Why the Major Slide in Gold Prices is Showing Signs of a Gold Bull Market
Everywhere you look, on the internet, newspapers, radio and TV, it seems everyone is selling gold and silver. This month alone the SPDR Gold Trust declined to levels below 1,000 tones and the expectation from 1 prominent banks in the world is that investors will sell another 285 tons this year.
As any contrarian knows, when everyone else is selling, when the news in the market is extreme in one directions, when there is an extreme amount of negativity, that is a bullish indicator to start seriously looking for a bottom in the market.
What gold excels at is providing safety from uncertainty. Times are very uncertain currently:
- The economic troubles are still here and haven’t gone away
- The global economy is very shaky
- The worries behind the Chinese credit crunch is escalating
- Central banks are still using QE, especially the United States and the Bank of Japan
It is almost impossible to pick the exact bottom, but I would stick my neck out to say that we are very close!
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