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Gold, Key Indexes And Goldman

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Published : January 14th, 2020
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Category : Today's Editorial

For the past few years, I’ve been suggesting that the world’s ultra-wealthy investors have been buying enormous quantities of physical gold at a rate that overwhelms the commercial trader shorting on the COMEX.

RT News highlights a wonderful chart produced by Goldman Sachs, and it likely proves that my theory is 100% correct!

  • the potential to push gold back up into that $1,800-$1,900 range becomes pretty realistic” – Jeff Currie, Goldman Sachs Global Head of Commodities Research, Jan 11, 2020.

There are times when Goldman analysts make statements that appear to be clearly designed to mislead investors.I don’t believe that has been the case with gold since 2015, when Jeff forecast gold would bottom at $1050… and it did!

His $1600 forecast has already come true, and now he’s looking at gold potentially probing the all-time highs up near $1800-$1900.

Is gold’s technical picture in sync with the outlook of this incredibly influential Goldman Sachs analyst?

I think it is, and to fully answer the question, the “Michelangelo” weekly gold chart.

Gold is staging what on this chart looks to be an almost uninterrupted surge towards my $1800-$2000 target zone.

Since the $1167 low, the rally in gold has favoured breakout enthusiasts as much as dip buyers.The pullbacks are mild, and sentiment turns negative with $50 to $100/ounce dips in the price.

That’s positive action that bodes well for higher prices ahead.

Once gold reaches the $1800-$2000 area, I expect a significant reaction, down to about $1550, and then a truly mighty surge to my stagflation-themed $3000 target zone.

The latest US debt-funded “adventurism” happened, coincidentally, right after the Iranian government announced a new oil field that likely contains twice as much oil as all of America’s oil fields combined.

Over the past century, oil and coal played an awesome role in raising the standard of living for the world, but that time is over.It’s time to move forwards with the next stage of energy evolution. 

Rather than using borrowed money to attack millions of Iranian citizens with punishing sanctions while murdering their leaders with his toy drones, Trump should be offering incentives to Iranian inventors to develop technology to prevent birds from flying into windmills.

Up to a billion birds a year are killed by the world’s clean energy windmills, and Trump has been a leader in bringing this horror to the world’s attention.Now he needs to take the next step… and incentivize private companies to solve the problem.

Governments love punishing and they hate incentivizing.The US government is wasting borrowed money (and human life) by using militarism to promote and protect what is now a dying, inefficient, and filthy industry (oil), and some of the world’s biggest money managers and most powerful central bankers clearly agree!

Blackrock’s influential CEO today joins England central bank chief Mark Carney in predicting the importance (for investors!) of quickly moving away from oil filth and towards clean energy excellence.

Importantly, Mark has predicted that the next global financial crisis will see “filth” energy and environment companies (and nations that are obsessed with the filth?) go into a tailspin.

I mention this because some of the bigger gold companies on the Toronto Stock Exchange (where most miners trade) are beginning to receive clean energy awards.  Chinese gold companies have also embarked on a massive clean production mandate, and their share prices are starting to move higher.

The bottom line is that gold investors can rest assured that they are stakeholders in a lot of miners that are on a mission to attract major clean energy investors.

The short-term gold chart.My base case scenario sees gold trade sideways for a few weeks in the $1550-$1530 modest support zone that is defined by highs in the recent rally, with an outside chance of a pullback to $1490.

From there, a surge to and above $1613 is likely, and that’s when a major breakout for the gold stock ETFs would occur.

The GDX daily chart.There’s a triangle breakout and pullback in play.GDX paused at the $31 area major resistance zone before gold did, and it may be ready to resume rallying before bullion does so.

The SP/TSX Metals & Minerals index is probably the most important mining stock index or ETF in the world right now.It’s an elite index that has surged above the summer highs.A huge number of individual “under the radar” miners are thundering higher and outperforming the main ETFs and indexes.This hasn’t happened in a major way since 2002-2006, and I think this cycle could be the biggest one yet!

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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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