No Sooner Did I Say so in this interview recorded Monday morning and “Walla”!
The anticipated attack on gold in this holiday season is upon us. Goldman Sachs announcement of the end of the gold run is no surprise. It shall join an ever-increasing pile of them that was last enhanced when gold was supposedly dead in the low $1500s.
Like I stated in that interview, these sell-offs were anticipated and likely to stay around at least until the New Year.
Normally, I would expect the $1,660- $1,665 area to hold but given the seasonality of liquidity drying up and the obvious assault that began with the selling when Crimenex opened last Friday, we can’t rule out a washout back to the mid $1550s. Whether such a scenario plays out or not I would hope you don’t let the gold perma bears get your goat and ruin your holiday season. The “mother” of all gold bull markets remains and $2,000+ gold is not a question of if, but when.
The author of this well-written article expressed “exactly” how I feel about the U.S. stock market. I continue to believe it shall rally to a marginal new, all-time high in 2013 then proceed to retrace much, if not all its gains from the March 2009 lows.
Update @ 7:55am: Peter’s latest Dec 5th interview covering all aspects of the markets