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Monday, November 21, 2011
Cycle Low in Gold & Silver this week, be a buyer!
 
My analysis shows a major cyclical low in Gold and Silver this week. I expect major support in the $1,650.00 range with an explosive move up to $1,900.00 shortly thereafter. Silver should be also bought here with $30.00 being the major support.

With the non passage of the needed 1.2 trillion dollar budget reduction expected, only gold makes sense, we will see the US credit rating downgraded yet again this week perhaps over the Thanksgiving holiday. The cost to service our debt is rapidly increasing to unserviceable levels. I do expect the Fed to come in rapidly with a new round of quantative easing to stem the waterfall in stock prices. Banks are in big trouble as will be the US Dollar. However, when people sell stocks initially it supports the dollar, I do not foresee a circumstance that supports the dollar in the long term. I do see a potential disaster in banks and currencies worldwide.

This may be the last chance we get to buy gold and silver at anywhere near these levels again. Target $2,000-$2,250 gold and $50.00 silver sometime in the 1st quarter of 2012.


JMC 
 
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