Gold is in a similar funk as oil. The spot price took a nasty dip to $775 late Friday, but has since rebounded alittle.
“The present situation reminds me of August 1976,” reminisces GoldMoney’s James Turk, “just weeks before the Democratic National Convention confirmed Jimmy Carter as that party's presidential candidate. Gold slid down to $100 per ounce even as the inflation and economic outlooks were worsening. Gold looked dirt-cheap back then, even though its price had risen threefold from just a few years before.
“By the end of 1976, gold had climbed 32.3% from its August low. By the end of Carter's presidency four years later, gold climbed more than eightfold. I wonder where gold will be at the end of the next president's first term in office?”