Gold: $1,300 Is Now Support

Gold to me still looks pretty strong. We broke out above $1,300, we didn't have a huge surge but we held 1,300 and we didn't go back below it. We've held here all week and to me 1,300 is now the support right what used to be resistance is now support. Where is the next resistance? I would guess up around 1375-ish which I think was about the high last summer. (SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), Barrick Gold (ABX), Newmont Mining (NEM))

Gold & Gold Stocks (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Goldcorp (GG), Barrick Gold (ABX))

I think now that we have cleared out that $1,300 resistance there are a lot of people that thought there was no upside in gold, well they're about to find out just how much upside there was.  I think of course even bigger moves are coming in the gold stocks. (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Goldcorp (GG), Barrick Gold (ABX))

Gold Goes Through 1,300 USD

We've been flirting with that $1,300 level all year, I've been talking about all the resistance that was up there and every time the price of gold got near $1,300 it was met with tremendous amounts of selling. There was a lot of supply but as I've been saying the demand was building, this was a coiled spring we continued to see more and more buying beneath the market and the channel was narrowing the distance between the $1,300 resistance and the support kept getting narrower and narrower and I said I was looking at it and I thought it was only a matter of time before we exhausted all that supply and broke through that $1,300 level,  both a psychological level and a level with a tremendous amount of selling. We finally did it!

Gold: A Short Squeeze Is Coming

Given the weakness in the US Dollar and the weak economic data, Gold should be moving up a lot more than it is. I still think that there's still a lot of overhang there's still a lot of short selling going on but I smell the mother of all short squeezes coming. (SPDR Gold Trust ETF (GLD), Market Vectors Junior Gold Miners ETF (GDXJ), Market Vectors Gold Miners ETF (GDX))

Some People Are Trying to Keep the Price of Gold From Rising

Every time gold is about to breakout someone comes in and sells a tremendous amount of it all at one time. So, obviuosly there are some headwinds, some people are trying to keep the price of gold from rising for whatever reason but they will not be successful long term. Gold are going to rise as the US Dollar weakens. (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG))

Gold: The Opposite of a Bubble

Gold, I think is getting ready again for a move in the opposite direction (higher) but you have the opposite of a bubble in gold. Certainly if you look at the United States, Americans are buying less gold now than they've done you know since the bull market began in 1999-2000. (SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ))

Gold Stocks: Performing Much Better

Gold stocks continued to trade much better than they have been, I mentioned that on my last podcast even though gold was down 11 dollars on the day, gold stocks were down but not that much, down just a little bit. (Newmont Mining (NEM), Barrick Gold (ABX), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), Goldcorp (GG))

Market Vectors Junior Gold Miners ETF (GDXJ) Has Some Catching Up To Do

The smaller gold miners if you look at the  Market Vectors Junior Gold Miners ETF (GDXJ) which is an index of junior gold mining stocks,  I I think this thing still has to move up 30 percent or so to get back to where it was when gold was lower than it is right now earlier this year.

Gold Hits A New High For The Year

The price of gold has been creeping higher and higher ever since it had that correction and by the way I think I did a pretty good job of nailing the correction, the fact that I said it would be a very shallow correction and I'm pretty sure that I nailed the the bottom. I came on and I did a podcast when it looked to me like the gold stocks were confirming an end of the correction in gold and gold did rally and initially gold stocks rallied to but then the gold stocks came back down and almost retested their lows, didn't quite do it. But the price of gold never came back down, the price of gold kept rising and rising and now finally yesterday the price of gold hit a new high for the year. (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD))

Gold & Gold Stocks Will Move Higher

When the Federal Reserve raises rates in June, if they raise rates in June, Gold is going to take off. If they don't raise interest rates in June then it's going to explode even higher and of course you know you're going to see an even bigger move in the gold stocks. (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD))

Gold Stocks: Investors Are Not Believing In The Gold Rally

Gold (SPDR Gold Trust ETF (GLD)) continues to rise. It was up again today (yesterday). This is the highest gold has been since, I think, mid April we got above 1270.00 intraday, and we closed just a hair below it. 

But continuing the trend gold stocks were down. I think that Market Vectors Gold Miners ETF (GDX) was barely positive today (yesterday), the Market Vectors Junior Gold Miners ETF (GDXJ)  was down again. 

