent drop in share price would amount to a 6.3% move?
  2. How long before Bank of America tests that spike low of $2.51?
  3. How much is CEO Brian Moynihan worth?

Gold Daily Chart



This is no longer an orderly-looking move, but a weekly chart can help maintain perspective.

Gold Weekly Chart




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