Episode
Gold’s “Worst Month Ever” Is a Buying Opportunity
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- Apr 1, 2026
- Duration seconds
- 301
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Summary
This is a free preview of a paid episode. To hear more, visit www.theflyingfrisby.com You’ve probably heard: gold has just had the worst month in its history. Given that gold is older than the earth itself, that’s quite a long history. What headline writers actually mean, even if they don’t know it, is that: in US dollar terms, gold just had its worst month since 1971, at a stretch 1789. But the US dollar is a bogus, fiat measure, and the sooner we start using constant money as our unit of account, the more truthful the world will become. Gold hasn’t changed. It doesn’t. What has swung, violently as ever, is the price of fiat. The move looks more extreme than it is because of where the month started. Gold began March near a high, around $5,400, and then sold off hard. A thousand-dollar swing sounds a lot, but after the run we’ve just had it’s not especially surprising. Indeed I would go as far as to say it’s normal. Here is a 3 year chart of gold to put the March move in some perspective. I’ve also added a very useful indicator - the 233-day exponential moving average - in red. 233 is a Fibonacci number, and with roughly 250 trading days in a year, the 233 EMA works out as roughly the one-year average, but with the added magical quality that Fibonacci numbers often seem to have. In this case, it caught the exact bottom, as you can see. What effectively has happened is that after a long run-up gold has pulled back to the one-year average and bounced off it. What we’re seeing is normal behaviour in a secular bull market. Corrections feel violent at the time. They always do. But this is what bull markets do. My view remains unchanged . We are somewhere in the middle of a multi-year move that ultimately takes gold into the $7,000 to $10,000 range. By the way, if you’re int…