The Federal Reserve has yet to tip its hand, the media are in high gear to election meddle, and as for Artificial Intelligence, we view it more as Assembled Inaccuracy.
I shifted my focus to finding high-quality gold and silver juniors that can perform in a static metals environment but have 500% to 1000% upside after the bull market begins.
The major gold miners are likely to soon report blockbuster Q4 results. They’ve mostly guided to lower costs last quarter, while average gold prices surged to near-record highs.
Every time a still hot economic or inflation signal comes in the market quakes in its boots, and that includes the anti-bubble, gold. Confidence = intact. Gold is for when “intact” becomes “unglued.”
This is watching paint dry right now. When I look at the trend, the trend is higher lows but lower highs. You do see that right there. So the market is very stable, not really going anywhere.
Gold prices are still in a range. This range should be broken in the next two weeks. Spot gold has to trade over $2020.00 to be in an intraday bullish zone and rise to $2042.90 and $2059.60.
I'm arguing that support is at the $2047 level. So if the bulls are going to buy, I think that's where they'll buy – they'll put stops under the $2030.80 area but that's an awful lot of risk.
Gold bugs who over-allocated to the miners (and did it on price rallies) should shift their focus to increasing their share of gold bullion and buy gold if it trades at or near $1973.