So gold stocks continued to trade weak in the face of rising gold prices and again what this has been telling me because this has been going on now for quite some time, is that the investors do not believe this rally because if they believed it they would be bidding up gold stocks.

We Have A Reverse Bubble In Gold

Big banks simply pursue their own self-interest and certainly Wall Street does not want the price of gold going up they want the price of stocks going up, they want the price of bonds going up that's where they generate all their fees so they have a vested interest in being negative gold. 

But it's also a kind of a self-perpetuating prophecy if they keep selling into the rallies and you have so much gold that trades in paper markets where it's not real, you have people buying gold from people who don't even have it and they're selling gold they don't own to people who don't want it but you have this huge paper market and there's a lot of selling pressure there. 

But I think ultimately the price of gold is going way up and the fact that maybe it's suppressed maybe it's intentional maybe it's just a result of people pursuing what they think is right but all bubbles are like that. You had bubbles in the dot-coms, you had bubbles in the housing market. 

This is almost like a reverse bubble in gold. We have a bubble in fiat currencies, we have a bubble in the US Dollar and when that bubble pops, those currencies are going to crash and you're going to see the collapse in the price of gold because the price of gold rising will be the collapse of the fiat currencies.

Gold: Holding On To Some Key Support

The last time I was talking I thought gold looked really good short-term on the chart,  I thought it looked like it was going to go up to 1300. Instead it went the opposite way, it went down towards 1200. Well it didn't get that low, it's just below 1220.

But you know it shows you that you know technical analysis doesn't always work. You know you're not just going to automatically get rich because you're looking at a chart. I thought the weak economic data would be a catalyst for gold. We got the weak economic data but gold went down anyway.

Now, it still looks like it's holding on to some key support. Gold is still doing well this year it's still beating the US stock market considerably this year as is just about every other market in the world I mean the out performance that I've been talking about so far this year between foreign develop markets and especially emerging markets is widening continuing to gain on the US market. (Market Vectors Gold Miners ETF (GDX), SPDR Gold Trust ETF (GLD), Market Vectors Junior Gold Miners ETF (GDXJ), Newmont Mining (NEM), Barrick Gold (ABX))

Gold Will Rally Before The Fed Raises Rates

I think the gold price is going to rise well before the Fed gets around to raising rates in June if in fact they raise rates. (SPDR Gold Trust ETF (GLD), Gold Futures, Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ))

Gold Stocks: Big Upside Potential

I think at this point I would just be buying these gold stocks because I think that gold traders are just being too timid and they do not appreciate the explosive nature of the rally that I think is in the immediate future in the price of gold. (Newmont Mining (NEM), Barrick Gold (ABX), NovaGold (NG), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ))

Gold Stocks: Climbing A Very Steep Wall Of Worry

The reason these gold stocks are not moving higher is because we are climbing a very steep wall of worry. Because there is not a lot of conviction in the gold traders, they still do not get it. They still think that the interest rate hikes are bullish for the U.S. Dollar and bearish for gold. (Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), NovaGold (NG), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ))

Geopolitical Uncertainty Is Bullish For Gold

In uncertain times, investors and traders are drawn to the gold market. The precious metal proves it once again as the price of gold rose after the United States launched an attack on a Syrian airbase. (SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ))

Gold Will Likely Take Out Resistance At $1,260

Gold closed above $1250, we have resistance at $1260. I think we will take it out. (Gold Futures, SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ))

A Bullish Catalyst For The Price Of Gold

What I think it's going to really accelerate the price of gold going up is the fact that interest rates are not going up nearly as much as the market anticipates. (SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ))

A Gold Correction Will Be A Great Buying Opportunity

An interesting observation, gold stocks were down on Friday, they were also down on Thursday, in fact they had a sell-off at the very end of the day. I think the last 2 percent rise in the price of gold we had about a 4 percent drop in gold prices. Now, gold stocks rose early on and they did a very good job of forecasting this gold rally. So, the question is, are gold stocks now actively forecasting a sell-off, a profit taking or a correction in the gold rally? That is possible and if that is the case that is going to be a great buying opportunity because I do not think the correction will be very long lived or that deep and I do expect much higher prices later in the year. (SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ))