Today was a good day for my subscribers. The stock market trended higher with both Industrials and Transports up on the day as I write an hour before the close. The great action appeared in the universe of the precious metals. Of the fourteen items that I follow in the precious metals universe, all fourteen were higher today.
Happily, gold is selling at 1195.3, up nearly ten dollars for the day. GDX is up .52 and the more important GDXJ is up 1.24 to 28.50. I think we can now say that gold has put in a major bottom with support near 1140.
It looks as though John Williams of Shadow Statistics is going to be right. Williams believes that we’re still in the great recession, and I believe emerging economic news is beginning to confirm the Williams view. If so, I believe the Fed will reinstate QE, but perhaps under another name. I ... Log in or subscribe to continue reading.