Six years ago this week, the Power of the Pattern shared that "Gold could be flat to down for years to come!" See Why the Power of the Pattern felt this way. See Post Here
Below looks at the performance of Gold, Silver, GDX and GDXJ since the post on 9/1/11-
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Could the struggles of the metals markets be about to end? Mother of all "Bullish Patterns" in play for Gold? Could be, check out the chart below-
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Even though Gold has been down hard the past 6-years, it did NOT break below rising support off the 2001 lows, which was tested at last years lows. This is a long-term positive.
Over the past couple of years, Gold could be forming a base, that is taking the shape of a "Bullish Inverse Head & Shoulders" pattern. If the read would happen to be correct, an all important test is in play at this time. The key test in play is this...Gold is testing the underside of the neckline, which is resistance at this time.
Bottom Line- If this read is correct and Gold breaks above the neckline at (1), we could see buying pressure take place, that has been absent for years.
By Cash could become a relic of the past if credit-card companies have their way. Visa announced Wednesday that it will grant up to $10,000 to 50 restaurants and food vendors who stop accepting cash in favor of credit cards, debit cards and mobile payments.
via Wall St. Whisperer and Marketslant.com What's going on with silver? If you've been bullish silver, you might feel the same angst some investors have felt over the past two months. But, according to one anonymous analyst from Simple Digressions, it may be time to look at the grey metal again.
In early 2016, physical gold hit $1,050 an ounce, which marked a level that gold investors hadn't seen since the latter half of 2009. After hitting $1,900 an ounce in 2011, gold shed 45% of its value as the U.S. economy improved, the U.S. dollar strengthened, and the Federal Reserve teased at, and finally began, raising its benchmark federal funds rate.Read More
Gold price to 2 month high as fiery Trump declares New American Order - 'Trumponomics': Politics and economic policy in 140 characters - The 'intelligence' according to Trump - Trump, Putin and Russia - the great bromance - Trump - Bull in a China shop - Trade and currency wars with China and other nations - Trump - Fan of gold and golden tweets - Conclusion - Trump may be the 'Golden Ticket' "The market is now worrying about what would come out from the new administration," Bob Takai, chief executive officer and president of Sumitomo Corp.Read More
Half a world away at the World Economic Forum in Davos, Switzerland, Nobel Laureate economist Joseph Stiglitz made remarks earlier this week that the US should "get rid of currency." Physical cash means there is no one else standing between you and your savings. But Professor Stiglitz and his colleagues don't want that.Read More
Perhaps one of the clearest indications that a rally inspired by President-elect Donald Trump is starting to stall is shiny and yellow and is outperforming other assets by a healthy margin. Gold is up 4.1% in the early part of 2017 as Trump stock-market rally deflates; Silver is off to an even better start to the year, up 5.3%Read More
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