As much as I want to stay long in Gold, the reality is there is no chance Gold will surge to new highs from these levels. Unfortunately, this black swan event in the virus will slip the global economy into recession. I will refrain from talking about my reasons for why Gold and Silver will plummet and I invite you to read my other ideas for why.
Having said that, Gold stocks will get completely obliterated and essentially go back to 2016/2017 levels. This means mining stocks and 3:1 ETFs like JNUG will get outright obliterated.
That being said, there will be a generational buying opportunity sometime in the next 8-12 weeks when Gold falls to the 1380 level and Silver to 9. From that point, Gold and Silver will start their rallies to parabolic levels. New highs (1950+) will be achieved in Gold sometime later this year, but Silver will likely have to wait until later in 2021 or early 2022.
The Fed slashing rates to 0 and negative and weakness in the DXY will keep Gold from falling below 1380, therefore, 1380-1400 is the generational buying opportunity.
Do not buy Gold stocks. Do not touch JNUG or NUGT.
- zSplit
Having said that, Gold stocks will get completely obliterated and essentially go back to 2016/2017 levels. This means mining stocks and 3:1 ETFs like JNUG will get outright obliterated.
That being said, there will be a generational buying opportunity sometime in the next 8-12 weeks when Gold falls to the 1380 level and Silver to 9. From that point, Gold and Silver will start their rallies to parabolic levels. New highs (1950+) will be achieved in Gold sometime later this year, but Silver will likely have to wait until later in 2021 or early 2022.
The Fed slashing rates to 0 and negative and weakness in the DXY will keep Gold from falling below 1380, therefore, 1380-1400 is the generational buying opportunity.
Do not buy Gold stocks. Do not touch JNUG or NUGT.
- zSplit
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