Loading ...G. Savage calling for a large decline in gold imminently…
He thinks we are going back to test the consolidation zone around $1750. He has been pretty good with his calls over the last couple of years, so I have to pay attention. While I think gold could correct $150-200, a $350 drop seems pretty outrageous in light of the Fed’s ridiculous balance sheet. Gary seems to think that this will immediately slingshot gold into its bubble phase.
Personally, I think such a large drop will really put a damper on gold and it’s possible it won’t see a new high for a year or more after damage like that. Who knows. [Note: during the 2000-2012 bull run, gold often tested or came very close to its 50 WMA—that would be a heck a drop currently and Gary’s target in that sense doesn’t seem so outrageous.]
imminently is a BIG word…
Nautilus, Savage’s calls have been mostly accurate. But this one is based on the necessity of a ‘Slingshot’ to boost it into the Bubble phase.
It seems we already had the Slingshot in March, and that this vertical market in physical is already in Bubble phase.
Remember in 2007 when 700 Gold was supposed to be such Huge Resistance, and price easily sliced right through it, leaving many behind on the sidelines. The steep correction didn’t come for 6 months after that break though.
One fairly safe solution to this dilemma, for me anyway, is to day/swing trade the Bubble.
I was a sub to him back in 2009-2011. He was brutal at the end, recommending people leverage up, use NUGT (3x at the time) SLV LEAP calls. He hurt a lot of folks IMO! (I didn’t take the risky trades…)
If I recall, he was very stubborn and really wanted an official tag of silver 50 (even though it just about hit) and kept saying it would exceed that price…We all know what happened next.