Tag Archives: gold correction

My forecast — despite all the hate mail and pressure I get to change it — has not changed. Based on my systems and models, I will not turn bullish on gold until either spot gold has closed above $1,823 an ounce on a weekly and monthly basis - or gold cracks the $1,527 level and plunges to the $1,400 level or a tad lower. I know that’s not what you want to hear. I know that you are as eager as I am to see the next leg of gold’s bull market begin....[but its] time to shine is not here yet. It will come again so stay the course, build up your ammo, and be ready to pull the trigger when I issue a headline like “Back Up the Truck, NOW!”

Back on December 21st Toby Connor suggested that Gold probably had one more curveball to throw us before the final yearly cycle bottom which would see it set a new low at around $1630 a couple of weeks thereafter. Given the events of today Connor was right on the money, Below is a recap of that December article with rationale for his forecast. Words: 350

The threats of global recession, insurmountable debt, terrible government policy, central bank support, and many other very persuasive arguments present gold as a very appealing investment or safe haven but all of this is an illusion. Gold was a sensible investment in the early part of the bull market (1999-07), but has now become a false sense of security for many investors who will soon learn the hard way. Not only are the fundamentals already priced in, the technicals severely weakened, and the extremes in gold optimism easily apparent, but the bad news for gold could soon get much worse. The next weeks or few months will hopefully give us a lot more clarity. Words: 1170

Gold has done it! It took 11 yearrs but it finally (albeit unfortunately) crashed through its channel support line of $1,690.00 and 200-day simple moving average of $1,663.07 to close out Thursday at $1,645.90 (with an intraday low of $1,636.00) down $22 from the previous day. Tomorrow is December 21st, 2012, the day the Mayan calendar predicted the world would experience an apocalypic event, so might we be in for a further major decline (just kidding) decline?

This article looks at 7 reasons why gold and silver should experience further weakness over the days/weeks ahead. (Words: 206; Charts: 5)

Due to the severe financial crisis in Europe, capital will continue to take refuge in the U.S. Dollar and gold and silver will collapse to US$1,380/oz. (Fibonacci Retracement 61.8% level) and US$18/oz. (Fibonacci Retracement 76.8% level) respectively, in the third quarter of 2012.

Due to the severe financial crisis in Europe, capital will continue to take refuge in the U.S. Dollar and gold and silver will collapse to US$1,380/oz. (Fibonacci Retracement 61.8% level) and US$18/oz. (Fibonacci Retracement 76.8% level) respectively, in the third quarter of 2012.

The gold bubble is about to burst...the decisive move is coming within weeks! Selling has been heavy, key technical levels have been broken, important moving averages have been violated, and momentum is building to the downside. The upcoming drop could be severely sharp. [Let me explain why that is the case.] Words: 1239

If investors step back and look at this from a longer-term perspective, they will realize that politicians feel the only way out of this mess is to print more money. After the money printing will come the inflation. It will be higher inflation than anything we’ve seen in the post-World War II period and it will send gold, silver and all commodities skyrocketing.

Please read the referenced articles below with an open mind, and only then reach your own conclusions. [Yes, you are being challenged again to 'think for yourself' - and invest accordingly.] Words: 699