The lights are going out all over America — literally. Colorado Springs has made headlines with its desperate attempt to save money by turning off a third of its streetlights, but similar things are either happening or being contemplated across the nation, from Philadelphia to Fresno.
Meanwhile, a country that once amazed the world with its visionary investments in transportation, from the Erie Canal to the Interstate Highway System, is now in the process of unpaving itself: in a number of states, local governments are breaking up roads they can no longer afford to maintain, and returning them to gravel.
And a nation that once prized education — that was among the first to provide basic schooling to all its children — is now cutting back. Teachers are being laid off; programs are being canceled; in Hawaii, the school year itself is being drastically shortened. And all signs point to even more cuts ahead.
The above trends have not eluded gold and the gold stocks. The gold stocks, which represent leverage to the price of gold, are pushing above critical resistance while the public remains preoccupied with consequences (above trends) of financial and economic actions they do not fully understand.
The gold share ETF is falling into support gap on light volume after a short term rally. A fill and close above the green circled gap on light volume would be a bullish setup.
Gold Stocks ETF (GDX):
Source: nytimes.com
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