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Great call!!!
Why miners not rallying like old days 5-10% in a day or two?
They are already up 6% the first 3 days of the week. How much more do you want?
6% is weak for 3 days.
$BPGDM still flat.
Miners like GG, ABX, NEM not making higher highs right now, so this proves sentiment still too bearish?
Regarding interest rates, that will be “interesting” ! If they go up I think that will boost the POG, whereas another QE will be a signal for me to get out. Multiple QEs did nothing for the gold price, but a jump in interest rates could actually be bullish. Another QE (QE4?) could then mean a revisit to $1030.
Thanks for that Blees report you posted. I now remember sweating at night in bed when NUGT went below $3 (I had bought a lot at $3.35) and same with my RGLD $60 Jan calls. The POG was then around 1086 retracement. That gave me the confidence to hang in!
I have noticed NUGT has been tracking GDX X 3, and now actually doing better. Could that indicate bullish continuation ?
It is hard to hold on pops especially when we are getting crushed on our energy stocks and when you also say we could see 1033 on gold then we would be getting creamed everywhere
Need better entries so we don’t get huge drawdowns.
From now on I will only take what you take not the less productive SMT calls
We are in at levels where the weekly charts are hideaously oversold. I don’t know how one can get much better than that.
There are moments when I don’t take a trade recommendation. I did not take the energy trade you recommended weeks ago. Would you wait for 180 in crb as inferred last night or start wading in now like we did with gold expecting a rebound from extreme oversold conditions soon and fast?
The weekly charts are hideously oversold. Anywhere in here is good, especially considering this should be a 3 YCL and then rally for a year or more.
What about the 3 YCL in Gold? Is that the current low or the low near $1000 after current rally?
Actually the gold market is an 8 year cycle, although I expect it may shorten and bottom along with the CRB.
Gold could get to 1200+, but silver should really be screaming higher if this is the real deal final bottom. Watch out for a bearish COT report this Friday. Fantastic call with the miners regardless.
It will take several weeks for the COT to reach truly bearish levels. I expect after this week it will just be back to neutral.
NICE call in gold!
I just held my nose shut and plunged into NUGT. Let’s see if we can mak eit to 1200 area + before this fake but tradeable rally is over????
Does gold still have a date with belwo $1000 by end of November Gary?
It all depends on how the 7 YCL unfolds in the stock market. If we get a crash and the Fed has to start QE4 then 1071 might be all we’re going to get.
Thanks Gary I get what you mean. If stocks crash then all bets are off and back to QE land. That shall save gold from its own weight and make its bottom be above $1000 area, rather than below it.
On oil I have been short, what is your latest recommendation?
Has it had enough on the downside for now?
Intermediate to longer term analysts are now talkingabout 30s and even 20s, do you concur?
No I do not agree. Oil is going to put in a major three year cycle low anyday now and will be back above $70 by next year.
The Question before us today: Could NUGT make it to its 200-day MA between now and September?
Is the correction in stocks upon us now?
To me, it will become a more serious start of a correction if Dow breaks 17000, SPX 2000, and NASDAQ 5000 all decisively on weekly close.
Until then, I won’t get my hopes high for a real correction in US stocks.
XLE OIH followed oil down now they are following market down lol
Yep you missed the rally in gold because you didn’t believe me, and you are going to do it again with oil.
Some people are just destined to make the same mistakes over and over.
Nope … added to oil … better entry than SMT. I wouldn’t say I missed the rally in miners … up over 10% trading in and out. I feel safer in a longer term energy hold than metals hold … metals could easily be down huge tomorrow. I don’t have fortitude you have when it comes to miners … reminds me of coal stocks.
Gary what is your oil prognosis short term and long term?
See my reply above.
Yes Thanks Gary on oil and the Major 3 year cycle low due anytime now for oil. What is the level on that bottom? around here $42? Or below $40? But what about economy of PRC(China) caving in?
Or is that in the cake already?
Then would you close a profitable short in oil now? And then turn around and go long now?
Gary,
Do you agree with call that we replicate the 1970’s in gold and therefore should touch the $1000 ($970-$980) area sooner or later?
Or is it possible current rally is for real?
Regards
It all depends on how the 7 YCL in the stock market plays out.