Grant Williams: Yes, it's one of those weeks when I must ask your indulgence while I ramble on about a subject
close to my heart that has recently been a source of great frustration. And yes, it's gold —particularly, the bizarre price action of the last six months, which has run counter to most logical assumptions, given the various macro factors bringing influence to bear on the yellow metal.
Cyprus should have been a hugely positive tailwind for gold. But it wasn't. The ongoing money printing should have provided support for gold. But it hasn't. The talk of tapering should have had a minor but noticeable effect on gold, given its healthy recent correction. But it didn't.
Sustained data suggesting a voracious appetite for the physical metal not only in Asia but in Western countries, too, should have led to a bounce on the COMEX. But it hasn't.