A Strong Bull Market
Here we cannot stay; gold prices are either moving much higher from this point or back down below $2,000/ounce, but they can’t remain in this spot for much longer.
Before we get into where they’re going next, let’s end this chapter once and for all, regarding how we got here…
We were one of the first newsletters in the world to highlight Bitcoin, as cheap as $400/coin. Today, it is 100x that price!
We have highlighted multiple bullish patterns for gold over the years, starting at $1,100/ounce.
We highlighted uranium since 2016 and its price is 400% higher today!
I tell you that because I want you to be serious about what I’m about to say next.
The DXY index, which measures the strength of the dollar, has yet to even show any signs of weakness, so even with record deficits and the prospect of cutting rates next year now guaranteed, the dollar is still so strong.
There’s only one reason for this relentless force of the dollar: America’s largest companies are crushing it, but the crowded positions in the Magnificent 7 have now sparked concerns with Ken Griffin, who might just be the most important investor of our times.
As you can see, hedge funds are holding the big seven and that’s what is keeping the dollar afloat.
When money flows out of these, the lost market cap will be huge; and when you sell equities and shift them into other asset classes that are neither American nor based on the world’s largest corporations, the dollar takes a hit.
Think of the end of the Dot.Com bubble or the Nifty-Fifty… Well, Ken Griffin has recently stated that Citadel is most worried about the correlation between hedge funds, in terms of their holdings of the Magnificent Seven, and he doesn’t just throw statements like these out into an echo-chamber.
The world’s largest money manager and wealth managers listen to these warning signs and act on them.
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We are making the following forecast: Next year, the Magnificent Seven won’t be market leaders and the need to hedge will be incredible.
Courtesy: Zerohedge.com, Bloomberg
Gold is starting 2024 at or near record high prices, but the dollar is still strong and silver is still below $25/ounce, so if you’re asking me where my head is, it is not with gold…
If gold goes up 10%-15% in 2024, I will be content, but the real action will be in silver and in mining equities.
The culmination of rate cuts (weaker dollar), selling out of the Magnificent Seven (need to hedge) and silver closing the GOLD/SILVER ratio to the mid-60s, will result in massive moves.
I am not settling for crumbs.
2024 is the year to make a decade’s worth of gains in 12 months.
We get there by starting with the first station, which is Wednesday’s FOMC meeting, in which I expect to see no rate hike and more encouraging words about the balanced jobs market and the contained outlook for inflation.
From there, let’s focus on January 3rd and the first week of trading – let’s go!
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Governments Have Amassed ungodly Debt Piles and Have Promised Retirees Unreasonable Amounts of Entitlements, Not In Line with Income Tax Collections. The House of Cards Is Set To Be Worse than 2008! Rising Interest Rates Can Topple The Fiat Monetary Structure, Leaving Investors with Less Than Half of Their Equity Intact!
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