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The Metals & Banking Crisis (Pro)
FRIDAY, MARCH 17, 2023
BY: MARTIN ARMSTRONG
COMMENT: Mr. Armstrong, I want to thank you so much for the education you provide. Being a lost soul amount the gold bugs never really understood what was going on, you have earned that title the legend for you have shown gold is not manipulated and is the excuse of those who are just wrong, but that gold will rally not with inflation but the collapse in confidence. That revelation explains everything.
Again, thank you. Some of us are capable of learning
BR
REPLY: It is good to see that some listen. You are on the road to real trading. All losses are always your own. Analyze why you made such a decision and learn from it. Blaming other people means you will make the same mistake again.
Now regarding the metals, I have overlayed the Silver Benchmark on the gold chart to illustrate the interaction. April is just crazy. Not only do we have the 31.4-year cycle from the collapse of the USSR coming into play, the ECM target of April 10th, this ongoing banking crisis which is FAR WORSE than 2007-2010 because it is the collapse in long-term debt that nobody wants in the time of war which impact EVERY bank - not just those who bought mortgage-backed securities as in the last banking crisis. On top of all of this, the next Gold Benchmark is the week of April 17th, 2023. The top of the channel resistance will be 2091. We could see a double top form, then a retest of support, and then the third time it moves higher. That is often the pattern so we should pay attention.
When we turn to the Monthly Array, we can see that there is a danger that we have an April high, a 2-month correction into June, which has historically been a seasonal low for gold, and then what might be a resumption of the rally thereafter.
Note that April/May were on target for high volatility and then there are three Directional Changes from June to August warning of choppiness ahead. |
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