No crash immediately ahead. The economy is like a giant aircraft carrier, it takes a lot of time turn around. Too much growth and too much money coming in. Twelve percent chance of a rate hike in December, despite their repeated denials to the contrary. Gold is heading upward with a resistance point of $1825. Miners are now leading the metals, which is what you want to see, especially at turning points. Dow Jones US Gold Mining Index has been leading for quite a while, a very positive sign. They led on the way down and are leading on the way up. And rate hikes are going to be the next catalyst. Tons of money being thrown at the economy. Pent-up demand is going to make the economic numbers soar. Optimism yes, but it might not yet quite be time. Better to be a little early. When gold hits $1950 it's off to the races. This is going to launch and explode high. Gold to S&P at a 7 year low.
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets.