We will look back at the late June 2013 bottom in gold and realize that it would have been a unique opportunity in the market – both physical gold/silver and mining stocks – to bet the ranch and experience lifestyle-changing wealth gains. – Investment Research Dynamics
Gartman: “This chart of gold in weekly terms tells an important story of gold having made its low more than a year ago, with the low tested three times… and now with the down trend line drawn here broken through rather decisively”…
“War is in the air and when war is in the air gold goes bid. What else can gold do? Capital is fleeing to the safe corners of the world, and when that happens it flees to gold. …this shall be an important day for gold and for gold’s future, for whoever or whatever has been the seller of gold on Friday’s in recent days, weeks and months cannot allow gold to trade upward through $1325 and certainly it cannot allow gold to trade upward through $1350 through all other markets in all other places. Hence…and let’s call this group “The Force”… the “Force” will have to work very hard today to defend its authority. The question shall be, “Will it?”
The “Force” has already lost one very important battle: it has lost the battle at €975/oz., with gold trading presently at or near €982 and with the truly psychologically and technically important €1000/oz. level only just a bit ahead.”
Your’s truly here made that call in late January this year: Gold Has Found Its Bottom
Of course, my $2000 call is looking terrible, but I underestimated the extreme degree of Fed/Big Bank/Bank of England intervention we would get in the gold market. $1500 is looking reasonable, however.
If we get $1500, the mining stocks will have made a big move. My “Trade Idea” call from last Friday is still valid. The stock has bounced 5.6% since then but it still has an easy $3-$5 in it, assuming the sector at least moves sideways. You can access the report here: Research Reports. Included is a free technical analysis assessment from Nick of Denaliguide.