Larry Edelson in fact did give a buy signal. He recommended cautious buying of three gold miners. Which ones? Well, only those who pay the 2,600/yr to be part of the Traders group get to be told which ones.
Lt's see though what we can deduce from the data.
Gold has executed a double bottom, with the second bottom being higher than the first one. Couple this with the reported shortage of gold and silver metal and a case can be made that the bottom og the gold correction is IN.
The gold miner index (GDX) confirms: we had three up moves, each ending highere than the previous. Down moves in the upmoves are 1/3 or 2/3 of the upmove as you expect for the classical Fibonacci pattern.
The correction seems to be over.
How about the long term. Here we have to consult the amount of metal allegedly in US possession, vs the debt.
We see that reported gold in US vaults is down to 8,000 tons, while debt continues to accumulate.
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