Loading ...Published Sunday, March 31, 6:30 p.m. ET
In an interview I did last weekwith USA Watchdog’s Greg Hunter, I came across as a lukewarm gold bull. Although many of those who commented apparently agreed with my grim deflationary scenario for the global economy, the negative implications this could have for gold did not resonate with Greg’s audience.
In fact, I see significant appreciation potential for gold, although not to the celestial heights that some seers — most visibly Jim Sinclair, who has been predicting $50,000 an ounce more or less forever — envision. The chart (inset) shows a logical pathway to $2277, a target that in my estimation would become an odds-on bet to be reached if Comex futures can close for two consecutive months decisively above the $1661 ‘midpoint Hidden Pivot’. They have already tripped a theoretical buy signal to this number at $1354 (the green line), making it no worse than a 50-50 bet to be reached.
