Loading ...Gary Savage has liquidated his PM holdings
Gary Savage from his subscription service claims to have Sold all his physical silver and is just sitting on the sidelines with cash. Below are some comments that he published last night and this AM
FYI. 4YCL = Four year cycle low. ICL = intermediate cycle low.
Last night-
A move into a 4 YCL usually takes everything down with it. But central banks panic and start printing. Then everything goes up.
See the COVID crash for what I’m talking about.
No guarantee that stocks are about to drop into a 4 YCL. But the parabolic nature of the semi’s and many Hindenburg and Titanic signals suggest this is a period where it could happen.
A 4 YCL crushes everything. I’m not positive it will occur with this ICL. The only thing to suggest it might is the extremely stretched nature of the entire market but especially semi’s.
The risk right now is that stocks are due for a 4 YCL. When that happens the selling pressure will be intense and everything will get beat down.
Safer to let that pass before trying to jump into anything.
Major correction in everything … stocks will need to recover before the midterms in November.
Expects silver to hit $150-$175 this year.
This AM-
I see people searching for something to buy. Right now I think the best option is to sit in cash and wait for the next ICL. It may turn out to be a 4 YCL. If it does then everything is going to get crushed.
I don’t think you should try to pick a bottom in anything or chase anything right now. Lets wait until this daily cycle in stocks bottoms and see where we’re at. We’re on day 10. We should have at least 15 to 25 trading days to go still.
Mean while people like Michael Oliver are saying to hold steady on the PM’s and ride it out.
Lots of people that I respect with very different opinions.
Just wanted to share.
Cheers.
Can’t say I am enjoying the ride down lately, but have to question that he would liquidate all his silver holdings, and then say silver will hit 175 this year. Sorry, doesn’t make sense. If you believed silver would be 175 this year, and knowing the volatile nature of silver, you wouldn’t get out of your physical at this point.
PM markets typically bottom in June, and it is definitely not disappointing this June….dollar breaking 100 on the upside is one thing, but this drawdown seems overdone. China has bought more gold this year than last, all CB’s have. If you are selling physical while the CB’s are loading up you are a fool. Do what I do, not what I say.
I expect BPGDM to go to zero again….another bottoming sign.
Good point about Gary selling. Several of his subscribers, challenged him on that.
His reply was he’s already made more money than he could ever spend, and has decided to de-risk his position.
Isn’t going into Fiat currency the opposite of risking… lol