The great euphoria emanating from these near-record-high stock markets is breathtaking. Traders are again convinced stocks do nothing but rally indefinitely. That everything-is-awesome mindset has stunted gold's latest upleg since there's no perceived need for prudently diversifying stock-heavy portfolios. But that psychology can change fast, as we saw a half-year ago. Gold investment roars back as stocks roll over.
The word "euphoria" is widely misunderstood, often confused with "mania". The latter is when stocks rocket vertically in blowoff tops, and is defined as "an excessively intense enthusiasm, interest, or desire". The US stock markets certainly