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It's Time To Hedge Metals

By Gary SavageCommoditiesMay 23, 2016 10:30AM ET
www.investing.com/analysis/chart-of-the-day-%E2%80%93-time-to-hedge-metals-positions-200131577
It's Time To Hedge Metals
By Gary Savage   |  May 23, 2016 10:30AM ET
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Here’s Why:

So far gold has done exactly as I predicted. The minute the dollar bottomed, gold topped. I think this is a good time for Old Turkeys to place a hedge on their metals positions.

Gold needs to break the daily cycle uptrend line to confirm the daily cycle decline has begun. It should do that this week as the Euro starts to accelerate down into its own daily cycle low.

I don’t expect a top in the dollar-bottom in the Euro until after the Brexit vote. So look for gold to finish its intermediate decline around that time.

Silver is not in a bull flag like some are suggesting is developing in gold. It appears to be leading the metals down into an intermediate degree correction.

Gold (top), USD, Silver
Gold (top), USD, Silver

It's Time To Hedge Metals
 

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It's Time To Hedge Metals

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Sergio Fajardo
Sergio Fajardo May 25, 2016 4:03AM GMT
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Gary first of all congratulations on a spot on forecast for the DXY, gold and the miners, my question is why the miners have refused to give up their gains in the same fashion gold has, the beta seems to apply only on the way up but not on the way down.
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Casey Poole
caseybpoole May 26, 2016 12:38PM GMT
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miners to see ALL kinda resistance today; they break thru that; I become the number believer that sector will outperform most others for the next 3-4 years.... GDM is my favorite index for id of good mining stocks, anomalies and overall correlation to NUGT (far and a way my best performer to date this year. I don't evenn see GOLD breaking a trend it was healthily bouncing off 1217.50 twice yesterday and is far and away the strongest support (b/w 1216-1219). If that breaks close, confirms, Im out GOLD until Miners bring the price action above my personal "mendoza line" I dang sure won't be buying any DUST w/ that split action, rather go w/ shorting the GDX w/ one of their proshare shorts i.e. gdxs, gdjs, gdss(i think gdss is one)
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Brad Smith
Brad Smith May 24, 2016 11:27AM GMT
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Thanks for the update Gary. It seems like Paulson wasn't the only one that took profits on their gold positions. Assuming we are at the top with gold as many signs point we are, it is the ideal time to take profit as I doubt we'll see these levels again any time soon. However, a major political event causing instability can change the circumstance drastically.
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Casey Poole
caseybpoole May 26, 2016 12:41PM GMT
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yeah like trump or clinton as potus, this bull ain't dead yet, so skeptical at first sign of weakness in over a month, buy it up buy it up buy it up Dollar still down, America still screwed AUD and CAD both doing well and they are the last of a dying breed of commodity backed currencies. the day we stopped backing with physical gold was the day the USA pre-signed its economic death certificate IMO.....
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Vlad Yunatanov
Vlad Yunatanov May 23, 2016 6:05PM GMT
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its either you have issues or i`m going crazy or your technical analysis need to sharpen up a bit... #1 Silver just hit 50% retracement plus 50DMA on daily chart there`s no way in ********it will go lower. Second Platinum just bottomed and Dollar failed to break above the high cuz there`s huge resistance at 95.50 and we will see dollar drop to 89-90 level lets see who`s good
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May 23, 2016 5:14PM GMT
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I was following you in December when u called the bottom I am new to market investing and have to give you the most credit to proving technicals to me!! Thank you mr. Savage
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Vinoda Mukar
Vinoda Mukar May 26, 2016 5:32AM GMT
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Dear Gollum, Mr Savage is indeed spot on on most of the things including S&P, Gold. But nothing is foolproof in investing. Let's enjoy his recos til proven otherwise.
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