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Major Buying Opportunity



-- Posted Thursday, 15 November 2012 | | Disqus

By Toby Connor, GoldScents

I'm just going to do a quick post today. The relevant factors are that gold appears to have put in an intermediate degree bottom last week. Miners are being dragged down at the moment as the stock market makes its final move into an intermediate bottom. This happens pretty much like clockwork every 20-25 weeks (currently on week 23).

Invariably when stocks move down into one of these major cycle bottoms the selling pressure infects everything. It finally grabbed the miners today even though gold has barely budged. Not to worry though, as we've seen this happen dozens of times in the past and the miners always snap back violently once the selling pressure in the stock market exhausts. 

More importantly than where things are going tomorrow or the next day is where they are headed over the next intermediate cycle. As I have diagrammed in the chart below the dollar is due for a move down into a yearly cycle low around mid-February or early March - roughly the same time as last year. This will drive the next intermediate rally in gold (and stocks) for about the next 12-15 weeks.  

I'll say it again. Buying anywhere around these levels will deliver big gains over the next 3-4 months. More likely than not the largest gains will come from the mining sector, but certainly significant gains will occur in virtually all stock market sectors. 

This is that period of time that comes only once or twice a year when the chartists get fleeced (the charts always say the market is going lower at intermediate bottoms. This is why chartists always miss these major bottoms. You need different tools to spot these kind of buying opportunities) as the smart money positions for the next leg up.  

The choice is yours. Do you want to sell at the bottom again, or will you be a buyer this time and make some money? (I think big money).

Toby Connor, GoldScents


-- Posted Thursday, 15 November 2012 | Digg This Article | Source: GoldSeek.com

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