Top Advisor to the largest sovereign wealth funds and institutions in the world, Michael Belkin, warns gold price to surge far higher than most people can imagine.
“Gold stocks are probably only in the first inning of an extended move higher. This is
just the first stage of a bull market that should carry gold and gold stocks
far higher than most people can imagine.” — Michael Belkin
With continued large commercial short interest in the gold and silver markets, it is interesting to note that longer-term sentiment in both gold and silver remains extremely bearish. Today the number of gold bulls are precisely equal to what they were at the bottom of the 2008 collapse lows, when gold was only trading at roughly $700.
When you look at the silver market, sentiment is much worse. Today the long-term sentiment in the silver market shows about 15% fewer bulls than when the silver market bottomed at $8.80 during the global collapse in 2008.
What does it all mean?
Even though there are large commercial short positions in both gold and silver, sentiment clearly shows that in the early stages of this bull market both metals continue to climb a “wall of worry.” This is extremely bullish in the medium- to long-term, and it makes watching the war that is taking place in the gold and silver markets that much more fascinating.
I don’t know how Richard Russell knew there would be such a fierce battle at this key level in the gold market but this is what he said late last year:
“I use $1,250 as the point of no return for gold. If gold betters $1,250 and stays there, I think we will have confirmation of a new bull market in gold.”
Well, gold recently broke above $1,250 but aggressive commercial shorting temporarily capped the advance and pushed the price back below that key level, where gold is currently trading near the $1,230 area. Keep an eye on gold’s advance when it is finally surges above $1,250 and stays above that key level for an extended period of time because Russell let us know that this will confirm the new bull market in gold and of course silver as well. This will also confirm that Michael Belkin is correct that the price of gold will surge far higher than most people can imagine in this phase of its long-term secular bull market. To hear a major new call that was issued on the silver market from the man who advises the largest global sovereign wealth funds, hedge funds, investment banks, and institutional money managers in the world, Michael Belkin, you can listen his amazing audio interview by CLICKING HERE OR ON THE IMAGE BELOW.
KWN has now released the outstanding audio interview with Stephen Leeb and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
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