Loading ...And Then There’s This
So many gold bears and dollar bulls now. The COTs are perfect, the indicators are perfect, Bollinger bands pinched, gold cycle and dollar cycle are lining up for bull and bear moves respectively. The final pieces of this jigsaw are (in my view) slotting into place. The way everything is aligning, I do believe we could see something like the early 2016 move. If I were new to PM miners, I would see this as a chance to get a second bite of the cherry.
Thanks, Northstar.
Interesting that you say there are so many gold bears and dollar bulls. Looking at the sidebar poll we took not too long ago, the largest percentage of people have 100% of their money invested in gold. That sounds like most people are bullish to me.
Hardly surprising on a PM fanatics website. It’s not at all representative of the investing public.
I agree Ken. Looking at the GLD accumulation it doesn’t look like any capitulation has occurred…. yet. People are still buying.
Also, the sidebar poll says ‘partly in PMs and partly in other sectors’.
Sorry, I was talking about “100% Precious Metals” category. Where are you seeing the gold bear statistics – another website? I am curious because sentiment is very important. Thanks.
Consensus-inc showed 28% Bulls among CTAs and newsletter publishers as of July 27th.
It’s almost certainly below that number now.
As soon as I can find time, hopefully tonight, I’ll post about the COT for Gold together with some other info that’s not bullish.
Fair enough Ken, but I’d say 26% is a fairly small figure on a site like this. I was thinking more about the COT figures.
Nice Chart Northstar
Love the 90 degree angle at the top
IF 1180 goes…we are screwed…It looks like strong support though
Thanks Fully. It’s been my view for sometime that we may see $1195. I posted my views on that weeks ago. It still looks like a very short dip below $1200 is possible, but time is now very short and gradually, all the bullish factors we need to power gold higher have been lining up.