The Mother of all Gold Bull Markets Took One Hell of a Beating but Kept on Ticking
Gold $1,430 Silver $25
Other than correctly stepping aside some corrections along the way, yours truly rode the great bull run in gold from just over $300 in 2003, all the way to the $1,900 highs in 2011. It would be a great story if it ended there… but it didn’t. Thanks in part to one of the greatest attempts of all-time to artificially shake out a market, gold prices fell to just under $1,200.
It was shortly after that when I would exclaim (along with a small minority of others), that this ultimate manipulation attempt would fail and I went on record that gold would not see under $1,200 in my lifetime again.
In recent days, gold and silver have hearten the faithful who saw their life’s pass in front of them just a few months ago during the plunge. At the time, people were knocking themselves over in print and on the airwaves, telling us the king of hard assets (gold) is dead. While this recent rally has made many of those who uttered “death to gold” crawl back under their rocks, some have hit a new low (like on TOUT-TV) and are trying to change history by claiming they foresaw this rally (and here’s where credit is due someone. Dennis Gartman, who some of us have a love/hate relationship with – while others just hate all the time, correctly forecasted much of the decline and turned bullish very near the bottom. Unlike many others, he was clear and precise in his change of opinion and deserves credit for two very nice calls – We must remember he’s a trader and that means he can be many different things over time).
As volatile as it has been for the last 12 years, I believe the next several months are going to be anything but dull for gold and silver. Simply put, those who purposely attacked the gold paper market in hopes of seeing mass quantities of physical gold come into the market for sale only to see the opposite happen, are going to be in “crisis” mode (if they aren’t already). Whatever hope they could still cling to will be loss if gold gets much above $1,550. I know it, they know it, and the world will too (if they don’t already). I suspect we can see us trade $1,350 – $1,500 until the white stuff is on the ground again (and I’m not talking about all that white stuff at Hollywood parties).
Buckle up boys and girls. We’re not out of the woods yet as these folks are capable of anything. But like their failed assault in the paper market, so too shall whatever they have left as the “mother” of all gold bull markets marches to new, all-time highs in 2014 and beyond.
Source: http://www.grandich.com/2013/08/the-mother-of-all-gold-bull-markets-took-one-hell-of-a-beating-but-kept-on-ticking/
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