In the May 2019 Independence Gold Mine interview with the old prospector, he stated, "We will break thru the $1400 gold barrier later this year and achieve heights previously never thought possible in the following 2-3 years. You can go to the bank on that one."
Well, here we are, just over the 2 year mark having achieved gold $2000+ but with three $1900+ failures. However, mining companies are making money big time, banks can buy gold now as a Tier 1 asset and debts are out of control worldwide.
Are these false flags of fundamentals or is it time to backup the truck?
Calls for $2200 gold or more also abound.
Let's not forget, "All the cheerleading in the world does not change a trend. Predictions or forecasts based on other than the mathematical trend evidence are false and should be ignored."
Benchmark Trends
There are numerous daily trend breakdowns in key stocks/indexes with several negative weekly/monthly trends coming up or existing. These results are not encouraging at all.
Gold needs to exceed $1900+, silver above $30 and major indexes require a breakout for bull market confirmation.
Without achieving those benchmarks, frustrating consolidations and down trends will be the order of the day for a good while. Performance, not promises or pipe dreams is key.
Predictive Benchmark trends for new highs are also NOT favorable at this time. In other words, it's intermission time longer term.
In the meantime and as noted earlier, "It would be wise to consider gold first as an insurance premium just like you would for your car, home or health insurance. The benefit of any further waterfall declines in gold prices provides a great opportunity to obtain substantial discounts on those insurance premiums. Make sure you are not too late insuring your own financial future since no one cannot predict exactly when that claim may appear."
What's in your back up plan?
Old Prospector's Final Advice
"By the way", he continued, "It's not important if I am right or wrong. Who cares. What's really important is to sit still, let the numbers come to you and then back up the truck. That's my best advice, kimo sabe."
7/6/21
great article. thanks
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