Here is an email that is a great example of what is really happening in the gold market.
Is That A 700% Move?
March 4 (King World News) – Here is an email that was sent to Bill Fleckenstein: I’ve had a relatively long history in the gold market. I always believed that gold was insurance/hedge against most other assets. Often when reading gold articles we see that the conspirators are alive and well. I remember when a well meaning bug was explaining to me that JPM (bullion banks) was about to default due to a soon to be rising silver price. “JPM was suppressing silver prices but they are fighting a losing battle”. I thought he was reading too many newsletters?…
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Email continues: Anyway, my thesis is that gold made an emotional low around $270 in 1998 and proceeded to move to $1900 in 2011. Is that a 700% move? Were many on board? Since 2011/12 we moved down to the $1050 level.Since then we have been in a trading range (everything else is noise).. From a sentiment viewpoint…. in 2018 the US mint sales were at an 11 year low. Premiums on pre 33 coins are at the lowest level (percentage wise) I’ve ever seen. Does this one indicator predict anything? Not really. But it is one indicator that demonstrates that the public has better places to put their money besides gold. To a gold bull that’s music to the ears. If there is a second act isn’t disgust towards the metals what we should hope for?
Gold Will Break To The Upside
IMO: Gold will break to the upside. When and why I can only guess. Probably one rally will catch when everyone is calling the market overbought and near upside resistance. Until then, we will see failure after failure. In the meantime, I am holding my insurance hoping never to cash it in.
Fleckenstein: All very good points, thanks.
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