Not long ago, in the article entitled, "The Final Run in Gold," I outlined a sequence of specific events that called for an imminent correction in Gold. Contrary to this viewpoint, the pervasive narrative among analyst at that time was forecasting the metal price to reach as high as $2,000 an ounce. Of course, this expectation never came into fruition, nor was it rational enough to give any credence either.
For those of you who are owed back the explosive rally in September NOW get a second chance. Prices are in their final days of this current decline, and will present buyers with one extraordinary opportunity. My target between 1850 and 1900 I see can be realized in the coming 4-6 weeks, likely leading into mid December. All it will take is a one day stroke higher of 20 to 25 points that initiates the reversal, and which generates an avalanche of buy orders thereafter.
As you all know, psychology in the commodity markets is driven by the element of FEAR, but this time it will be BULLISH PANIC. The truth of the matter is that Gold is in a roaring new bull market. And these hyper-sold conditions trap investors because they are emotionally forced to sell their positions at the very wrong time. Bottom fishing to this degree where valuations are extremely suppressed is not an occasion that comes very often. Seasoned veterans at this point know to embrace fear, and not shun from it.
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