Nostalgic Bulls

The Merriam-Webster Dictionary defines the term Nostalgia as “a wistful or excessively sentimental yearning for return to or of some past period or irrecoverable condition.” This is a great description for the recent price action in both Gold and shares of Apple, both of which have just spent the last seven days on an absolute tear.

Andrew Nyquist posted the below chart one week ago on August 11th just before both ran up. He saw some similarities in the “bull market structures” of Apple and GLD and, from experience, I can tell you that sentimentally speaking, the two have very similar shareholder bases.

In both cases there is an emotional attachment as well as a remembrance of better times during which they were “treated nicely” by the investment.



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