Gold – Wall Street Versus Main Street
By Jeffrey Nichols
At recent lows around $1075 an ounce, gold has been trading at the lowest price level since February 2010. And, in recent days, the metal has been consolidating in a narrow range just under $1100.
Now, it looks to me like gold is poised to break out one way or the other – but the question remains, “Which way?”
The answer may depend on some exogenous “outside the market” development, possibly a sharp sell-off in world equity markets or a spate of negative economic indicators making it less likely that the Fed will raise interest rates this autumn as most pundits expect.
Gold may be out of favor on Wall Street . . . but not on Main Street.
While many hedge-fund managers, institutional speculators and the financial press have railed against the yellow metal, retail investors around the world h...