Gold update I have been busy working on some other things so no updates recently.

Volatility is still trending lower but as was pointed out over previous updates volume has not returned.

The only real thing to point out is last week we had more upside to the top of the range (green), as of today (red) we have more downside to the bottom of the range.

**Anecdotal/fundamental alert** With rates so close to zero their Rate of Change possibility is very low. Oil at ~$40 can make a big swing + or -. "What are you saying?" If oil continues to fall and it is the largest component of inflation this could give us a positive move in real rates. The largest component of the gold price is real rates.

GOLD IS NOT A HEDGE

Gold is gold. If oil continues to fall the stock market will follow. Gold will not hedge your equity portfolio! If rates fall very little and oil falls a lot real rates will rise and gold will fall.

GOLD IS GOLD

Good luck everyone, have a great weekend.