bullmarketthinking.com / By Tekoa Da Silva / July 2, 2013
I had the chance to reconnect with technical gold trader Gary Savage, publisher of the Smart Money Tracker daily gold market commentary and trading service, which has outperformed most of the world’s hedge funds in 2011 and 2012.
It was a powerful conversation as Gary indicated that, “I think we finally got our bottom in gold”, after much exacerbation by government and hedge fund smashing, with funds intentionally widening and profiting from the Asian gold premium spread. That manipulation “finally appears to be breaking,” Gary also noted, which should trigger an aggressive launch into the “bubble phase” of gold’s bull market.
Speaking to the early-morning gold price smashes over the last two weeks, Gary said, “It had gotten to the point where the bears felt they had a freebie trade, and they just hit it every overnight and pre-market in the morning…then [they'd] wake up and book their profits—over, and over, and over again. But I think the bulls ambushed the bears last Friday…especially in the miners. It was the heaviest up volume day in history.”
READ MORE