The Market for Gold Continues to Look Very Solid

GoldAll manner of anti-gold propaganda is being thrown at us 24-7. “Gold loses shine as Fed decision looms” was a front page headline in the FT on Wedneday of this week. Then the banksters who own the FT smashed gold down in N.Y. implying that rising rate would soon cause fools who own gold to sell in and put their faith in the Ph.D. standard.

To Michael Oliver, all that is noise and nonsense. You can catch Michael’s comments about the gold markets this past week and almost every week at http://jaytaylormedia.com/audio/. The charts on your left are from Michael’s letter last weekend.  The top chart is a price chart which is what most technical analysts pay most attention to. But the bottom chart is a momentum chart that is a proprietary construct that seems to work exceedingly well for Michael on virtually all markets he analyzes. His views are based on market structure and momentum.  He is less concerned about day-to-day gyrations, but more concerned about the bigger picture. Market manipulators of gold can drive gold down in the short term, but have a harder time in the longer term if the structure is strong. Just take a look at the annual momentum and structure of the gold markets shown on you left. You can quickly see why Michael is so bullish on gold. His targets for the first serious resistance for gold is in the $1,470 to $1,540 range as he discussed on my show last week.

About Jay Taylor

Jay Taylor is editor of J Taylor's Gold, Energy & Tech Stocks newsletter. His interest in the role gold has played in U.S. monetary history led him to research gold and into analyzing and investing in junior gold shares. Currently he also hosts his own one-hour weekly radio show Turning Hard Times Into Good Times,” which features high profile guests who discuss leading economic issues of our day. The show also discusses investment opportunities primarily in the precious metals mining sector. He has been a guest on CNBC, Fox, Bloomberg and BNN and many mining conferences.