On the heels of another rally in the gold market that sent the price of gold above $1,340, today Bill Fleckenstein said right now is the best chance to see gold break above $1,350-$1,400.
Gold Goes Mainstream, Sort Of
By Bill Fleckenstein President Of Fleckenstein Capital
February 19 (King World News) – The market shook off a modest overnight loss in the SPOOs and got itself back to unchanged by midday. From there, it kept climbing and with an hour to go, when I had to leave, the Nasdaq led the indices on the upside, as it gained 0.5%…
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Away from stocks, green paper was weaker, fixed income was higher, and the metals gained 1%, with the miners really kicking into gear. In certain cases, they popped quite hard, and in others they were “merely” strong. It was probably one of the better days for them versus the price of gold in quite some time. It does seem that more folks are coming to the realization that gold has a place in their portfolio, not the least example of which was The Economist magazine last week, which penned a constructive article about gold.
Shifting Gold Psychology, One Word at a Time
The reason that is noteworthy is because that publication, like the Financial Times, usually hates gold. What we need for a bull market is more participants, and when magazines like The Economist and Barron’s publish coherent articles about gold, they help folks rationalize their way into the sector. Having “non-gold” company like Sam Zell and others who are constructive on gold also helps.
We now have the best chance we’ve had in quite some time to see gold break out through the $1,350 to $1,400 level that so many are watching. I don’t know what the path will be like. I assume it will be tricky, but also a nice problem to have — unless I’ve just jinxed things by making the statement that we will trade up into those prices.
***Also just released: Michael Oliver – We Are Going To See An Upside Crash In The Gold Market CLICK HERE TO READ.
***To subscribe to Bill Fleckenstein’s fascinating Daily Thoughts CLICK HERE.
***KWN has now released the powerful audio interview with Andrew Maguire CLICK HERE OR ON THE IMAGE BELOW.
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