Bob Moriarty of 321 Gold explains why he believes gold and silver are bottoming.
We are in the end of June/early July timeframe where I was looking for gold and silver to bottom. On the 6th of June I was quoted as saying, “I would like to see the dollar rally and gold/silver drop over the next several weeks. I think we will get a tradable low in the precious metals mining sector at some point during late June, early July. The sector has a fairly predictable seasonal pattern and there is nothing I’m seeing that convinces me that this pattern won’t play out again this year.”
The dollar may have bottomed lately and sentiment towards gold and silver as measured by the DSI has dropped to a value of 10 into the “gag me with a spoon zone” where long suffering investors barf up their shares just in time to miss the next rally. Anything below a sentiment reading of 10 most often marks lows. With any more declines this week, the DSI will dip even lower increasing the probability of a tradable low.
And Sunday the 9th is a full moon. According to Tom McClellan, “Gold prices tend to see turning points according to at least two independent schedules that I have thus far deciphered. One is the schedule of full moons I encountered the full moon behavior while undertaking an effort to disprove that any such relationship does or even could exist. That effort failed.”
Bob and Barb Moriarty brought 321gold.com to the Internet almost 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.
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1) Statements and opinions expressed are the opinions of Bob Moriarty and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/pub/na/17538