Gold News

Rollin' Back the Years

A chart to help cast your mind back to the bull market in US stocks...

APRIL 5th, 1997: Garry Kasparov was yet to be defeated at chess by the Deep Blue computer; the United Kingdom still owned Hong Kong; a chubby, unknown intern called Monica Lewinsky was quietly being moved from the White House to the Pentagon...

...and the S&P500 index closed higher than it ended last night, 20th Nov, 2008.

What took five years to regain after the Tech Stock crash took barely 12 months to wipe out when the housing slump turned into the banking crisis and then the global credit crunch.

A technical analyst peering at the charts from far enough away might point to that huge "double top" in the S&P – the benchmark index of America's top 500 stocks. That, in turn, would not bode well for future capital gains.

Not now the "key support" of Oct. 2003 looks to be broken.

Adrian Ash

Adrian Ash, BullionVault Gold News

Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver and platinum market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times, MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ, plus Italy's Il Sole 24 Ore.

See the full archive of Adrian Ash articles on GoldNews.

Please Note: All articles published here are to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it. Please review our Terms & Conditions for accessing Gold News.

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