{"id":1182491,"date":"2013-07-02T19:56:05","date_gmt":"2013-07-02T14:26:05","guid":{"rendered":"http:\/\/stockviz.biz\/index.php\/?p=1182491"},"modified":"2013-07-02T19:56:05","modified_gmt":"2013-07-02T14:26:05","slug":"gold-the-new-normal","status":"publish","type":"post","link":"https:\/\/stockviz.biz\/index.php\/2013\/07\/02\/gold-the-new-normal\/","title":{"rendered":"Gold: The New Normal"},"content":{"rendered":"<p>Credit Suisse published a report &#8211;\u00a0Gold: The Beginning of the\u00a0End of an Era &#8211; back in February. The basic thesis was that the peak of the fear trade has now passed and that against any sensible benchmark gold still appears significantly overvalued relative to the long run historical experience. Its important to keep the bigger picture in mind before you rush to buy the dips.<\/p>\n<p>Here are some charts from the same report.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1182541\" alt=\"Long run gold price, real, 2007 dollars\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Long-run-gold-price-real-2007-dollars.png\" width=\"819\" height=\"446\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Long-run-gold-price-real-2007-dollars.png 819w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Long-run-gold-price-real-2007-dollars-300x163.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Long-run-gold-price-real-2007-dollars-500x272.png 500w\" sizes=\"auto, (max-width: 819px) 100vw, 819px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1182531\" alt=\"The real price of gold (2007 dollars) remains at an extreme level\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/The-real-price-of-gold-2007-dollars-remains-at-an-extreme-level.png\" width=\"1093\" height=\"509\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/The-real-price-of-gold-2007-dollars-remains-at-an-extreme-level.png 1093w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/The-real-price-of-gold-2007-dollars-remains-at-an-extreme-level-300x139.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/The-real-price-of-gold-2007-dollars-remains-at-an-extreme-level-1024x476.png 1024w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/The-real-price-of-gold-2007-dollars-remains-at-an-extreme-level-500x232.png 500w\" sizes=\"auto, (max-width: 1093px) 100vw, 1093px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1182521\" alt=\"Gold is still near the long run highs in terms of base metals\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Gold-is-still-near-the-long-run-highs-in-terms-of-base-metals.png\" width=\"822\" height=\"446\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Gold-is-still-near-the-long-run-highs-in-terms-of-base-metals.png 822w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Gold-is-still-near-the-long-run-highs-in-terms-of-base-metals-300x162.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Gold-is-still-near-the-long-run-highs-in-terms-of-base-metals-500x271.png 500w\" sizes=\"auto, (max-width: 822px) 100vw, 822px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1182501\" alt=\"Is gold really an inflation hedge\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Is-gold-really-an-inflation-hedge.png\" width=\"821\" height=\"554\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Is-gold-really-an-inflation-hedge.png 821w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Is-gold-really-an-inflation-hedge-300x202.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Is-gold-really-an-inflation-hedge-444x300.png 444w\" sizes=\"auto, (max-width: 821px) 100vw, 821px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1182511\" alt=\"Gold is trading 3 standard deviations below the exponential trend\" src=\"http:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Gold-is-trading-3-standard-deviations-below-the-exponential-trend.png\" width=\"808\" height=\"474\" srcset=\"https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Gold-is-trading-3-standard-deviations-below-the-exponential-trend.png 808w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Gold-is-trading-3-standard-deviations-below-the-exponential-trend-300x175.png 300w, https:\/\/portalvhds29z8xdrqhczq.blob.core.windows.net\/wordpress\/2013\/07\/Gold-is-trading-3-standard-deviations-below-the-exponential-trend-500x293.png 500w\" sizes=\"auto, (max-width: 808px) 100vw, 808px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>TL;DR: gold is expensive, has broken its uptrend and is a poor inflation hedge (in terms of USD).<br \/>[stockquote]GOLDBEES[\/stockquote] <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit Suisse published a report &#8211;\u00a0Gold: The Beginning of the\u00a0End of an Era &#8211; back in February. The basic thesis was that the peak of the fear trade has now passed and that against any sensible benchmark gold still appears significantly overvalued relative to the long run historical experience. Its important to keep the bigger &hellip; <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[13,819],"class_list":["post-1182491","post","type-post","status-publish","format-standard","hentry","category-your-money","tag-gold","tag-goldbees","entry"],"_links":{"self":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts\/1182491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/comments?post=1182491"}],"version-history":[{"count":0,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/posts\/1182491\/revisions"}],"wp:attachment":[{"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/media?parent=1182491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/categories?post=1182491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockviz.biz\/index.php\/wp-json\/wp\/v2\/tags?post=1182491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}