3-17-08 Is A Likely Gold Wave 1 Cyclical Bull Market Cycle High At $1033.90
"The Reuters/University of Michigan Surveys of Consumers' preliminary index of confidence fell to 59.5 in May, the lowest since June 1980. In April it was at 62.6."
By June 1980 gold had already declined dramatically, to nearly $500, see http://www.chartsrus.com/chart.php?image=http://www.sharelynx.com/chartsfixed/GC1982btm.gif, and, similarly, gold has fallen substantially since 3-17-08, see http://stockcharts.com/charts/gallery.html?%24gold. Note the very bearish very large spike on 3-17-08's candle.
The current very deflationary environment fits well with 28 years ago, and, points to 3-17-08 being a likely Wave 1 Cyclical Bull Market cycle high ($1033.90). Ignore the noise of the mindless gold Parrots and con artists. Some of the gold clowns don't get how obvious their nonsense is.
The credit crisis, real estate bust, tight mortgage lending environment and getting tighter, the credit/debt instrument debacle, stock market Cyclical Bear Market since mid/late 2007, even the commodity bubble (high energy, materials, and food costs) is deflationary in that it robs consumers and businesses of much needed extra capital, plummeting money market rates, etc has obviously resulted in a very deflationary environment.
.......http://www.JoeFROCKS.com/ .
NEM XAU HUI
By June 1980 gold had already declined dramatically, to nearly $500, see http://www.chartsrus.com/chart.php?image=http://www.sharelynx.com/chartsfixed/GC1982btm.gif, and, similarly, gold has fallen substantially since 3-17-08, see http://stockcharts.com/charts/gallery.html?%24gold. Note the very bearish very large spike on 3-17-08's candle.
The current very deflationary environment fits well with 28 years ago, and, points to 3-17-08 being a likely Wave 1 Cyclical Bull Market cycle high ($1033.90). Ignore the noise of the mindless gold Parrots and con artists. Some of the gold clowns don't get how obvious their nonsense is.
The credit crisis, real estate bust, tight mortgage lending environment and getting tighter, the credit/debt instrument debacle, stock market Cyclical Bear Market since mid/late 2007, even the commodity bubble (high energy, materials, and food costs) is deflationary in that it robs consumers and businesses of much needed extra capital, plummeting money market rates, etc has obviously resulted in a very deflationary environment.
.......http://www.JoeFROCKS.com/ .
NEM XAU HUI
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, XAU
posted by Joe Ferrazzano at
7:39 AM
0 Comments:
Post a Comment
<< Home