The Phaserl


Buying The Summer Lows While Gold Bottoms

by Vin Maru, Gold Seek:

It is our firm belief that the precious metals sector has bottomed out and the downside is very limited from here on out. While there doesn’t seem to be an immediate rush back into the sector, now is a great time to be acquiring physical metals, but more importantly producers with growth profiles. That’s where we really see the value and upside potential. Now would be a good time to start adding and scaling into any new positions you plan on taking.

If we would have to make a speculative/educated guess/evaluation, by looking at the charts and fundamentals for precious metals and the miners, we believe that the worst is over. We are fairly certain that we have seen the bottom over this past summer and building a good position in the physical, ETFs, and select miners right now is looking very promising.

Support has pretty much held throughout the summer and it’s looking good going into the fall. While we still may see one more down wave, it would be more of a fake breakdown below support just to scare the remaining weak hands. If that happens, I would think backing up the truck is a good idea, and start getting aggressive in adding exposure to the sector. Buying at support around $1570 is a good place to start adding to positions. Over the next few weeks we expect gold to trade around $1600 (+ or – $30) in a sideways trading range.

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7 comments to Buying The Summer Lows While Gold Bottoms

  • Bo Polny

    Your article is exactly correct! There will be ONE final wave down in August! It will end With four final days down on Silver Starting Monday August 6 and ending with a Final Big washout on anyone holding leveraged long positions on Thursday August 9th, 2012!!! This a very possible big reversal rally one hour into market close. However it ends…it ends on that day. So yes…back up the truck as JP Morgan finally gets out of their silver short they have held for years. Good Luck and enjoy watching this play out.

    • Bob

      Thank you for your insights here and at JSMineset. Do
      you have your own web site or sell your technical
      analysis by subscription?
      Best regards,

  • Rachael Rush

    I’ve been a long time fan of this site and have recommended it to everyone that wants to really stay informed. However, the above “Bo Polny” comment is a bit suspicious. Like Bob, who probably did exactly what I did…Googled Bo’s name after reading about his latest gold predication on Jim Sinclair’s site.

    Here is my concern, why would Bo comment on a news aggregate site instead of the main source and leave the comment as though this site wrote it?? If this guy is as good as Jim Sinclair gives him honors to be, Bo WOULD have enough sense to know this is not the source site. Further down the rabbit hole and we see that he did NOT leave a comment on the source site, only here. To top that off, he left his comment here days after the original article came out??

    It does NOT add up. You 100% can not be on top of the market like he supposedly is and days after the fact, come here to leave a comment like this one. It seems really fishy to me and to others that can do basic deductions.

    I am not trying to be a wise a**. However, when people’s futures (and my children’s futures) are at stake due to taking investment advice from a complete stranger, I think it is only prudent to be skeptical and to do ones homework!

    Appreciate you publishing my comment, but do expect it to be deleted if what I am saying is true.


  • Bo Polny

    Dear Rachael Rush,

    You state…” I am not trying to be a wise a**. However, when people’s futures (and my children’s futures) are at stake due to taking investment advice from a complete stranger…”

    My chart on Sinclair’s sight was not investment advise. Go to your adviser for that (if you think he has something worthy to give you), my chart posted by Sinclair was to give you something to look for and when. Mr. Sinclair asked if he could post the chart because he cares about his readers!

    Also, when the $22 washout on Silver never came last summer it was therefore to happen in April, NOW. Go to my Gold chart posted and DOUBLE CHECK my Elliot Wave count. The washout was and always comes on “c”. There was a “c” last May 2012 and now again. This wave also has many other attributes beyond just the wave count I posted. In January 2013, I emailed Mr. Sinclair and said $1500 would Break before the Next Bull would ride and he will attest to that. With waves, iIt is actually more important to factor in Gann Theory from a 60, 10, 7 and 3 year perspective and specific day count followed by pattern overlay that is created. Regardless, the gold chart was to give you something more than just price targets with no WHEN!

    In closing…I stated the dates are time sensitive. That is true and important to understand. Stated another way, when time expires, price has been met and price will reverse.

    Be well and all the best to you and your children.


  • Bo Polny

    Lastly, this article was written last summer. When $22 silver was not hit there was no concern to go long as that implied one more complete Elliot Wave count was necessary before the next Bull would ride. I choose to only trade Bulls and not the Bears. Bears bounce around too much and there are just too many constant waves to keep counting. Tops and bottoms are just easier and then one need just trade the trend rather than day trade. Anyone out there either in gold, silver or any of the miners can NOW SEE there was no rush!!! Markets are now lower than last summer. Gold has many more years…it is just staring to get exciting!

    • Adrian

      Hi Bo Polny,
      I’ve been following your work on JSmindset and your technical analysis is amazing.
      I have been studying time analysis for a few years now and am trying to find good information on learning how it’s done with more accuracy. Would you so kind to point me in the right direction of books or websites as to where I might learn as you have?

      Keep up the amazing work

  • Jax

    Bo Polny,

    How is your chart looking now ? Charging people big dollars for your charts is fair as long as you are delivering. Since you called the bottom have your subscribers made money in gold ?

    If anyone out there uses Bo’s service please post the performance.

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