For me, this is a pivotal event.
It signals to me the beginning of the last stage of the bubble in Gold.
The last stages of bubbles are the most eventful.
The basic message being broadcast here is that the ornamental value of the yellow metal is no longer a consideration during its purchase. The whole-hearted focus of Gold-purchase now is its safe-haven value. There is absolutely no question about it anymore.
For the sticklers, I believe we are well on our way to reaching the pinnacle of Wave 3 with the last burst to come in the coming weeks. Wave 3s are normally followed by a correcting Wave 4, and then those who missed Wave 3 latch on to make Wave 5. I also believe that it will be a subdued Wave 4, with perhaps a 23.6% or a 38.2% Fibonacci level correction, before Wave 5 takes over.
For heaven’s sake, if you are entering Gold now, do so only to trade. There is no question of investing in Gold at this level. Where are you seeing the margin of safety to be making such an investment decision?
So, it’s passing the hot-plate from this level onwards. The last donkey standing with the hot-plate still in hand will get burnt, whenever that happens. Just forget about time-frames and focus on the tape.
As someone said, the “devil takes the hind-most”.