Loading ...Fear is palpable but Michael Oliver still thinks we are in a new bull market
This is one hell of a correction and it’s very very difficult to find some bulls out here.
Also,we are used to think that in a bull market surprises are always on the upside…well…this is a surprise on the downside.
The chart of Barrick from fullgoldcrown radiates pure TERROR.
Plunger said that we would be able to know if we are in a new bull market when the first SERIOUS correction had take shape.
Here we are…and I bet VERY FEW people are buying despite falling pm shares prices!
Michael Oliver was one of the first to recognize the changing trend from bearish to bullish,he still believe we are in a new gold bull market,I really hope so….but I’m very worried.
Here’s the link,Oliver starts at 5:30
https://www.voiceamerica.com/episode/94891/is-brexit-the-start-of-a-global-movement
Michael Oliver is one of the best analysts around. He was preparing his followers for a new bull market to begin in gold for the last year. He went bearish on gold in early 2012 I believe.
Would this scary sell-off in gold have occured if China was open for business this past week? When I found out about China being on a 1 week holiday a couple of weeks ago, the first thing that came to my mind was that pm’s were going to get hammered! When someone dumps tonnes of gold on the market when the biggest buyer of gold is on vacation, of course the price is going to collapse! If prices reverse on Sunday night when China opens then I think this last week was just a raid and nothing to worry about long term.