Monday's little display of excitement in the cyclical's was illogical, inconsistent with a slowing global economy, yet completely in keeping with short term momentum decision making. Imagine an attempt at a reallocation away from the dollar. A reallocation into the perception of safety. No Debt Out. The paper gold's do not make massive economic investment sense from the bottom line standpoint.
Physical gold continues to sink approaching mining cost.
Those gold's saddled with debt have a layer of claim on the assets above the equity holders. We have no idea. Imbalances in equity valuations. Imbalances in excessive leverage, etc. Not hard at all, really.