Stewart Thomson
email: stewart@gracelandupdates.com
email: stewart@gracelandjuniors.com
email:admin@guswinger.com
June 9, 2020
Gold often has a “bad hair day” on Tuesdays, but today (so far) the price action is decent.
Pleaseclick here now. Double-click to enlarge.Is the sideways drift in the gold price coming to an end, or is there more churning ahead as the summer begins?
What can be said is that a rough $100/ounce sale is in play for gold, and there are 15%-20% price sales for most intermediate and senior miners.
Pleaseclick here now. Double-click to enlarge this dollar versus yen chart.There is tremendous correlation between the price action of gold and the yen.
That’s because big bank FOREX traders view them both as “risk-off” currencies.At some point that correlation will die, but for now it is rock solid.
There’s a loose triangle in play for the dollar against the yen, and a meltdown seems likely.That would be good news for gold!
My suggested plan of action for gold market investors is to buy lightly here, because regardless of whether the economy strengthens or weakens, debt goes higher.
It’s outrageous that during periods of economic strength, Western governments and central banks add debt, print money, and refuse to eliminate QE.
The great news is that those outrageous actions are why gold now drifts sideways after big rallies rather than selling off aggressively.
Pleaseclick here now. Double-click to enlarge.This weekly chart for gold is spectacular.
There’s a gargantuan inverse bull continuation pattern in play, and it’s arguably the most aesthetic pattern... in the history of markets!
Interestingly, the formation of a bull flag now is as likely as a big right shoulder.
What about the stock market?Well, the current action in the stock market is also good for gold.To understand why that’s true, pleaseclick here now. Double-click to enlarge.
A huge broadening formation is in play for the US stock market, and broadening formations happen when a market becomes... out of control.
Interestingly, a recent poll highlighted by Fox News suggests that 80% of Americans believe not just the stock market, but the entire nation, is out of control.
It could be argued that my Dow 21,700 and 18,300 buy points are two of the greatest stock market calls of all time, but I’m not seeking accolades.The market could of course crash at any time, but it is likely to rise to 35,000 or even 40,000 first... and become even more out of control.Thanks!
Cheers
st
Jun 9, 2020
Stewart Thomson
Graceland Updates
website: www.gracelandupdates.com
email for questions: stewart@gracelandupdates.com
email to request the free reports: freereports@gracelandupdates.com
Tuesday 9th Jun 2020 Special Offer for 321Gold readers: Send an email to freereports@gracelandupdates.com and I'll send you my free "Key Miners Are Ready For a New Leg Upside!" report.I highlight key intermediate producers that have touched support and are now beginning what could be a rally to new highs!I include key buy and sell tactics for each stock. Recent NewsMonetary-driven precious metals outperform major base metalsSeptember 09, 2024 / www.canadianminingreport.com
Gold stocks hit by plunging equities marketsSeptember 09, 2024 / www.canadianminingreport.com
Gold stocks down as metal and equities momentum fadesSeptember 02, 2024 / www.canadianminingreport.com
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Major monetary drivers still supporting goldAugust 26, 2024 / www.canadianminingreport.com
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