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IS GOLD FINALLY GOING TO GET ITS FINAL WASHOUT I HOPE???
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[quote:Anonymous Coward 34567006:MV8yNTU4MzI5XzQ1MzE4MjE0X0I2RjgyOTE1] The opportunities for purchasing physical silver and gold are greater now than in the past few years. Keep buying. Keep stacking. A 400% gain in the next 12 -24 months is not a stretch of anyone’s imagination. First things first, however, and the first thing we need to see is a breakout of the current TR. There should be no hesitation, however, in the ongoing purchase of the physical metals. None. It is not a question of an upside breakout for physical gold and silver. Rather, it is more a question of the ongoing breakdown and collapse of the Western banking system and fiat “dollar.” That process has been well on its way for several years. It does not happen overnight, until after one night when you wake up, and it will have already happened. snippet from article i posted above, I think last Mondays drop was the us banks last ditch effort to shake the longs. Maybe more will come but their days are numbered. [/quote]
Original Message
Any gold bugs left? I've been waiting in the wings for what seems like forever - waiting for this bear market in gold to get over and done with. With todays sell off we might be close to seeing new lows in gold.
Dont get me wrong, Im still looking for very high gold prices in the years to come but I still think we're going to see $1000 gold give or take 10%. $15 silver give or take 10%. I repeat, we have NEVER back tested the $1000 level in gold - yet.
There is an uncanny resemblance to the recent trade range in gold to the previous one. Broken link below.
finviz.com/futures_charts.ashx?t=GC&p=w1
Notice the $200 trade range between $1600 and $1800 lasted for more than a year before we got the washout. The current range of $1200 to $1400 is almost an exact copy for time and price range and with the breakdown today we should plunge once we break $1200 again. It would seem $1180 is as important now as $1530 was in the last flush.
If the current pattern holds, the final lows in gold wont come until later this year or very early next year.
Incidentally, Martin Armstrong has said Jan 2015 is an important turning point for gold and that gold would rally strongly after his next ECM change Oct 1st, 2015. In another writing he also said a low in gold in 2015/2016 would be perfect for a blistering rally in gold thereafter that takes it to new highs in 2017/2018.
Just touching base with any gold bugs that might be left. Hang in there. Our time is coming but patience is still required. Probably better to hold GLL or DUST for the time being. A monster trade in NUGT and JNUG is probably not too far off.
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