Some higher targets for gold and gold stocks
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So far, spot gold has put a double reversal, which is TYPICALLY (not always) very meaningful when a long move has developed (either on the way up or on the way down).
Quite a bullish move, IMHO.
Best to all,
LPG
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Last night at midnight I was up and saw in the blip of an eye the take down below 1130
When I woke up this morning I expected to see gold down another $30 bucks
You never know what is going to happen
Rick you da boss. Gdxj hit 25.60-63 as you said. lol. Nice call. Don’t look like it’s going to go higher today but tomorrow may seem interesting. I still hope for your 20.87 gdxj target to pan out. Gold also did not hit any 1100-1080 target. It’s werid that after braking tripple bottom and big triangle downside to be so limited. Markets are tricky
Stewie, GDXJ picked an interesting level to reverse from this week (see chart). The extraordinary volume spike is just what we want see at a major turn.
http://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=5&mn=0&dy=0&id=p77959343309&a=371238287
Here’s another look. This is a non-log chart using Schiff and modified Schiff pitchforks.
(No “fitting” went on here as these charts were put together weeks ago.)
http://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=4&mn=11&dy=15&id=p23189898340&a=374583165
I know rick has a 56 target for oil, Cory if you or Al could include asking the 3 musketeers where they see oil going each day as you do with gold, and markets it would be a plus, I hope I’m not asking too much; thanks.
A while back, you announced that The Korelin Economics report was going to diversify to include coverage of, among othert things, energy. No mention of the pop in uraniums today?
meanwhile Rick said if gold drops below 1137.50 that would be very onerous for gold.
I think it drops down next week as the West is turning a blind eye to Putin and his Ukraine tank gambit.
They clearly intend to hurt Russia further through the price of oil, crushing the roble, sanctions and, IMPO, a lower gold price. It would not surprise me to hear of more drops in the oil price next week by the Saudis or a big dump of gold.
Here it is Al…very simply said and “visually” explained for everybody to see:
http://www.youtube.com/watch?v=4naK6qQA0Y4
Please let Rick know, for he got defensive and “offended ” by my comment a few days ago eventhough I am in his camp and basically saying the same thing…
His technical analysis is by far BETTER than any of the other commentators you have on, but he is failing to connect the dots: TA means crap in a ZIRP (soon to be NIRP) environment. I would trust his analisys and advice blindfolded BEFORE the LTCM/Asian/Russian default crisis of 97-98 when markets were “little” monkeyed around with. But after failing to see what was coming in 2007 (even after the likes of Peter Schiff were shouting it in his/their faces from 2000-2007), Bernanke, Yellen and co. will do ANYTHING to prevent another Lehman, anything…until they can’t anymore…and when that happens -and happen it shall- there will be no gold/silver stock/company around to save you, me and any/everybodyelse. But until then: stocks up, yields low and all of the “sound” money people (I hate to call them insect names: i.e. bugs) very frustrated.
Be well,
Petro