The Contrarians Bullish Outlook for Gold
Many commercial banks/brokerage firms have been verbally slamming gold, and it turns out many are not as negative as lead us to believe...
Goldman Sachs we all know are the biggest hypocrites. While advising clients to sell gold in the second quarter of 2013, they bought a stunning 3.7 million shares of the SPDR Gold Shares (GLD). And when Venezuela needed to raise cash and sell its gold, guess who jumped in to handle the transaction? Yup, Goldman Sachs! So while they tell everyone to sell gold, they are accumulating as much as they can without being obvious.
There is a lot more reasons and fundamentals to be bullish on commodities and gold, but that is not the point of this technical based report.Weekly CRB Commodity Index - Bull Market Cycle About To Start Taking a quick look at the CB index which is a basket of commodities, it looks as though a breakout above its down trend line will trigger a new bull market in the commodity sector. While this has not yet happened it looks s though it may happen in the next few months. On stock market that recently broke out of a Stage 1 basing pattern (new bull market) is the Toronto Stock Exchange. This index is heavily weighted with commodity based stocks. I talk about this more in my new long-term algorithmic trading newsletter. In this report I want to show you some interesting charts that are pointing to a new gold bull market cycle which looks to be starting.
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