After telling King World News on January 25, that pullbacks in gold and silver would be very shallow and short-lived, which is exactly what transpired, today London whistleblower and metals trader Andrew Maguire told KWN that gold and silver continue to remain in a coiling phase similar to 2011 that will send gold vaulting quickly above $1,400.
Similar Coiling Action Seen In 2011
February 15 (King World News) – Andrew Maguire: “In our last King World News interview three weeks ago, we reported that all pullbacks in gold would be shallow and capitalized upon by physical buyers. This bullish coiling action continues and as I said, this coiling action is very similar to the coiling we witnessed into similar strong options resistance right before the (massive) 7-month upside breakout into the all-time August 2011 highs at $1,918…
Gold is making its way back into the global monetary
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Back in February of 2011, we evidenced almost identical underwater commercial short bets, Eric, and interestingly, from almost exactly the same $1,300 lows we evidenced this week.
The Next Major Breakout For Gold
Once we clear current Opex resistance, the next breakout point we are looking at is $1,380. A breach of this technical resistance will bring in very large side-line physical buying and technical short covering sufficient to vault gold quickly above the $1,400 level, which is still $130 below the $1,530 LBMA estimates as fair value for gold in 2019. The wholesale market views gold, and silver for that matter, as very cheap, with the risk/reward is skewed to the upside.
Drilling down, we are still evidencing a major conflict between…To continue listening to the powerful KWN audio interview with Andrew Maguire CLICK HERE OR ON THE IMAGE BELOW.
***Also just released: Warren Buffett’s Partner Charlie Munger Says He’s Surprised At What Central Banks Have Done CLICK HERE TO READ.
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