By The Gold Report
Source: Streetwise Reports 08/08/2019
Bob Moriarty of 321 Gold gives his outlook on the gold market.
All markets go up. All markets go down. No market ever goes straight up unless it’s the end of the world and in that case why would you care?
Gold hit bottom in early 2016. Smart money was buying then. Gradually gold rose and fell with the tide until lately when it went on a roll. All the permabulls are screeching about a new bull market but it’s been a bull market for three years and been rising steadily since a year past.
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The Daily Sentiment Index hit 96 in late June; the latest 10% rally bounced it higher to 97%. We are beyond nosebleed territory. It will correct shortly and violently. Silver is a more modest 91. Platinum is snoring along at 62.
I’m told the Chinese are in a panic over the trade war and buying gold with both fists. While the strong hands were buying back in early 2016, new and recent buyers of gold are the weakest of the weak hands. They love giving their money away to strong hands and will panic very soon.
The weak hands only buy because of the Fear Of Missing Out and FOMO is equally as stupid a reason to buy as the insane belief that gold has been suppressed since it hit $252 in August of 1999. Gold may have been manipulated higher but for damn sure it wasn’t suppressed unless of course you failed both basic math and logic at the same time.
The September/October crash I have been looking forward to for months is still on track. Air is hissing out of the Everything Bubble as dollars and sense dry up. We are in for a wild ride shortly.
Bob and Barb Moriarty brought 321gold.com to the Internet almost 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.
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