Phil > Bubbles based on debt seem to be collapsing, and the price of gold going with it.
That was always on the cards although POG is still holding up. For how much longer, that only clairvoyants like Sinclair and Russell can tell us.
stockcharts.com[l,a]dalaynay[de][pd50,2][ilb14!la12,26,9]
Gold shares, however, have been in a technical bear market for the past eighteen months already. This is evident by noting the downward patterns in these charts of the ratios of the US gold indices (XAU, HUI) to the gold price.
stockcharts.com[l,a]dalaynay[de][pd50,2][ilb14!la12,26,9]
stockcharts.com[l,a]dalaynay[de][pd50,2][ilb14!la12,26,9]
It was anyone's guess, however, that these charts could have turned upwards a few days/weeks ago as they could very well have done. That would have confirmed a bullish pattern. Now, having fallen through their lower Bollinger Bands, they appear oversold -- but the "support level" of the consolidation pattern of the last twelve months has been broken. That confirms the bear.
> That's the part I didn't expect.
Stock Exchange Rule Number One -- Always expect the unexpected.
Likewise Stock Exchange Rules Numbers Two and Three.
> I will have to go to your old buddy Sinclair's site I guess for some solace and sympathy
He may be needing some from you. |
