Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Gold, Silver & HUI Stocks Big Pictures - 28th Sep 20
It’s Time to Dump Argentina’s Peso - 28th Sep 20
Gold Stocks Seasonal Plunge - 28th Sep 20
Why Did Precious Metals Get Clobbered Last Week? - 28th Sep 20
Is The Stock Market Dow Transportation Index Setting up a Topping Pattern? - 28th Sep 20
Gold Price Setting Up Just Like Before COVID-19 Breakdown – Get Ready! - 27th Sep 20
UK Coronavirus 2nd Wave SuperMarkets Panic Buying 2.0 Toilet Paper , Hand Sanitisers, Wipes... - 27th Sep 20
Gold, Dollar and Rates: A Correlated Story - 27th Sep 20
WARNING RTX 3080 AIB FLAWED Card's, Cheap Capacitor Arrays Prone to Failing Under Load! - 27th Sep 20
Boris Johnson Hits Coronavirus Panic Button Again, UK Accelerting Covid-19 Second Wave - 25th Sep 20
Precious Metals Trading Range Doing It’s Job to Confound Bulls and Bears Alike - 25th Sep 20
Gold and Silver Are Still Locked and Loaded… Don't be Out of Ammo - 25th Sep 20
Throwing the golden baby out with the covid bath water - Gold Wins - 25th Sep 20
A Look at the Perilous Psychology of Financial Market Bubbles - 25th Sep 20
Corona Strikes Back In Europe. Will It Boost Gold? - 25th Sep 20
How to Boost the Value of Your Home - 25th Sep 20
Key Time For Stock Markets: Bears Step Up or V-Shaped Bounce - 24th Sep 20
Five ways to recover the day after a good workout - 24th Sep 20
Global Stock Markets Break Hard To The Downside – Watch Support Levels - 23rd Sep 20
Beware of These Faulty “Inflation Protected” Investments - 23rd Sep 20
What’s Behind Dollar USDX Breakout? - 23rd Sep 20
Still More Room To Stock Market Downside In The Coming Weeks - 23rd Sep 20
Platinum And Palladium Set To Surge As Gold Breaks Higher - 23rd Sep 20
Key Gold Ratios to Other Markets - 23rd Sep 20
Watch Before Upgrading / Buying RTX 3000, RDNA2 - CPU vs GPU Bottlenecks - 23rd Sep 20
Online Elliott Wave Markets Trading Course Worth $129 for FREE! - 22nd Sep 20
Gold Price Overboughtness Risk - 22nd Sep 20
Central Banking Cartel Promises ZIRP Until at Least 2023 - 22nd Sep 20
Stock Market Correction Approaching Initial Objective - 22nd Sep 20
Silver Bulls Will Be Handsomely Rewarded - 21st Sep 20
Fed Will Not Hike Rates For Years. Gold Should Like It - 21st Sep 20
US Financial Market Forecasts and Elliott Wave Analysis Resources - 21st Sep 20
How to Avoid Currency Exchange Risk during COVID - 21st Sep 20
Crude Oil – A Slight Move Higher Has Not Reversed The Bearish Trend - 20th Sep 20
Do This Instead Of Trying To Find The “Next Amazon” - 20th Sep 20
5 Significant Benefits of the MT4 Trading Platform for Forex Traders - 20th Sep 20
A Warning of Economic Collapse - 20th Sep 20
The Connection Between Stocks and the Economy is not What Most Investors Think - 19th Sep 20
A Virus So Deadly, The Government Has to Test You to See If You Have It - 19th Sep 20
Will Lagarde and Mnuchin Push Gold Higher? - 19th Sep 20
RTX 3080 Mania, Ebay Scalpers Crazy Prices £62,000 Trollers Insane Bids for a £649 GPU! - 19th Sep 20
A Greater Economic Depression For The 21st Century - 19th Sep 20
The United Floor in Stocks - 19th Sep 20
Mobile Gaming Market Trends And The Expected Future Developments - 19th Sep 20
The S&P 500 appears ready to correct, and that is a good thing - 18th Sep 20
It’s Go Time for Gold Price! Next Stop $2,250 - 18th Sep 20
Forget AMD RDNA2 and Buy Nvidia RTX 3080 FE GPU's NOW Before Price - 18th Sep 20
Best Back to School / University Black Face Masks Quick and Easy from Amazon - 18th Sep 20
3 Types of Loans to Buy an Existing Business - 18th Sep 20
How to tell Budgie Gender, Male or Female Sex for Young and Mature Parakeets - 18th Sep 20
Fasten Your Seatbelts Stock Market Make Or Break – Big Trends Ahead - 17th Sep 20
Peak Financialism And Post-Capitalist Economics - 17th Sep 20
Challenges of Working from Home - 17th Sep 20
Sheffield Heading for Coronavirus Lockdown as Covid Deaths Pass 432 - 17th Sep 20
What Does this Valuable Gold Miners Indicator Say Now? - 16th Sep 20
President Trump and Crimes Against Humanity - 16th Sep 20
Slow Economic Recovery from CoronaVirus Unlikely to Impede Strong Demand for Metals - 16th Sep 20
Why the Knives Are Out for Trump’s Fed Critic Judy Shelton - 16th Sep 20
Operation Moonshot: Get Ready for Millions of New COVAIDS Positives in the UK! - 16th Sep 20
Stock Market Approaching Correction Objective - 15th Sep 20
Look at This Big Reminder of Dot.com Stock Market Mania - 15th Sep 20
Three Key Principles for Successful Disruption Investors - 15th Sep 20
Billionaire Hedge Fund Manager Warns of 10% Inflation - 15th Sep 20
Gold Price Reaches $2,000 Amid Dollar Depreciation - 15th Sep 20
GLD, IAU Big Gold ETF Buying MIA - 14th Sep 20
Why Bill Gates Is Betting Millions on Synthetic Biology - 14th Sep 20
Stock Market SPY Expectations For The Rest Of September - 14th Sep 20
Gold Price Gann Angle Update - 14th Sep 20
Stock Market Recovery from the Sharp Correction Goes On - 14th Sep 20
Is this the End of Capitalism? - 13th Sep 20
The Silver Big Prize - 13th Sep 20
U.S. Shares Plunged. Is Gold Next? - 13th Sep 20
Why Are 7,500 Oil Barrels Floating on this London Lake? - 13th Sep 20
Sheffield 432 Covid-19 Deaths, Last City Centre Shop Before Next Lockdown - 13th Sep 20
Biden or Trump Will Keep The Money Spigots Open - 13th Sep 20
Gold And Silver Up, Down, Sideways, Up - 13th Sep 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

