With gold above $1,200, how long does gold prices take to hurdle every $100 mark?
That's the interesting perspective proffered by Bespoke Invest as shown in the chart below.
According to Bespoke, (bold emphasis mine) ``the amount of calendar days that transpired between century marks for the price of gold. For example, after closing above 200 for the first time on 3/6/78, gold didn't close above the $300 mark for another 459 days (6/8/79). However, after closing above $300 for the first time, gold breezed through five different century marks over a span of only 223 days. In January 1980, the price of gold closed above $700 on January 15th, and then closed above $800 two days later! [that's because this marked the euphoric stage or the end of the bubble-Benson]
That's the interesting perspective proffered by Bespoke Invest as shown in the chart below.
According to Bespoke, (bold emphasis mine) ``the amount of calendar days that transpired between century marks for the price of gold. For example, after closing above 200 for the first time on 3/6/78, gold didn't close above the $300 mark for another 459 days (6/8/79). However, after closing above $300 for the first time, gold breezed through five different century marks over a span of only 223 days. In January 1980, the price of gold closed above $700 on January 15th, and then closed above $800 two days later! [that's because this marked the euphoric stage or the end of the bubble-Benson] ``And keep in mind that with each successive century mark, the percentage rally required to get to the next hurdle declines ($300 to $400 equals a 33% gain, while a rally of only 9% is needed to get from $1,100 to $1,200). If the price of gold were to stage a rally similar to the one in 1979, $1,200 gold would seem like small peanuts."[present market action reflects a cocktail of momentum, seasonal strength and importantly, driven by the concept of gold as insurance-Benson]
