Rick’s live charts have turned bullish.
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Al, this is yesterday’s piece.
Nigel.
Nigel…….that is the only way we can get two days up in a row for gold……..
plus Al,,,is starting to loop his broadcasts,,,, he is to busy jetsetting and to cheap to hire anyone………….JOKE AL…………..
Actually I did not mind the repeat. For some reason I could not hear the podcast from Rick the first time. Not properly anyway so a repeat worked out well for me. He mentions Chuck Cohen by the way and his bull/bear analysis is really interesting. It might just be the most important point discussed in the whole program. Chuck who is no fool in the mining business is no doubt a little frustrated as he had been anticipating a strong Juniors bounce a year ago that never materialized and seems to have gone quiet ever since. Nevertheless, his new analysis does offer an insight into how bad things are in the industry while also suggesting how quickly they could turn around. As Al mentioned the other day, sentiments cannot be argued, and if the investor community suddenly turns its buying power on the mining sector there will be little that can hold back waves of new purchases in the sector pushing those shares into view for the first time in a long while. I will defer to the technical guys who have fleshed out this market despite all the suggestions of manipulation. No way they could have seen that on the charts in advance and yet they have come closer than anyone to near term price targets. I could well be proven wrong that the miners will correct downward further and so am watching my key numbers to determine if the time has now arrived. One thing is certain….I do not want to miss this ride up for the world and if that means eating crow and admitting I was wrong then so be it.
I can sure afford that bottle of wine I bet with Al….no questions asked.
Less of all this frivolity, let’s get serious:
Writing for Kitco Peter Degraf reminds us that M2 is now 7X what it was in 1980 when gold traded at $850, 7X has potential to push gold to $6k without even counting all the money being printed by other countries.
I reckon Big Al’s on the case to make it all happen!
It will take an act by the Central Banks of the Western nations to make that happen, Andrew. I anticipate they will do it though and perhaps it will be timed concurrently with the Chinese publicizing their actual PBOC reserve holdings. Not really sure what will trigger the revaluation but I am confident it is in the cards as I discussed in an extended post yesterday. We may see the event within a year to 18 months though and its likelihood grows greater as the price of gold declines. So first we must see a real bottom before there is an event.
It looks like Tiger Tom (tfnn dot com) and I are the only ones left, who are expecting one more wash-out. -usd .89 -gold & silver to test April lows. Although Tom did say it’s possible for g&s to test the lows while pm equities continue higher.
If I had zero exposure to the sector I’d be buying something; but as I’m still approx 20% in, I’ll sit and watch.
good luck to all
IS THIS SECOND DAY UP…………..NEED THREE IN A ROW………….THEN UP ……has to hold above 1400…..according to the .”JLT”…..(jerry’s long term indicator)
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