Gold had its best week in seven months. Mike Khouw is buying more. This is what passes for contrarian thinking in 2026.
The metal went up. A guy with a television segment saw the metal go up. He decided this was the perfect time to purchase the metal that just went up. Momentum trading used to be something you did quietly in the back office while pretending you had a fundamental thesis. Now it gets a headline.
Retail traders are frantically Googling "who is Mike Khouw" and "is gold still going up" in that order. They will find out he's a options strategist. They will not understand what that means. They will buy GLD calls on Monday morning anyway.
The summary promises us several forces drove gold's weekly gain. Several. Not one force. Not two forces. Several unspecified forces that definitely aren't just "people bought it because the chart went up and to the right." The financial media needs you to believe every price move has three to five digestible reasons behind it. Otherwise you might realize the chart is the only thing that matters and cancel your subscription.
Mike Khouw looked at a seven-month high and thought "I should get involved now." This is the same logic your cousin used when he bought Peloton at $162. But Mike gets quoted in articles because he knows the Greeks and your cousin thinks theta is a fraternity.
Gold bugs have been predicting the collapse of fiat currency since Nixon closed the gold window. They've been wrong for fifty-four years. They will be right eventually. Mike Khouw will be on television that day explaining why he saw it coming all along.
The best time to buy gold was seven months ago. The second best time is apparently right now after everyone already bought it.
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