Hickey says we are seeing a historic bottom in the gold market while Martis says oil is headed to $150.

Gold
October 8 (King World News) – Fred Hickey:  All around the world investors are buying gold – as one can see in this article. Only one group isn’t: Western gold futures traders who dumped huge numbers of futures contracts last month. Gold futures open interest is hovering below 400K. Last two times when that happened: End of 2015 – start of the secular bull market with gold at $1,050 an oz. & fall of 2018 when gold bottomed again around $1,300. 

These algorithmic-driven gold futures traders seem to have forgotten that their “correlations” to the US$ and rates failed miserably during gold’s most recent huge move. Also, rates soared throughout the 1970s great bull market. Maybe they should reprogram their algorithms to capture the complete lack of govt. fiscal discipline, soaring budget deficits and the lost faith in the U.S. govt. – key reasons why central bank gold buying around the world remains so strong.

But I’m not complaining. The speculators’ narrow focus on a couple of variables is my opportunity. They’ve dumped positions heading into gold’s seasonal strong demand period. Once gold starts rising (could be soon) the computer-driven speculators will pile in again at higher prices…

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Oil Update
The Great Martis:  The inverted head and shoulders pattern continues to look bullish, making a move to $110 look imminent. 

Above $110, the $150 level becomes a probable target.

KING WORLD NEWS NOTE: Crude Oil’s Next Stop Is $150

Anything above $110 would cause inflation to rocket and the already vulnerable crack spreads to widen.

A perfect storm is brewing.

God bless and godspeed.

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