Posted by Peter Grandich at 10:33 PM on Monday, February 15th, 2010
The technical picture for gold has improved dramatically. A breakout from a falling wedge is one of the best technical patterns for bulls and it appears we’re on the verge here in gold.
Physical demand has been very strong during this “paper” correction. The commercials on the CrimeNex (Comex) have aggressively covered in the last two weeks and once again have fleeced the speculators for the umpteen time. Two consecutive closes above $1,125 should put the correction fully behind us. I continue to believe there are “two” gold markets; the physical market worldwide and the paper market on the CrimeNex. The days are numbered for the paper “hangers” as real demand for gold continues to grow despite an overwhelming number of gold perma bears and chicken bulls that dominate the financial services industry and the media. I can’t wait to hear their latest excuses when we go to new highs later this year.
On Major Moves, Grandich has been very right and not only saved many investors fortunes, but expanded them dramatically. On November 3, 2007 at the MoneyTalks Survival Conference, Peter Grandich of the Grandich Letter warned that “an unprecedented economic tsunami will hit American beginning in 2008”. Peter advised publicly to short the US market two days from the top in October, 2007 and stayed short until the last week of October, 2008. He began to buy stocks in March 7th, 2009. He also bought oil and oil related investments near the lows after the dive from $147.
….go to visit Peter’s Website.