The last wild ride of the gold bears is upon us by Joseph Holleman Holleman, a CTA and CPO, offers his opinions on where gold prices may be headed. These predictions demonstrate how positions in the market are developed and show the factors that shape a trader's reasoning about a specific market. The precious metals markets are about to collapse and collapse hard. My indicators are presently calling for a minimum move to $250 on gold and probably all the way down to the $150 level, also taking silver and platinum with it to comparable levels. Now, I hope most of you were sitting down when you read that last paragraph. If you weren't, I hope you didn't hurt yourself when you fainted. Just let me say that there. is a "silver" (no pun intended) lining in this scenario. First of all, there are going to be tremendous profits for traders on the short side of this move, which should be underway by November. If you don't short gold until it breaks the $300 level basis in the December futures, you should still get at least a $40-$50 move on the downside. |
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