Gold Bottom And Beyond
Source: What Is That Whistling Sound
While the absolute bottom might not be in quite yet, it is instructive to look at previous periods when gold fell such a long way in a relatively short time.
Consider the following weekly chart of gold metal:
Then consider the weekly chart of GDX the gold miner ETF:
Now consider the level of commercial net shorts:
What can we conclude?
Gold metal is extremely oversold on a weekly time-frame.
Gold stocks (GDX) is at very oversold levels.
Commercial net short position is at very low levels, although not at record low levels yet.
In our view, this set up is an excellent entry point for a longer term swing entry in gold stocks.
We suspect the current environment is similar to the situation in late 2015. Once the metal and stocks whipped around for several months, a strong rally occurred taking the stocks up over 100% in six months.
What could trigger this?
We believe central banks will soon blink when it comes to raising interest rates and quantitative tightening. The American yield curve is on the cusp of inverting, and that foretells a recession within a year of inversion.
Source: http://whatisthatwhistlingsound.blogspot.com/2018/08/gold-bottom-and-beyond.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).