Gold down another $12 today
Gold, which was a fashionable metal in the pre-Bitcoin era, is rapidly losing its luster as the anti-government crowd switches from wanting things you could hold in your hand, to wanting things that no one can hold at all.
As Bitcoin mania grips the world, it's no surprise that gold is losing love. Much of the run-up in the past 20 years was driven by a similar low-level mania so if that completely unwinds, gold could fall back down to $400.
Of course, gold has a +6000 year record as a store of value and wealth, while Bitcoin has been popular for a few years.
Moving away from the metaphysical debates, the chart isn't looking great. There is a tidbit of support at the August 8 low of $1249 and the psychological $1250 level but below that it could be a quick, ugly fall down to $1205.
