Please try another search
I started this year saying that to date, gold has been sold on strength and bought on weakness. And that the day strength is bought is the day we begin a much bigger rally.
A Few Gold Headlines:
Gold prices hit a record high in Japan
China steps up gold imports in 2022: Swiss gold imports at 4-year highs, Russia gold imports rise
Swiss pension fund increases exposure to gold
Every time we look at the price of gold, we take one step closer to realizing our prediction of the $3000-$3500 price target by 2024 and not ruling out a trip to $5000 by 2025.
Yes, gold is overbought at current levels. Yet, haven’t you heard the expression, “Overbought can become more overbought?”
Of course, you have. However, not for some time. Probably not since the huge bull run of 2021-and of course, as it related to equities.
Dear readers, we were primarily commodity floor traders for two decades. We are presently bullish on the metals. We have been hammering this home since post-covid.
Now though, we see a new phase, a parabolic one.
Back in the day on the COMEX Exchange in the World Trade Center, pre-social media, pre-24-hour news loops, everyone was a trading genius at least once in their lives when in the late 1970s, floor traders bought dips in gold and silver.
Local traders did not concern themselves with calling corrections or tops. We were there to trade price and momentum.
After a very long wait, those days in the metals have returned.
With proper risk management ALWAYS, dip buying on corrections makes a lot of sense. Other than a very rich relative strength indicator, we see little in the way of a top at this point.
The landscape mimics (on steroids) the 1970s. With current macroeconomic and geopolitical conditions such as they are, 2023 is even more bullish for the metals than it was five decades ago.
And silver is not far behind.
Retail investors have yet to load up on precious metals. Most are trained to buy equities and know little about commodities.
Right now, retail investors sway bullish on stocks. Once metals gain more of the retail trader’s attention, can I get a P-A-R-A-B-O-L-I-C?
There’s been plenty of uncertainty in the air. From our economy to the stock market to politics to war abroad, consumers are concerned. So we continue to look for facts, signals,...
Despite the permalbulls oozing with overconfidence, we warned on May 5 that their discourteous behavior is often a precursor to a reversal. We wrote: The crowd remains immensely...
Silver jumped 2.8% on Friday, an important signal of the end of the bearish momentum that has seen the price fall by more than 13% in three weeks.Although silver is resting on...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.