In the midst of multi-hundred and multi-thousand percent gains over the past year, gold has been left out in the cold. After getting above the psychologically important $2,000 level, it fumbled and stumbled its way down by about 20% and only recently begin to show a pulse.

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Looking closer, you can see how in just the past few sessions the gold contract manage to scrape its way above its trendline. That’s a nice little accomplishment, but this is hardly the firm foundation upon which massive bull markets are built. It could be just a “poke” through only to be followed by more disappointment. It’s going to take more than this.

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For one thing, the dollar’s strength against the Japanese Yen hasn’t helped. If this went into a free fall, gold would probably flourish. However, it seems the world has reach a bit of an equilibrium, coming to a consensus that the trillions of worthless US fiat dollars is about as valuable as the quadrillions of worthless Japanese fiat yen.

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Still, don’t count gold out. What I am watching most closely is gold’s relationship to our (constantly-growing) money supply, and the saucer pattern is as solid as ever.

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I would also point out that precious metals miners have achieved “breakout” as well.

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My general feeling is that gold probably has a decent future, but it is likely to be a grinding, plodding one, and unlikely to attract any attention from the younger crowd, who have become absolutely morphine-addicted to the rat-a-tat action of GameStop and crypto. Investing in something solid and reliable that slowly and steadily hacks its way a little higher in price year by year just isn’t going to turn them on.