Transcription
When the public or speculating speculative money comes in in droves into the market, it tells you there's a potential top. And even a potential top, as far as I'm concerned, would be a necessary way to kind of reset. But I have seen times in the past, and I've been doing this since 1980, so a few years, in which when the speculative money was rich, let's say, it's kind of like a lake filled with really big trout, and that's when the fishermen come out and cast their line. And that way, you want to be careful when you see that happening.
But you can't argue with fundamentals. Personally, I think that we are headed right now short-term, meaning by the end of the year, to 4,300. However, I have a caveat. The caveat is that at any point we could see the market correct. The correction doesn't mean that the rally is over. It simply means that there is profit taking going on in the market.
And so I would believe that gold will continue to move higher, but we could see it consolidate. Back in the beginning of September, gold goes to about 9670. And then it stays in this tight range with these bottoms which represent either the closing price or the opening price, and as high as 3726, as low as 3674, before it pops up again. Then you get a couple of days of consolidation. Then you get a higher price, consolidation, higher price. Not really consolidation. You have larger candles. And now we have that move back up.
So because of that, I still think there is upside room. I am surprised personally that we've seen such a huge move without any sort of a correction.