JP Morgan predicts $1400 Gold in 2016

    Posted by caddpro123 on 11th of May 2016 at 02:22 pm

    Assuming I didn't miss a post on this JP Morgan pronouncement:

    https://news.markets/commodities/1400-beckons-gold-price-jpmorgan-17332/?

    yeah I don't really listen

    Posted by matt on 11th of May 2016 at 03:04 pm

    yeah I don't really listen to what the major brokerages say for gold, they never seem to get it right, I remember they were all super bearish in 2001 and 2001 when the secular bull was beginning.  

    funny video ( CLICK HERE ) I remember watching this back in 2009 I think, a British Politician just reaming Gordon Brown for selling nearly all of Englands gold reserves at the bottom, I think it's also referred to as 'Brown's Bottom'. the word is he listened to Goldman Sachs who at the time was very bearish on gold at the time.

    anyway I just follow charts

    anyway listen to that video, great speech by that guy Danniel Hannon

    And specs are super long

    Posted by a_l_ on 11th of May 2016 at 07:05 pm

    And specs are super long in gold: 2.59x 1 year & 3.35x 3 year Z-Scores as of Friday's CFTC release. With the USD at -2.11x  1 year you are buying very high expecting gold to go higher here without more relief and a good setup first.

    Major players

    Posted by caddpro123 on 11th of May 2016 at 03:22 pm

    True enough Matt. I just offered it as a point of interest given how bearish JP Morgan has been of late regarding the metals. They have rarely provided me with any profitable insight. Generally speaking, I consider them background noise to be ignored. 

    Goldman covered its shorts at

    Posted by junkie on 11th of May 2016 at 03:21 pm

    Goldman covered its shorts at a loss. Is JP Morgan next?

    http://www.zerohedge.com/news/2016-05-10/goldman-closes-short-gold-recommendation-45-loss-will-continue-buying-gold-its-clien

    They need suckers to buy

    Posted by junkie on 11th of May 2016 at 02:25 pm

    They need suckers to buy so that they could cover their shorts! Exceeding last year's high at 1380 would be a buy signal, but not before.

    Buy signal

    Posted by caddpro123 on 11th of May 2016 at 02:32 pm

    I believe breaking 1300 in May would be a strong buy signal. The money in precious metals right now is with the miners, not the metals themselves. If you wait until the price hits 1380 you will have missed a golden opportunity. (sorry I couldn't resist) Even at these levels, the miners as a whole are well below prices of just a few years ago.

    But how do you know

    Posted by junkie on 11th of May 2016 at 02:42 pm

    But how do you know that a move up is not a reaction to a low last year, and that we will see $1,000 before we see $1,400? The upside is up to $5,000 at least, so I would not be concerned about getting an extra $80 now.

    What is your strategy

    Posted by caddpro123 on 11th of May 2016 at 02:47 pm

    It all depends; are you trading the metals, the ETF's or the miners themselves?

    I will not buy an

    Posted by junkie on 11th of May 2016 at 02:58 pm

    I will not buy an ETF for known reasons, only the metal itself or a futures contract.

Newsletter

Subscribe to our email list for regular free market updates
as well as a chance to get coupons!