The gold price
Rollin' Back the Years - Friday 21st 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 world's No.1 private investor gold service online. Formerly head of editorial at Fleet Street Publications – London's top publisher of financial advice for private investors – he was City correspondent for The Daily Reckoning from 2003 to 2008, and is now a regular contributor to 321gold, FinancialSense, GoldSeek, Prudent Bear, SafeHaven and Whiskey & Gunpowder among many other leading investment websites. Adrian's views on the Gold Market have been sought by leading news organizations including the Financial Times, the Economist, Bloomberg and Der Stern in Germany.
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