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09:20 AM
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IS GOLD FINALLY GOING TO GET ITS FINAL WASHOUT I HOPE???
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Anonymous Coward 56865887:MV8yNTU4MzI5XzQ2NTIxNDg5X0MwMUY1RTg5] [quote:Punk-A$$ets:MV8yNTU4MzI5XzQ2NTIwNzk3Xzg0NDY5QkYz] [quote:Anonymous Coward 56865887:MV8yNTU4MzI5XzQ2NTIwNzExX0E1RkNCNENF] The strong dollar is, to a great degree, a function of the US sanctions. Europe is going to suffer a lot more which makes the dollar a safer bet. Agree? [/quote] 100%. Our brilliant leaders are destroying the world economies. The last thing the USA (and the world) needs is a strong dollar yet these boneheads are causing it. Actually, there seems to be a perfect storm of events causing it. Sanctions, neg interest rates in Europe, a fairly stable USA economy with the FED planning to start raising rates, etc. [/quote] Random observations and possibilities. Chinese leverage increases with the increase in value of dollar holdings. Any international trade can still have the funds to be cleared in dollars without SWIFT. ? I would guess. The M1 and M2 velocity of money continues to plunge according to St Louis Fed. That seems like an odd result if the economy was robust. Record people not looking for work and other contradictory data. Dollar has soared and oil plunged since ISIS showed results. Coincident metals like copper signaled decline in silver. So many variables. How does it all tie in? [/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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