We begin straightaway with a set of our hidden microphones still placed after all these years inside the Salzburg clinical offices of Dr. Youara Nichtsogut, noted analyst in the psychosis of precious metals…

Dr. Nichtsogut“Well, Liebling, according to your chart, you’ve not graced us with your presence here at zee clinic since 19 March 2011. Zen you were 1419, today you are 1282.”

Gold, (lying upon the couch)“Not to mention hitting 1923 soon after that. I still don’t understand it, Nichty. I’ve had every fundamental reason to ascend to far higher levels.”

Dr. Nichtsogut“Zat’s exactly what you said last time, zat you felt you were being treated like a common commodity of zee lower classes. Recall our recommendation was to simply go with zee flow, Liebling.”

Gold“I know that, Nichty, but the flow has become so irrational! The US money supply then was $8.9 trillion: today it’s $13.8 trillion, and yet, I’m flowing backwards! I should be at almost 3000 today! Instead, I keep getting stuck in a box around 1280-1240! I gotta be going certifiably nuts….”

Dr. Nichtsogut“Which is why we are here for you, Liebling. Besides, you’re not alone. Confidentially, the clinic has as a patient a stocks index at hyper extremes over being loved and adored by one and all, but with less than half zee earnings necessary to support itself. You think you’ve got problems…”

Gold“But what am I to do, Nichty?”

Dr. Nichtsogut: “For zee future? Nothing, Liebling. Just be yourself and they’ll be flocking to you in droves. For zee present, our time is up for today and zat will be three Krugerrands please.”

Gold“Last time it was two!”

Dr. Nichtsogut“Inflation, Liebling.”

Gold“Aaaggghhh!”

The exasperation felt by Gold, and thus that of the investing world’s still tiny percentage that buy it — and by it will be rightly rewarded up the road — is palpable. Yet one might query: is price bound to be boxed-in in perpetuity ’round the 1280-1240 zone? Of the 203 trading sessions-to-date in 2017, Gold has traded at least intra-day (if not all day) inside of The Box on 100 different days. As measured over the 455 trading days from 2016-to-date, 195 of them have found Gold’s price in The Box. So much draw has price to the 1280-1240 zone that perhaps it ought be renamed from “The Box” to “The Magnet”, or perhaps for the Gold disbelievers out there, “The Coffin”. (Better we reserve that latter descriptor for funds in the screwball stock market).

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