Gold Bull Market $2,400 Forecast Target Peak By Early 2013

Commodities / Gold and Silver 2010 Oct 13, 2010 - 04:15 AM GMT

By: Joseph_Russo

Commodities

  • Best Financial Markets Analysis ArticleCaptain's log, trade date 10.07.10 The dawn of the 21st Century continues to produce financial shock waves resulting from a generational abuse of credit, fiat currency systems, and exotic financial derivatives.


  • Conceived from a flawed premise of faith-based paper currencies and easy credit, solutions for intractable monetary and fiscal disorders appear limited to the imposition of exponentially more of the same failed remedies that spawned the massive dislocations in the first place.

  • The future outcome shall likely conclude that the so-called tools that central banks, powerful elites, and political legislators employed to impose their monopoly-brand of command-and-control mandates to guide economies, are the very tools that led to their collapse and insolvency.

  • Charting the price of Gold is one of the best ways to measure the ill effects of such incessant endeavors. Placing 10-20% of one's net worth in physical possession of precious metals is an effective solution to insure against the ongoing and future fallout from the systemic failure that occurred 2008.

Step into the past:

In November 2005, Elliott Wave Technology launched its charting and forecasting service as Gold was full swing into its fifth year of advancing in a robust bull market. At the time, Gold was trading in the 500-dollar range - up over 100% after registering a 20-year bear market low in 1999. We were long-term bullish then, and we remain so now.

We produced the three charts that follow from an archived back issue of our Near Term Outlook published on October 29, 2008. In direct contrast to some of the most notable mainstream Elliott wave authorities, we saw the October 681 low as an incredible buying opportunity vs. the onset of a total deflationary collapse in the Gold price.

Since then, the price of Gold has doubled, yet no one has invited us for an interview on CNBC. That is fine by us, in fact, we like things just the way they are; no fanfare, no beating the drum on dead wave counts, just getting the job done right is all that concerns us.

That said, let us now go back, and review where we stood two years ago.

October 28, 2008 long-term monthly bar chart

Long-Term Elliott Wave Analysis 10-23-2008 In our last comments on June 10, we stated- "There is good argument that the recent breach of $1000, and print high of 1030, marks the terminal to Primary "3". We are now compelled to give preference to this count as reflected in the charts above.

Chart highlights: Upon the breakout above the 730.40 level in September 2007, we cited an upside price target of 1200. Upon the cross above the 875 level in November 2007, we cited a 1495 upside price target.

October 28, 2008 weekly bars

Chart highlights: Following its first print high north of 1000 at the primary 3-wave designation, note the captured downside sell-trigger target of 685 (circled in blue), which booked profits 4-points from the 681 primary degree 4-wave bottom.

October 28, 2008 daily bars

Near-Term Outlook for GOLD 10-28-2008: - Potential clarity amid prospects of a Primary 4 wave down in process of basing- We now view Gold as basing in a primary fourth wave decline. There exists a general 9-year cycling of lows in the Gold market. The last major low was set in 1999, and as such, 2008 provides a period to anticipate another cyclical low point from which Gold may put in another long-term base. The balance of trajectories, targets, point-values, wave-labels, and alternates remain as noted.

Chart highlights: Note the level of detailed accuracy in which we tracked the a-b-c-d-e minor degree expanding wedge and its minute degree subdivisions amid the eight-month decline into the base of the primary 4-wave down.

All told, there is no question that our guidance, forecasting, and interpretations from two years ago were spot on the money.

Back to the future:

Below, we have drafted our latest and most bullish long-term forecast for Gold. Thus far, it maintains adherence to our standing interpretations set forth some five years ago. If the self-anointed masters of our financial universe continue tinkering with their QE toolkits, and policy makers continue to exhibit spineless leadership, do not be surprised if Gold strikes 2400 within the next few years.

Truthfully, we do not wish to see gold trading at 2400 no matter how much physical we may own. Such an outcome would suggest a Zimbabwe-style hyperinflation has taken root. Such an occurrence would likely engender an elongated period of widespread civil unrest.

Our client based screen cast publications include coverage of all the major US markets. Each screen cast includes an abundance of charts, details, guidance, as well as access to our proprietary programmed trading systems, which are engaged in the markets amidst every timeframe imaginable. In celebration of our Fibonacci fifth year of service, we are offering a phenomenal 62% first month trial discount to all new subscribers for the balance of 2010. From any of our order pages, enter the Coupon code: NCC-1701 and your first monthly or quarterly charge will reflect the trial discount.

Until then, Trade Better/Invest Smarter

By Joseph Russo

Chief Publisher and Technical Analyst
Elliott Wave Technology
Email Author

Copyright © 2010 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.

Joseph Russo Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules