While many analysts on Wall Street forecast gold to head lower in 2014, they fail to realize that its historic ratio to oil points to a much higher price. It seems like everything today is based on financial wizardry rather than fundamentals of a physical economy.
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In early November we turned bearish on the precious metals with the expectation that the sector was about to begin a final plunge that would lead to a V shaped bottom. In our last editorial, we asserted that the bear market was in its final throes. Interestingly, the plunge in precious metals stocks may have ended in early December. Over the past several weeks the gold and silver stocks failed to break lower despite the negative sentiment and the prevalence of tax loss selling. While we aren’t sure if Gold has bottomed, we think odds are strong that the stocks have bottomed.
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Here are today’s videos:
Silver:Gold Ratio Versus Gold Charts
Silver Intermediate & Long term Target Charts
Gold Slow Stokes & Fib Line Target Charts
Gold Stocks Bull Wedge & Fib Line Target Charts
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Most analysts and traders say you should never try to pick a bottom in any market. Most of the time I agree. It can be like trying to catch a falling knife. You’re likely to get hurt, and possibly quite badly.
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I’m not certain how many interviews I’ve done over the last decade. Hundreds? I know it is a lot. There are some interviewers who can somehow tease out what you really have in you. Tom Keene at Bloomberg, for instance, forces you to bring your A game, at whatever level you play. He brings it out of you. You know that he is smarter than you will ever be and that you should really be asking him the questions.
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“Physical market for both metals to enter a deficit as soon as next year”
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Gold looks like it is on its way to its first annual drop in 13 years.
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INDIAN POLITICS
The events in India have taken a most interesting turn for gold. The one year-old political party that is anti-corruption is shaking the political foundations there.
Read more: http://tinyurl.com/qzsgjqf
I hope you had a wonderful Thanksgiving weekend with family and friends. I did!
But now, it’s back to work. It’s back to protecting and growing your wealth. As we come closer to 2014, that’s more important than ever.
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The Difference between Short & Long Term
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