Is the gold correction over? Gold appears to have formed a major bottom after pulling back from $5,600.
Gold
July 22 (King World News) – Otavio Costa: Gold appears to be forming a significant bottom here.
KING WORLD NEWS NOTE: As KWN warned many, many times, gold would bottom after briefly breaking the $4,000 level – creating a bearish crescendo of fear. At least for now that appears to be the case as gold is in the early stages of an upside breakout.
We are seeing all the right signs.
I know it’s still early, but remember:
Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria…
Act accordingly…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
The Return To All-Out War
Gerald Celente: The return to all-out war in the Mideast will cut off oil supplies from the region at a time when the world no longer has the reserves that shielded the global economy from a fuel crisis so far, oil traders are warning.
The new round of attacks has once again shut the Strait of Hormuz, which opened briefly when a nominal ceasefire took effect in mid-June. The strait normally carries about 20 percent of the world’s oil exports.
By 10 July, the International Energy Agency’s member countries had released about 75 percent of the 400 million barrels of oil reserves they had agreed to early in the war. In a few weeks, the taps will run dry.
“We’ve burned through all of the buffers we had,” one trader told the Financial Times. “Everything. All of that’s now gone.”
“We have close to nothing” in reserve, Amrita Sen, research director with consulting firm Energy Aspects, confirmed in an FT interview.
Benchmark Brent crude was trading around $72 after the ceasefire was announced. On 17 July, it was priced above $87. Last week, wholesale prices for diesel fuel jumped 14 percent.
On 20 July, Brent for September delivery was priced at $88.45, diesel at $5.11, and gasoline at $4.
Iran may have the military resources to keep the strait shut for months, traders said, and may do so to pressure Donald Trump ahead of the Congressional elections in November, in which Trump’s Republican party is expected to fare badly.
If Iran blocks the strait through summer into fall, “it is not clear this time where the oil to make up the shortfall would come from,” the FT said.
European officials have said jet fuel reserves are dangerously low. If the supply is exhausted over the next several weeks, it would be difficult to resupply reserves ahead of the winter holiday travel season, airline officials have said.
TREND FORECAST:
Iran has shown it has the capacity to control the strait, no matter how much of the U.S. military arsenal is wasted bombing Iran repeatedly.
Donald Trump has shown that he will go to virtually any length to ensure he is never seen as having made a mistake or as a “loser.”
Based on his past behavior during the war, the fuel crisis is likely to become notably worse and gasoline prices will move toward $4.50 a gallon before Trump can be forced to find a face-saving way to declare some kind of victory that keeps the strait navigable. Or there will be a false-flag attack on America that will escalate the Iran War, which will make a bad fuel crisis much worse.
One Of The Largest Silver Miners Says They Can No Longer Satisfy Demand
To listen to Nomi Prins discuss one of the largest silver miners on the planet telling her they can no longer satisfy physical demand from India, China, Saudi Arabia, Kuwait, etc, CLICK HERE OR ON THE IMAGE BELOW.
JUST RELEASED!
To listen to Alasdair Macleod’s discuss gold and silver carving out a bottom along with the mining stocks and more CLICK HERE OR ON THE IMAGE BELOW.
ALSO RELEASED!
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Refusal To Confirm Gold’s Weakness May Force Violent Rebound In The Price Of Gold CLICK HERE.
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This Just Hit A 10-Year High And It Will Help Cement A Bottom For Gold CLICK HERE.
Look At Who Just Warned Gold Shorts Are About To Be Blindsided CLICK HERE.
ALERT: Gold Demand 5,000 Tonnes, But Gold Mine Output Only 3,672 Tonnes! CLICK HERE.
Michael Oliver – Despite Pullback, Silver Coiling To Rocket Higher CLICK HERE.
China Is Buying Massive Amounts Of Gold & Silver And Dumping Dollars CLICK HERE.
Gold And Gold Miners Have A Long Way To Go On The Upside CLICK HERE.
This Signals We Just Saw The Final Bottom In The Silver Market CLICK HERE.
Is This About To Make Gold & Silver Prices Soar? CLICK HERE.
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