Since the November 3rd elections, the dollar has been pushed to a corner that is actually a double-edged sword for gold. Because of the anticipation that a super-weak dollar will cause bond yields to rise, gold has become weak, right alongside the dollar. This correlation has been recently cut off.

From November 6th, when Pfizer's announcement altered the way investors priced in Covid-19 risk of bankruptcy for pandemic victim sectors – reasoning that with a vaccine far fewer companies will go under – the dollar has sold off hard, gold has crashed to below its 200-DMA, and rates have been rising, in turn.

A few days ago, Mitch McConnell basically called (and caused) the bottom for gold, when he said that Washington must pass the stimulus bill, in order to avoid a complete Main Street meltdown in January. Gold prices began to price a fiscal aid program, a monetary QE support policy, and an inflationary recovery in 2021.

When I wrote that I personally bought gold-backed ETF shares, it was literally two days before the bottom. We nailed it!