There Are Many Positives Driving Gold
This interview was recorded later in the day yesterday right before my power went off…. David and I discuss the nice bounce back in metals prices and the move higher in gold right to resistance. There are many positive signs for the sector that David shares.
Click download link to listen on this device: Download Show
Click here to visit David’s site and find out more about his newsletter.
Hideous looking reversal candle for AXU on weekly chart. Pump n dump.
This my proposal for ending the inflationary spiral that we find ourselves in today. It may appear harshvatvfitdt but it makes the most sense. When Jerome Powell, head of the Federal Reserve raised the Federal Funds Rate by a quarter point, it was just a futile gesture. He wants desperately to create a “normal” interest rate environment. But he cannot achieve this because everything is based on debt. Our entire economy is based on debt (a huge debt load of over 22 trillion dollars). This is not even including all entitlement programs ie. Medicare, Medicaid, and other health programs. We must also include Social Security, Student loan programs and of course, the Economist Weapon of Mass Destruction- Derivatives. (counting in the quadrillions of Dollars.) We are headed for a Great Depression, much worse than 1929! However, let me offer my solution: It is drastic and a bit Draconian but it will work! There will be some pain to be sure but it will set the American Economy and Monetary System on a true value oriented platform. Firstly, the US Government MUST “back the US Dollar with gold! Every dollar should be backed by a tiny amount of physical gold! This will show the world that the US Currency is honest and strong. Next, the Federal Reserve MUST raise the Federal Fund Rate by an entire one point!( That’s right – ONE BASIS POINT!) The Stock Market will sell off very quickly. There will be pain. (Compare It to lancing a pus infection; quick but effective !) Then, when everything settles, America will be back on the road to a truly balanced economy, a strong Currency backed by the King of Precious metals, GOLD, ( the symbol of stability and wealth for over 5000 years. Yours faithfully, Murray Fradin, Editir of The Gold Corner at: http://www.gold-ultimatesafety.net.
I think GDX and GLD be drifting down over the next 5 weeks based on cycles.
SLV and some of the weaker miners, including silver miners like EXK and AG–it’s not really too clear where they will end up at that time. I’m guessing they won’t make lower lows, but who knows. It’s also possible they might actually outperform gold during that period, but I wouldn’t bank on it.
Take predictions on the short run with a grain of salt though. The bottom line is that at least GDX and gold are basing bullishly as long as they don’t crash through their 20 WMAs.