Gary feels that a final “bloodbath” in gold is right around the corner.
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Gary is looking for a significant drop in the price of gold which he feels will make many current holders very uncomfortable and possibly exit their positions with no plans no re-enter the market. As he is predicting a turn upward within a few months, he is suggesting that investors, rather than take significant short term losses simply exit now and stay in cash until a bottom does come.
bottoms in secular Bull markets (which gold is in) will come eventually!!
Exactly what we were told at $1700.$1400.$1200.$1130 Dan. eventually = hope, good luck!
1041-1044
that’s my bottom for gold ๐
well…you call it hope…. I believe in fundamentals…they matter sooner or later! ๐
Gold has performed poorly even on the recent pullback in the US dollar. This poor performance has been in most major currencies looking at the charts on Kitco for the last 60 days, especially in dollars, pounds and Swiss francs and even in Euros.
I note also that the Japanese Yen is breaking down which previously correlated in 2013-2014 with the large falls in gold, especially in early 2013. The breakdown in the Yen bodes very badly for gold, given recent history (the last 4- years).
This could be a secular bear market in gold. it is already, nearly 4 years in the making. The jury is out right now. Perhaps there could be a new bull market from 2017-2014 on the next dollar down cycle whenever that comes but don’t necessarily expect gold to skyrocket when the dollar reaches its top, perhaps in a couple of years’ time. It could end up like 1985-87 with an abortive rally in gold not going to new highs.
We have had a little cyclical bull in gold in Euros and in other weak currencies for the past year to 18 months but that is correcting at the moment. So there is currently no sign of strength in gold.
The jury is out altogether but a double bottom at $1130 would not surprise me, nor would a move to $1080 or even $1010 this summer and that might not necessarily be the final low.
The bottom will be in when Gold closes above and takes out $1382 to the upside.
The first minor resistance at $1239 didn’t even get tested on the last weak attempt by Gold to rise, but clearly $1308-1309 is the first resistance gate to cross. Next is $1347. The primary target though to show Gold is finally in a confirmed uptrend is $1382.
Until that happens everyone is still just speculating. As for a bottom, I’ve been fairly consistent that I think $1044.70 and $993.20 are the 2 low bottom support targets; but that really, nobody can rule out that the $1130 Nov 2014 lows were the major bottom.
The Gold market hasn’t been back to test $1130 yet, and hasn’t broken 1382 to the upside yet. We’re in trading range limbo until either $1130 or $1382 gets tested.
I will say Gold at $1169 is far closer the $1130 level than $1382, and it is much more probable we’ll be testing the lows this summer.
I’ve explained this before. A bankruptcy phase is a long drawn out process where overleveraged companies go out of business.
A bloodbath phase is the last 5-7 days of an intermediate decline.
Final bottom is likely next summer at about 800 and about 1000 this summer for a temporary bottom with a strong rally of about $200 by the end of Sept.
I tend to agree but ti does depend mostly on when the dollar tops. Since the major dollar upmove started only a year ago and has in the past lasts at least 3 years (like 1982-1985) or even more (1996-2001). Unless something aborts the dollar bull market early, expect more grief in gold and other commodities.
Interestingly, the current dollar rally actually came quite late – and looking at the dollar tops in early 1985 and late 2001, the next one might be due sooner (2016 sometime?)
However, the cycle lengths in the USDX are not quite uniform anyway.
wheres Matt..??
he was mauled to death by the gold bear he didn’t see in the room, R.I.P.
Yeah you wish. My account of many miners is actually up today (not much, but still UP). I’ve been a buyer of select juniors today. Good times. ๐
I think they are talking about the other “Matt” not “Matthew” ๐
How many paper claims per registered oz on Comex this week?
Paper claims ready to settle with paper. Uncle Scam unlimited.
The relevant gold sits in China,India and increasingly so in Russia.
Ha Ha – Hilarious ๐
Gary, I saw a very strange move in COMEX when the non-farm payrols came in and gold was trash and almost imediatly come back up with 80% volume. What do you think?
Bankruptcy phase … bloodbath phase … Intermediate cycle, daily cycle …
eight years cycle … right shift cycle … left shift cycle … really … seriously ?
I think i’m gone a flip a gold coin.
Until the comex breaks, gold stays cheap.
GOOD ONE………A savage with a stick that might cause a bloodbath……. ๐
BLOODBATH…………..BANK RUNS IN GREECE TODAY…….700MILLION PULLED …zerohedge
Got too cocky yesterday and bought GASL thinking job report would come in weak, sending the energy sector soaring. I sold this morning with small gain. Just wondering does anyone think natural gas bottomed, or could it have further to go?
