by David Schectman, MilesFranklin.com:
This morning looks like the final blow-off.
Before you panic, check out the latest KWN interview with Sinclair. I know he didn’t expect this follow-up “MANUFACTURED SELLING,” but perhaps this is the bottom he was talking about.
Right now the big money is securing physical gold, and using the cover of the paper market in order to accomplish that. I would add that bullion banks are doing exactly what they did in 1979. It’s 1979 all over again and they know a massive up-move is coming in gold, and they are getting prepared for the liftoff.
The character of the gold market for the next few years will be a transition from paper to physical as the arbiter of price. We are already seeing the inventories of the futures exchanges beginning to decline. Price appreciation will follow this decline in inventories as sure as day follows night.
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