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“this is a classic set up–even long term goldbugs were seen jumping out of windows-sentiment-valuation-wise–this could be an historic day even if gold is only up $25–I think there will be persistence now…”
Comment:
With all the hoopla on CNBC about “how record lows for oil, gasoline, and gold and silver etc, and the mass media financial wizard pros, are all predicting…
“even lower lows in the future.”
I knew right there those markets would probably reverse higher. I’ve see it happen so many times in the past. Same baloney thing happened at $1,800 gold and $145 Oil. Some CNBC financial wizards were predicting $200 oil.
Remember “Peak Oil” baloney? The book Twilight in the Desert? The “Coming Saudi Oil Shock and the World Economy” Hardcover
“veteran oil industry analyst Matthew Simmons draws on his three-plus decades of insider experience” bla bla bla. Same thing late 1970s. Oil went $2 to $42 and predictions of $100 were common.
People were fleeing the North East for the sun belt. NYC lost population. Donald Trump had a $300 million negative net worth. Everybody I knew had kerosene heaters in the houses. Wood burning stoves too. Interest rates were 21%, and it all went lower.
My newsletter guy was right, he predicted a crash in oil and it happened after 1980. To $7 I think.
@ Richey, also your…
“when gold was still going down–and how on down days lately the volume was as huge as it was today–an up day–I remember hearing something about a sudden pickup in volume preceding a change in trend…anybody know bout that?
I have noticed big volume days on charts near turning points. Check the GLD chart, a big volume day about 5 bars back. That day may have been the signal.