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Ing:  “The markets are focused on will they or won’t they reach an agreement in Washington.  To me, this is all noise, just like the Yellen appointment.  Meanwhile, we also have three of the bullion banks talking about lower gold prices -- down to $1,050.  Even if we have a short-term resolution in Washington, the US still has $17 trillion of debt, and it’s still mounting....

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“Obamacare is 10,000 pages long and there are problems with signing up.  There is also the expense of this, and it’s still mounting.  We also have an FOMC meeting on October 30th, and it is clear that QE will not end under Yellen, but in fact it will go into 2014.

All of this just says to me that the fundamentals which drove gold higher are still very much in place.  What is happening on a short-term basis is the market simply reacting to all of this noise.  I recall back in 1995 that gold went up 7% after the last debt resolution.  Those gains were later surrendered. 

All of this back and forth may be good for traders, but the reality is that the fundamentals have gold poised for much higher prices over the long-term.  The technicals such as the MACD have been flattening out recently.  That means there is a big move coming.  Gold hit the 200-day moving average at $1,434 and subsequently pulled back to this $1,300 area.  So from a technical perspective, gold is in prime position for a very big move.

I have also been watching the tremendous drawdown in Comex inventories.  When you combine that with the evidence of what the Japanese and Chinese are doing with their currencies, this all says to me that everything is now in place for higher prices.  We are about to get a move in gold, and it will be quite dramatic.”

Ing added:  “When I was speaking to my European clients, the feeling in Europe is that they have been able to dodge the ‘bullet.’  But while everyone has been celebrating the fact that Spain was able to float a 30-year note, we have France with a Debt/GDP which has now increased to a staggering 96%.

We also have Italy struggling, with their finances in a horrendous state.  Again, everybody is celebrating what a good job the ECB has done, but the ECB hasn’t yet put out a euro defense.  Everything has just been done to buy time.  But while they bought time, none of the fundamentals were put in place to resolve the debt problem.

The global economy has just been marking time based on the trillions floated by the Japanese and the United States.  This has been having a ripple effect, but the problem is eventually that money has to be paid back.  So the bigger picture for the West is very grim indeed.

With all of this as the backdrop, I firmly believe that gold is within $25 of a bottom.  This is why gold should be accumulated here.  The market for gold shares is still incredibly shaky.  This is symptomatic of nervous markets, and this is exactly the type of thing you see at a bottoms.”

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© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

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Eric King

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