Give it until the end of the month.......
...to see just what plans JPM and the cartel have for gold, silver and the stocks. I think Stewart Thomson will be right this time as per today's blurb on 321 Gold.
What happens until then could be interesting...have we seen a fake takedown,,,then up...then smash them "reeeeel gud" as the man said. No matter...gold could hit anywhere from $1595 to $1535. As Thomson reminds us of the "gold stocks Gulag" we have endured, he notes that rays of sunlight are appearing. He believes the gold stocks are preparing for a run...well, so do most of us. He thinks the technical target via the GDX is almost a double from here over the next few months and that some individual junior stocks could go "stratospheric"...I agree. Those with "ounces-in-the-ground" are up first.
But what I like the most is this: "A move above $64 on GDX could cause the banksters to order the hedge funds to reduce their crazed short positions on gold stocks, or face forced liquidation, and that action could send gold stocks upwards with near-vertical price action. No market moves more violently to the upside than gold stocks fuelled by loss-booking on short positions!"
So, I'm still looking for a fake out or two and then the bottom next week and maybe going into the first few days of Aug. ..then the fun begins.
The basher shriek factor is getting frenetic on the majority of junior BBs. Fear is in the air as the banks hover over the short funds.