Gold Breakout Signals $2,450 Surge

You’re Going to Love This

Last week ended with gold in the immediate vicinity of breaking out from a 3-year trading range of between $1,650 and $2,050.

Technical analysis experts would tell you that when an asset is creating a range of $400, the size of the breadth is the likely breakout or breakdown price gauge.

Said differently, if we are in a bull market breakout, gold’s next likely station is $2,450 based on standard and classic patterns recognized by doing technical analysis!

Courtesy: Zerohedge.com, Bloomberg

The GDXJ index, which focuses on junior gold companies, is now trading at the same level it did in 2013!

That’s just another indicator of the upside potential for gold stocks, but I will show you this unmistakable chart that has only been this high on two occasions in the past (1970 and 2000), both of which were the years when gold began a DECADE-LONG bull market. Gold appreciated 2,400% in one and 800% in the other.

Courtesy: Zerohedge.com

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    Markets were eager to see Chairman Powell acknowledging what we’re seeing in the real world; people are panicked over growth and the lack thereof and expecting a 2008-style monstrous recession, which keeps on not coming.

    Courtesy: Zerohedge.com, Bloomberg

    A CDS, which is what this chart shows, is a Credit Default Swap.

    When a seller wants to insure his risk against a credit event, the buyer will assume that risk and get compensated for it.

    When you think of the United States government, when you really understand the might and sheer size of that entity and realize that investors are now willing to pay the highest premiums to buyers of the CDS in history, you begin to really grasp the panic levels on the world’s biggest stage… the stage being debt, issued and serviced by countries.

    To be in such a mental state as to believe that it’s worth hedging against the Treasury Department going into trouble or a ratings downgrade, you need to have an end-of-the-world mentality.

    I am very excited about the FED raising rates to 5.00%.

    I hated this fake and artificial world of zero credit, because it birthed and nurtured success in the wrong places.

    In 2023 and 2024, and hopefully in 2025, 2026 and for the rest of my life, PROFITS will matter again and not promises…

    Now, I’ll go back to watching gold soar to new all-time highs, if you don’t mind.

    Best Regards,
    PortfolioWealthGlobal.com

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