WE HAVE REACHED THE BOTTOM … LIKE DURING 2007

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The SELL-OFF seen starting from Wednesday continues on…

the gold and silver  and closely resembles what happened in 2007
Here is a chart that compares 2007-2008 with today by Patrick Karim

 

 

 

If I resume the charts updated last week I see that little has changed: the stocks of physical gold and silver perform better with HUGE positive divergences that in the past have – in my experience – always anticipated a rebound at least

The dollar continues to rise but does not break the previous high: as can be seen from this comparison, the GDX is performing better than the inverted USD and this could suggest that the goldsmiths are performing better

RATIO GDX VS GLD

At this moment it is difficult to understand when this SELL-OFF will end but by now – I am referring to the silver – we have reached the minimum during the night


I was expecting different data on Wednesday and this surprised me: I was expecting a different reaction from the dollar and this instead took the upward path. What to do now? keep calm, be rational and try to understand if it is appropriate to throw everything away or wait for the situation to stabilize and for a reversal to arrive

How long will I stay bulish? as long as gold remains above $ 1700 and HUI above $ 240

 

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