Christian DeHaemer has the following to say about gold:
Gold has been putting in a basing formation on lower volume for about a year now. The long-term trend is up. It has held above the $1,500-per-ounce mark all year and is now at $1,664 – putting in higher lows as it moves up.
The top, shorter-term downtrend line is about a month or two from hitting the uptrend line. This is called a pennant formation.
And when this happens the price breaks out one way or another. Like a coiled spring it launches as far as the trend went sideways. This is generally how gold moves – long consolidation patterns coupled with explosive short-term gains.
Given the amount of money printing and the accumulation of debt in the world, I would bet that the direction will be up.
Earlier this week Greg McCoach wrote a brilliant editorial projecting that gold will hit $19,525 an ounce before it is all over. You can find it below in The Cost of Debt: Debts DO Matter.
Now is the time to buy assets with real value. Gold, rare earths, and oil will all go up on inflation and the systematic destruction of all major currencies. Below you will find actionable information related to these assets.
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