Jane, I’ll attempt to answer that one. Based on the technicals I follow natural gas like oil has further to fall.
Thanks, I thought maybe a weak job report would send dollar reeling causing natural gas to bounce off support and rally back up to $3.00. Make my biggest mistakes when I get too cocky. Good thing got out on time. Thanks again.
Will this bloodbath phase be worse than the bloodbath phase that took gold from 1700 to 1200?
Gary, are you saying it’s going to be worse than the October 2008 bottom for gold? That would take gold to the low $700s.
700 is Harry Dent’s prediction.
It’s going to feel worse although i doubt gold goes below $1000 and if it does it won’t stay there long.
Harry dent predicted $250 in peter Schiff show last year.
There would be 0 gold miners left with today’s input costs in mining at $250 an once, so personally anything less than $800-$900 is just nonsense.
I agree with Gary about the Fed raising interest before long. They have already lost all credibility and will stubbornly try to regain a bit of it. No, it may not be good for markets but the majority of the committee will try it anyway. Don’t forget, if they really knew what they were doing economically, we wouldn’t be where we are in the first place. Then, if things go badly, they can always reverse, but the damage will be done.
Good thoughts Silverdollar.
Somewhere in the WORLD there is A BLOODBATH…………..
GUARANTEED…………
Encyclopedias and Telephone books have been rough markets ever since this internet thingy came along. It’s been a blood bath for those over-extended in those markets. ๐
Fuller brush and home tv repair business……………..long gone , along with shoe shine kits and white pressed shirts.
Wagon Wheels had a tough year, along with VHS resellers.
floppy discs………and a wang machine…….
Pong is coming back……along with pac man………..
a wang machine….did you mean a Tang machine?
Aliens in the 1970’s wanted to trade rocks for Tang.
Wang…….1970 first small office computer…….
Ahead of your time……….
Tang was that lousy orange drink ………you mix with water……..in the 60’s
Oh yeah….I am familiar with Tang…and was given it by rangers in the desert when I got so dehydrated I was hallucinating and my body was shutting down. They finally convinced me I didn’t need more water but needed electrolytes and explained the reason Tang was given to the astronauts was for concerns of dehydration.
I responded, “well if it’s good enough for the astronauts dehydration, then it good enough for me.” ๐
Honestly I can think of a million jokes I’d like to make regarding word plays with a Wang Machine and getting Tang…..but they wouldn’t be suitable for this venue.
I’ll leave it up to everyone else to ponder Wang Machines and Tang’.
Looks like the call on lower oil was wrong. I sold out yesterday and jumped back in today. Oil stocks started going up while oil was down significantly. Maybe the sentiment is shifting. Oil may help pull the whole market up.
Better read the news…………saudies are pumping more oil…………
Gary, unless Jamie Dimon told you so, your guess is as good as others. No technical is relevant with the manipulator.
Lawrence,
I will just try to call the bottom in real time based on my cycle counts and the duration of the bloodbath phase when it begins.
Why do we have to have a bloodbath phase in gold? why? Why not in stocks? We can call the current one blood bath already. Most miners are only <5% of their peak. Do we really have to go to 1%?. Gold only has this kind of drop once in 35 years, quite bloody already. John Embry called it end game years ago, which is happening now. How about the if the second shoe you are waiting is not dropped.
Lawrence,
Almost all intermediate cycle declines have a final 5-7 day bloodbath phase as the asset makes a final intermediate cycle low. It doesn’t matter whether it’s gold, stocks, oil or the dollar. They all exhibit this complete panic phase at an intermediate degree bottom.
The studio dog is calling for a gold target of 1033 for this summer.
The Studio Dog has sat in a lot of these editorials, so I’m not ruling out its opinion.
I have a $550 bull position on NUGT that gold (major miners) goes UP. I have a $1550 bear position on JDST that gold (minor miners ๐ ) goes DOWN. So I am ready for a move to $1150 OR $1250.
Contrary to what the gold bulls would like you to believe damand is dropping. This should set the stage for the final drop into the 8 year cycle low later this year.
If the drop in gold price is due to slump in demand, why do you call manipulation. I cannot understand. Are you talking from both side of your mouth?
This article makes sense. Gold demand drops as prices go down and increases as prices rise which is what makes the bottom and tops. Bottom is close but not in yet. Bloodbath phase needs to occur to wash out ALL long term holders so cartel wipes everyone currently holding in COT. I’ve been on side lines for months and i am waiting for wash out of COT on extreme side so i can murk this sh1t good. Murk’em
AmeriKans will Perot bye low sell high, bye low sell high Polly wanna cracker! But when YOU buy low to sell high later the same Perots say why are you buying that asset, it’s not worth anything. lol Stupid Perots.
If you know physics you know this is called positive feedback. It is used to make 1 and 0 in computer. If demand drop as price drops, the price will drop to 0. On the contrary if price goes up, the demand goes up too, the price will go to infinity. So you can have two states, 0 and infinity (top limit in electronics). In any other field, we have negative feedback, so things change contineously instead of jumping between two states. This requires price drop demand up, price up demand drop.
As Rick Rule likes to say, the cure for low prices is low prices and vice versa.
I always loved that line and it really makes sense when you think about. When I first heard it, I thought:”What the heck!? This guy is an idiot.” But then when I listened further and replayed his interview over to hear everything he had to say, it all made sense and I thought then: “Damn. Why didn’t I think of that?”
Agreed
It would make more sense to a lot more people in the context of shopping at the grocery store. Low prices would lead to empty shelves if prices weren’t allowed to adjust with demand. The market rations goods and services automatically if it’s allowed to.
The manipulation is both up and down. The bullion banks trade against the trend funds computers.But the general trend is still down.
One day it is manipulation and the other day it is supply/demand …
Is Gold Becoming Illegal?
http://armstrongeconomics.com/archives/31089
Mint gold coin sales are the major influence on PM prices? Give me a break.
Murki’em lol
Gary,
Oil is closing significantly higher today. Could it be you jumped the gun abandoning your earlier call for higher oil?
Gary,
Your comment regarding gold today are spot on! I’ve been waiting in the wings for this to come ( thought it would have been a bit sooner… ) and hope this move confirmed the start of it. I do believe we might see a bottom by sometime in July.
The last few weeks of the wash should be interesting for sure.
Great comments today for sure, Gary.
Gary has been spot on IMHO for last few months.
BANK RUNS HAVE STARTED IN GREECE…………..700MILLION PULLED TODAY….zerohedge
this is the BLOODBATH……………..
This is where BitGold can save some of these countries …
Physical………only……….computer cash is trash………
to many CHINESE HACKERS………….
WAKE UP
,,, after taking deliveries :).
๐
You are making groundless accusations and being “irresponsible” .
http://www.zerohedge.com/news/2015-06-05/china-blasts-washingtons-irresponsible-groundless-hacking-allegations
:)..
that’s a smile with dribble ๐
I can’t wait for these juniors to start going belly up. No pain, no gain. Their pain will be my $$$.
Now a 3rd merger in the Uranium space announced in the last few months. Why would 3 different larger players in Uranium all go shopping at once if they didn’t feel now was the time to position for long-term growth in the Uranium sector?
MERGER OF URANIUM RESOURCES, INC (NASDAQ:URRE) & ANATOLIA ENERGY LIMITED (ASX:AEK)
1) Energy Fuels takeover of Uranerz (that should be completed this month)
2) Boss Power takeover of Anthem Resources
3) โฆ and nowโฆโฆUranium Resources takeover of Anatolia Energy
So who’s next in the consolidation of the Uranium space?
Are we near the bottom here in Uranium and that is why M&A are picking up suddenly?
Good points, Shad
Thank you sir!
Bo Polny, who used to be a guest here, is calling for a massive surge in gold before june 21. He insists that we should hang on. A true genious.
Wonderful…another blood bath…as if the last ten weren’t enough.
China announces 20,000 tonnes of gold bloodbath.
Oh,year,back to the American Fed paper reality show backed by thin air.
Lap up that shock and awe.
I hope Gary is correct about gold getting hit. It will be a great opportunity to load up on some gold coins and gold shares of the juniors.
Only time will tell..
Good luck ALL!
Cheers!
Gold needs to move on……..stop bottom fishing and expect things to be better later,,,,,,this is later………Time waits for no man, time is short, and gold is well over due for it’s justified price, which should be well over $2300.
The predictions and comments on this site are so useless..as in useless information…I don`t even read it anymore
I thought the bottom was in at $1700 or was it $1400 or $1300 perhaps $1200 or $1130 how will anyone know when the bottom is in, using the last 4 years as a guide?
Gary C.T. is going to be calling you nuts! with any calls of bloodbath phase, I thought it was a bankruptcy phase not a bloodbath phase?