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Famously controversial futurologist, economist and business cycle expert Martin Armstrong, says gold touched rock bottom last week stating on his website last week that “if we hold $1,084 for the weekly closing [which it surpassed closing at $1,098.40 on July 24/15 after trading as low as $1,085.50 during the day] then we can see a two week bounce and everyone will proclaim the low, so hurry up and buy more”.
The above comments, and those below, have been edited by munKNEE.com (Your Key to Making Money!) for the sake of clarity [] and brevity (…) to provide a fast and easy read and have been excerpted from an article* by Peter Cooper (arabianmoney.net) posted under the original title Martin Armstrong calls cyclical bottom for gold prices, now to $5,000? which can be read in its entirety HERE.
Mr. Armstrong is the developer of the Economic Confidence Model based on business cycles and pi. Using his theory that boom-bust cycles occur once every 3,141 days (the number pi multiplied by 1000), Armstrong claimed in 1999 to have:
- predicted the crash of 1987 to the very day
- predicted the Nikkei’s collapse in 1989 and
- predicted Russia’s financial collapse in 1998.
His economic predictions for the past five years have also been stunningly accurate. Just consider what he said ((click here) on November 7th 2009:
- ‘We should see a temporary high in 2010-11 (the ‘explosive rally’ of 2011 was spot on target)
- and a retest of support in 2012-13
- with a rally into 2016 to $5,000+ an ounce.’
“What comes after October 1 is going to be anything BUT normal. Nobody alive has gone through what we are embarking upon, so OPINION won’t mean much. We are entering a period where only the computer will be able to cope with the future.”
[Putting it all together from Armstrong’s various souces he infers that:- the bottom in the price of gold was realized last Thursday, July 23rd ($1,089) when it failed to close below $1,084 for the week (it closed at $1,098.40),
- the price of gold will begin to rally sometime after October 1st, 2015 and
- gold will reach $5,000+ an ounce in 2016.]
A flight to gold is indeed on the cards.
*http://www.arabianmoney.net/gold-silver/2015/02/25/futurologist-martin-armstrong-forecast-5000-gold-for-2016-just-over-five-years-ago/
**http://www.armstrongeconomics.com/archives/35296
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Arnstrong did not say this at all.This is disgraceful “selective,misleading sensationalism
Your right..it is disgraceful for this to be written here..the Monkey is full of shit on this one
I do not think at Armstrong said that we reached the bottem for gold if we last week closed above 1084$.
He said said that we temporary will see a bounce upward if we close above 1084$ and everybody else will say we have hit bottom.
Armstrong clearly said we have not seen the bottem. He said So do we have the low yet? No. To create the low, the MAJORITY must turn bearish. Their target forecasts will be in the $600–$700 level. The key Weekly Bearish Reversals are 1084 and 1075, followed by 1042 and 1026. We have four Weekly Bearish Reversals providing support before the break at $1,000.
If you quote him by choosing certain sentence out of the total context of the article you give your opinion rather than his .