Not Bad For A Relic
While the “Don’t Worry, Be Happy” crowd (that makes up much of the financial services industry and most so-called financial journalists) “pans” gold and continues to “drool” over stocks and bonds, the old “relic”, gold, continues to outperform them in 2017.
Back on May 17th, I showed you this chart above and said”
“Meanwhile, my belief, that gold was a much safer and prudent holding, remains entrenched in my belief this is the earliest stage of a mega bull market unfolding in the gold market.
Here is a chart of gold that has witnessed a classic “step-up” pattern of higher lows (A, B, C and D) and higher highs (E,F and G). And during each pullback, the overwhelming number of gold bears roll out their same “anti-gold” propaganda that the financial media loves to spew to their readers.
Don’t ever expect to see these so-called journalists ever ask these gold bears why hasn’t this “relic” folded like they have touted for several years now, but instead is slowly but surely, moving forward in the face of so many factors they claim should have sent gold way below a $1,000 by now?
If my technical observation is correct, gold should run into some resistance at key “Moving Averages” (noted by I), but eventually make a higher high around $1,300 before becoming overbought (noted by H) and another consolidation on the stairway to new, all-time highs before this decade is over.”
As you can see from today’s chart, gold has reached my objective. It’s also mildly overbought so profit-taking will come as no surprise. But note, in this new mega bull market for gold, most surprises should be to the upside despite the inevitable downside gold bear raids that have been part of a “dying” manipulation crowd known as the “Crimex” (Comex). Their days are finally numbered – Thank God!!!