Gold Died Today so Get Ready for Retest of 2016 Low Prices

by John Galt
November 30, 2016 22:20 ET

As I warned back on November 11th, if the gold bulls wanted to save the market they had best get to work or a repeat of 1982-83 might well be underway.

Today, gold died:

11_30_gold_died_1yrjgfla

All short and intermediate term technical support was violated with a crash below $1178-$1180. Tonight it has broken below $1170 and very little support seems imminent until the $1100 price area is reached.

The economy is about to face a very short term bout of deflation which will scare the dog snot out of the newly elected Republican political majority, thus resulting in rapid reflationary programs with tax reform, Obamacare repeal and replacement, and huge targeted infrastructure programs. In the end the Fed will play ball and keep rates lower than 1.00% or old Janet Yellen will be notified to plan on an early retirement as Federal Reserve Chairperson.

Look for gold to pause in December and hold the $1100 level briefly; of course this price target changes if World War III is started by the Ukraine and George Soros overnight. After that period and the holidays, once President-Elect Trump begins to outline his policies even clearer and the Republican legislative majority puts down its marker, there should be one more Federal Reserve rate increase causing the common U.S. Dollar Index to test the 120 level and push gold below $1000 per ounce. The potential for a retest around $800 in the middle of 2017 exists as the dollar continues to strengthen but after that, look for the reflationary policies to become inflationary forces and cause gold to have a “V” shaped bottom and start to recover rapidly into 2018.

3 Comments on "Gold Died Today so Get Ready for Retest of 2016 Low Prices"

  1. Only people with 0 Knowledge of History of the past 6000 years of mankind would fall to the trap of Khazarian Bankster Warlords .
    Right now for every -1- Ounce of physical Gold there is 500 claims in COMEX.
    Have patience and see how it Ends.

    • I’ve already stated in a previous article that I think a Trump Presidency triggers $3000+ gold in the end. And it will.

  2. michaelmobius1 | 01/12/2016 at 19:02 |

    it’s all about wrong-footing everybody – establish a trend, produce some false news, and then reverse the direction – at which point those wise to the whole thing will hoover up what’s been sold in a panic. Same old trick that’s been used for the last couple of hundred years

    Time to put the manipulators on trial

Comments are closed.

%d bloggers like this: