Gold’s Explosive Move Continues–Trader Expects “$1500 Within Next 2 Weeks”
By Tekoa Da Silva
August 25, 2013
Greetings and Good Sunday,
What started out as a quiet and sideways week in the metals and miners, finished off explosively!
Technical gold trader Gary Savage noted in weekend commentary that Friday’s explosive finish in gold confirms yet another trading cycle, which may assault the 200 day moving average at $1500 oz. within the next two weeks. He further added that as a result of the strength of this close, he also expects a 10%-15% move in the miners next week.
Doug Casey echoed similar bullish thoughts in an interview on Tuesday, and spoke to the two greatest speculations of his career–both of which were mining related and completely based on luck. He also noted that, “These mining stocks (the well-managed ones) are really about as cheap as they’ve been in history…So unless you think people are going to stop wanting or needing copper, nickel, uranium, gold, silver, and moly, you’ve got to buy these things now.”
Doug also spoke to the wealth-building technique that Vishal Vyas, a major bullion dealer in India, explained to be commonplace in the Indian culture today. In an interview posted on Friday, Vishal explained that Indian families, “Put 20% to 30% of their savings every month into gold,” even despite recent government actions which have driven the price to over $1800 an oz. in India.