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Gold Close To A Major Breakout Which Will Send It To $1,900+!

  • Gold Close To A Major Breakout Which Will Send It To $1,900+! 
    Today Jeffrey Saut told King World News, “… gold is still in a secular bull market.”  Saut, who is Chief Investment Strategist for $360 billion Raymond James, also said, “Right now gold is testing the upper side of the trading range we’ve been in, and if it breaks out, I think it travels back up to the old highs, a little bit above $1900 an ounce.”

    Here is what Saut had this to say:  “The stock market is following the election year pattern, with a correlation of about 98%.  A typical election year pattern since 1936 called for a peak in the first week of April, a pull back into the first of June, a stair step higher into the first week of September, and then a pull back or correction into about middle to late October.”

    “That should be followed by another rally.  Again, the correlation so far has been at 98%.  We got very overbought on a short-term basis on the QE to eternity announcement.  I don’t think we will see any more of a pull back than maybe the 1,400 to 1,420 area on the S&P. Having said that, you could have the Straits of Hormuz shut down and crude oil could go to $200 a barrel….

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September 29, 2012 - Posted by | Economics, GeoPolitics | , , , , , , , , , ,

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