The gold price
Rollin' Back the Years - 21 November 2008
APRIL 5th, 1997: Garry Kasparov was yet to be defeated at chess by the Deep Blue computer; the United Kingdom still owned Hong Kong; a chubby, unknown intern called Monica Lewinsky was quietly being moved from the White House to the Pentagon...
...and the S&P500 index closed higher than it ended last night, 20th Nov, 2008.
What took five years to regain after the Tech Stock crash took barely 12 months to wipe out when the housing slump turned into the banking crisis and then the global credit crunch.
A technical analyst peering at the charts from far enough away might point to that huge "double top" in the S&P – the benchmark index of America's top 500 stocks. That, in turn, would not bode well for future capital gains.
Not now the "key support" of Oct. 2003 looks to be broken.
Adrian Ash runs the research desk at BullionVault, the physical gold and silver market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to many leading analysis sites including Forbes and a regular guest on BBC national and international radio and television news. Adrian's views on the gold market have been sought by the Financial Times and Economist magazine in London; CNBC, Bloomberg and TheStreet.com in New York; Germany's Der Stern and FT Deutschland; Italy's Il Sole 24 Ore, and many other respected finance publications.
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