A Pitchfork Made With Gold

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Published : May 18th, 2021
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Category : Gold and Silver

In the gold market, fear trade nirvana involves a tidal wave of institutional and retail capital coming out of the US stock market… and pouring into gold.

Can this fantasy become reality? Well, a case can be made that it is already starting to happen.

The GDX versus DIA “battle of the ETFs” chart.

The technical action for GDX is superb. Note the important 10 and100 moving averages converging towards a major buy signal.

An inverse H&S bottom pattern breakout is occurring at the same time.

While gold is a great haven when there is fear of deflation, it is only fear of inflation that can create a truly stunning institutional investor stampede out of the stock market and into the gold and silver miners.

In 2019, I warned investors that a global virus cycle pointed to 2020 as a year of tremendous concern. That played out on cue and I issued major buy alerts for gold at $1450, and for the Dow at 18,300.

More recently, I warned that 2021-2025 is a war cycle time frame. Unfortunately, war and pestilence often go together.

Now, as Gaza turns into a war zone and American republican and democrat hatred for each other nears a breaking point, it will likely be many years before I issue another major buy signal for the stock market…

While there will be many more for gold.

The horrifying daily chart of the dollar versus gold. Should US fiat holders be nervous or even afraid? I think so!

Most wars could be avoided if governments were forced to eliminate income tax and adopt gold as money.

The bottom line is that it is very difficult to spend money that you can’t extort, print, or borrow, but instead have to earn.

The macabre obsession with war mongering, debt, and fiat has ensured that America is finished as an empire. The only question is whether the disturbing train wreck continues to play out in slow motion, or whether it becomes an inflationary inferno.

The fabulous daily silver chart.A significant ascending triangle pattern is in play.

The earlier the breakout occurs in that type of pattern, the more bullish that breakout tends to be.

In this case, the breakout could occur about halfway through the pattern, and that would be incredibly positive.

The price target is roughly $40, but I’ll dare to suggest that continued reports of rising inflation could open the door for a move to about $70.

This is unquestionably one of the most awesome charts in the world… the weekly gold chart.

Investors who took my recommendation to shift US fiat and bitcoin into gold stocks at the $1671 support zone… well, let’s just say that they are very happy clams right now!

Profit booking can be done here in the $1850 area, with more at $1966.

A number of senior miners have surged 30%-40% higher from that March buy zone. I’ve suggested that the miners may be set to “outperform everything” for the next decade where inflation is the big theme, and in time I think this prediction could be viewed as tame.

The magnificent GOAU “pitchfork” chart. It’s not too late to buy, but with gold up about $200 an ounce from the $1671 buy zone, stoploss tactics for new buyers should be a serious consideration.

There was a time when the citizens brought out the pitchforks to take care of wayward government and bankers. In 2021, it looks as though mining stock ETFs like GOAU and GOAU are stabbing government and central bank fiat… with pitchforks made of gold!

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Stewart Thomson is a retired Merrill Lynch broker. Stewart writes the Graceland Updates daily between 4am-7am. They are sent out around 8am-9am. The newsletter is attractively priced and the format is a unique numbered point form, giving clarity of each point and saving valuable reading time.
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