Well, it’s not that curious and not that technical but I have noticed over the past couple of weeks or more:…

There seem to be a lot of days when gold is down marginally in US dollar terms and up marginally in GB Pound sterling terms.

I don’t know if this means anything much except that the pound is weakening, eroding away just a little each day/week on an ongoing basis lately. It is now just over $1.28 at $1.2844 on Kitco.

I have been expecting to see sterling gold slip under £1000 on this recent dollar priced gold weakness but it has been holding above £1000 by a decent margin most of the time; today it is £1022.46/1023.24 Bid/Ask up £7.77 against a dollar gold price of 1313.20/1314.20 down £2.70. This has been typical action in recent days/weeks.

I can’t be too bearish on gold while I see it still over 1000 GBP because it is an important round number even if you are not that London-centric. It is above the £980 level that held as support in late 2011-2012 until the crash in April 2013 so it is firmly in bull market territory in GBP terms. Of course, that might just mean that the pound is in a bear market.