A Tech Wreck And Gold Green Shoots

The powerful sell signal for the Nasdaq that I issued in February has been followed by a disturbing “tech wreck” in the US stock market.

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QQQ ETF chart

Trendlines are being tested, and an important one has failed. There is some support at the current price of $300.

Eager “dip buyers” may want to consider waiting for my 10,100 moving average series to flash a fresh buy signal before plunging back into the market… with anything resembling size.

What about gold? Well, most governments prepare for nothing in advance. They quickly spend all the money they extort via income tax and then use debt and fiat photocopier machines to spend even more.

Their actions are obviously insane, and that’s why citizens need to own gold (as well as platinum, silver, and perhaps some crypto).

There are few bigger endorsements for gold and silver than America’s secretary of the Treasury gleefully telling the nation… “Let’s go big on debt!”

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daily gold chart

While it may be a “no brainer” to own gold as a hedge against the insane actions of governments around the world, investors must use professional buy and sell tactics with the asset to build sustained wealth.

Gold has arrived at the outskirts of the $1666-$1671 support zone. 

It’s an area where I’m buying metal, but with a focus on silver and platinum.

For gold itself, a stoploss under $1666 can be utilized to manage risk. If gold were to decline to the next support zone at $1566 (doubtful but possible), investors may want to consider buying with no stoploss there.

A push through $1760 is needed to put the gold market back in a solid price-positive posture, and from there a rally to $1820 is likely.

(Click on image to enlarge)

beautiful ratio chart of silver versus gold

I’ve called this early part of the inflation cycle the “growflation” stage, and in relation to gold, both silver and platinum are already the stars of the show.

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