This week I am very close to doing something I haven't done in a long time says Dominic Frisby of MoneyWeek. And that's placing a massive bet on gold. ...
I've been saying since September 2011 that gold is in a consolidation phase. That phase would last at least a year, I said, and we wouldn't see new highs until autumn-winter 2012 at the earliest.
I base this theory on a repeating pattern that gold has followed since this bull market began around the turn of the century. Gold tends to make a move up, which might last several months. It then enters a phase of consolidation. The magnitude of this consolidation phase tends to reflect the previous move up. ...
I'm of the mind now that the current period of consolidation is coming to a close. First, we have meandered for over a year - we've done our time. Second, gold is playing out according to its typical seasonal pattern. I said a few weeks back, when gold was at $1,750, that $1,700 wouldn't hold, but that we would find support in the mid- to high-$1,600s.
That's what has happened and, so far, support has held. These corrections always seem to happen in October. It is a bad month for gold. November, however, is a good month. ...
Obama has now won a second term. But I had noticed a lot of gold bugs cheering on Mitt Romney. I can't understand why. Gold likes the Democrats. ... The average is for a 358% gain under a Democrat president. I guess it's all the deficit spending. A 358% move from here would take us over $6,000.
I've been saying since September 2011 that gold is in a consolidation phase. That phase would last at least a year, I said, and we wouldn't see new highs until autumn-winter 2012 at the earliest.
I base this theory on a repeating pattern that gold has followed since this bull market began around the turn of the century. Gold tends to make a move up, which might last several months. It then enters a phase of consolidation. The magnitude of this consolidation phase tends to reflect the previous move up. ...
I'm of the mind now that the current period of consolidation is coming to a close. First, we have meandered for over a year - we've done our time. Second, gold is playing out according to its typical seasonal pattern. I said a few weeks back, when gold was at $1,750, that $1,700 wouldn't hold, but that we would find support in the mid- to high-$1,600s.
That's what has happened and, so far, support has held. These corrections always seem to happen in October. It is a bad month for gold. November, however, is a good month. ...
Obama has now won a second term. But I had noticed a lot of gold bugs cheering on Mitt Romney. I can't understand why. Gold likes the Democrats. ... The average is for a 358% gain under a Democrat president. I guess it's all the deficit spending. A 358% move from here would take us over $6,000.
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