Loading ...Last Stop – ALL Aboard!
For the last few weeks I have posted about the “two remaining hurdles” before gold and silver could start the next leg of their bull markets. Those hurdles have been cleared and we are now ready to rally. However, you MAY get one more entry opportunity this morning. Right now the metals are modestly higher. After the usual 8AM shenanigans when the Comex floor session begins and the 8:30 jobs report, it is possible there is a quick selloff using the jobs numbers as an excuse. That may be wishful thinking. It doesn’t matter, whether we selloff or takeoff, the precious metals turn higher next week and beyond. ALL ABOARD! Enjoy the July 4th Holiday Weekend. It may be the last with any semblance of freedom and liberty. The founding fathers are probably shedding a tear as they look down on their wonderous creation.
Agree, this could be the last July 4th.
Already moves to cancel Canada day next year.
Australia day will be next.
Western democracies have opted to jump off a cliff.
Meanwhile, Eastern Europe, Russia, Middle East and most of Asia (except westernized Japan) … have rejected the madness.
Not a prediction but possible. Just looked at the gold chart and since I am a big fan of symmetry, here is a thought. For the two months of April and May, gold rallied $240 approx. After a one month correction of approx $170, if over the next two months gold rallies a similiar $240, one could very well be looking at approx. $2000 gold by Labor Day? Just a thought. Check out the chart.
Weak action, silver looks OK. Miners look terrible.
I am cautiously optimistic that “the” low is very close in terms of time (within the next 3 weeks). It could well have been made on Tuesday this week, however, the last two days of trading have been very weak in the miners so I suspect it’s possible we make a lower low next week.
I’ve given my prognostications already, but as someone who has watched the space for 20 years now, I have learned to temper my bullish expectations bigtime. Part of it is the nature of the metals and miners, for which large bull moves are almost always preceded by extreme shakeouts that end up scaring even the most hardcore mining investors. I wouldn’t call this correction extreme by any stretch, but if you said silver was going to $21-22 next week, I probably wouldn’t bat an eyelash. Expect the unexpected.
That being said, I personally believe with conviction that silver is setting up for a move to $50 and gold to who knows where, and it *should* produce an extremely large move in the mining stocks (I think the HUI and many silver miners will hit or marginally surpass their all time highs). Moves like that are usually preceded by sharp and nasty shakeout events or long consolidations (1.5 to 2 years) or both.
$gold looks like it is going to make a weekly swing low this week (won’t know until the close for certain though). That is certainly one box checked to confirm that a major low has been made.
Certainly a broad spectrum of opinion. Mine is that gold is still locked in a cyclical bear market which started back in August 2020. I know this is akin to announcing to the bit coin crowd that Bitcoin is headed for $20,000, but it is my interpretation of the charts. I will be writing on it over at the Rambus site this weekend.