November 18, 2024
Dear Fellow Investor, |
| The big decline in gold and silver over the past couple of weeks was fostered by the belief that the incoming Trump administration was going to halt the upward trajectory of federal spending and choose Bitcoin over the metal as the next key component of sovereign reserves.
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| Or...traders sensed that the market might be gullible enough to believe all of that and started driving the paper gold price lower in search of one sell stop after another.
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| It will come as no surprise to you that I have subscribed to the latter view in terms of what was driving the big sell-off — and that’s why I predicted a rebound was imminent.
That rebound may be in progress right now, with today’s big surge in gold serving as the proximal evidence. Consider this chart of the recent price correction, and how much today’s rally has already clawed back.
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| As you can see, the correction was severe, taking gold about 10% lower. But today’s rebound — with gold up about $46 as I write — has regained nearly 2% of that loss. And the price still stands about 32% higher than a year ago.
Again, I expected the metals to rebound soon, not only because of the long-term factors of unmanageable and growing debt that no presidential administration could derail, but also for the simple reason that gold has quickly rebounded from every setback in this new bull market.
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| However, the Bollinger band indicator that had so faithfully predicted each ebb and flow in the gold-price trend for months failed us in this case.
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| Bollinger bands are a measure of volatility, and over the course of this year’s bull market all the volatility has been to the upside. Thus, the band width had expanded on every rally, and contracted during the mild corrections as the gold price traded sideways.
Now, however, the volatility increased as gold was driven down steeply over the past two weeks, and thus the band width expanded (as seen in the bottom panel in the following chart) to a peak that had previously indicated the top of a rally. Instead, this time the peak in the band width came at a much lower price.
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| To determine where we might be in that price decline and if, perhaps, today’s rally shows we’ve bottomed, we need to look at a momentum indicator, as in the following one-year chart showing gold’s relative strength index (RSI).
As you can see, the RSI is in oversold territory. Note also that the indicator seems to have plateaued in this chart, which is based on data as of last Friday’s close. With today’s move, it will have begun to climb once again.
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| My feeling has been that, while our Bollinger band indicator had at least temporarily abandoned us, it had pointed to a fairly regular cycle of ebbs and flows. If the timing of those cycles is to remain relatively consistent, then, as I predicted in a Gold Newsletter Alert on Friday, we were due for an imminent rebound.
And yes, this looks like it could be upon us with today’s big move higher for gold, a move that is being confirmed by silver (up 3.3%) and mining stocks (with the GDXJ up over 5.8%).
As I’ve said, it all adds up to a generational opportunity in metals and miners.
And that brings me to the best news of all:
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| It’s Not Too Late For New Orleans
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| Our blockbuster 50th annual New Orleans Investment Conference is convening this week...on Wednesday afternoon...and it’s featuring perhaps the most power-packed speaker roster ever seen at such an event:
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| James Grant...George Gammon...Rick Rule...Danielle DiMartino Booth...Brent Johnson…Jim Iuorio...Peter Boockvar...Jim Bianco...James Lavish...Adrian Day...Dave Collum...Alex Green...Bob Prechter...Tracy Shuchart...Avi Gilburt...Adam Taggart...Lawrence Lepard...Mark Skousen...Doug Casey...Tavi Costa...Peter Schiff…Lyn Alden…
...Chris Powell...Russ Gray...Robert Helms...Nick Hodge...Sean Brodrick...Lobo Tiggre...Scott McKay...Jennifer Shaigec...Mary Anne & Pam Aden...Dana Samuelson...David Morgan...Gary Alexander...Jeff Deist...Byron King…Albert Lu...Omar Ayales...Gerardo Del Real...Rich Checkan...Thom Calandra...and more, including yours truly.
Plus, we’ll have a scintillating geopolitical panel — featuring popular political pundits Mary Katharine Ham, Charles C.W. Cooke and Scott McKay — to give us up-to-the-minute post-election analyses.
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| It’s all happening in just a couple of days here in New Orleans.
While that might seem too close to make plans, the fact that our phones are still ringing off their proverbial hooks with new registrations proves that it’s still possible for you to get to New Orleans in time.
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| And that’s the best way to experience this legendary event: Rubbing shoulders with today’s top experts and most successful investors, in one of the world’s most lively and entertaining cities.
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| But there’s another option also available to you...
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| Attend The New Orleans Conference
From The Comfort Of Your Home
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| We also offer a convenient virtual registration option for New Orleans ’24. So you can watch all the proceedings — and have full access to the video recordings — from the comfort of your home or office.
The key action item is for you to attend this blockbuster event either way — in-person or virtually — if you have any significant level of wealth at risk in these markets...or if you’re in any way interested in generational profit opportunities.
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| Whichever route you choose, I urge you to do it now.
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| Simply click on the link below to get all the exciting details on New Orleans ’24, and it will lead you to a registration link for either in-person or virtual registration.
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| All the best,
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| Brien Lundin
Publisher, Gold Newsletter
CEO, the New Orleans Investment Conference
P.S. Remember, you can add spouse or guest registrations to your primary registration at a deep discount. So get your family and friends to join you at his blockbuster event while you still can!
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| CLICK HERE
Or Call Us Toll Free At
1-800-648-8411
To Secure Your
In-Person Or Virtual Spot At
New Orleans ’24
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| CLICK HERE to watch interviews by Brien Lundin and Kai Hoffmann with many of today's most exciting junior mining companies on the
Gold Newsletter Youtube channel.
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