A fairly well known man who stares at charts (and usually predicts macro doom) in the gold “community” has suddenly seen positives going on in the cyclical world (the charts are going up, duh), and while staring at charts of gold and copper has summarily reversed a wildly bullish view of gold to now become quite bearish on gold. Going the other way, this man who stares at charts is now bullish on copper.
We ourselves stared at the charts of gold, copper and silver the other day as macro indicators and to that end, there is a lot in motion right now. Thoughts on that are in a subscriber update this morning. But were I a committed copper bull (not quite yet) I’d be taking pause that this man stared at copper and flipped bullish.
On the surface of things, I see not only one man who stares at charts reversing course but another calling for a big stock market rally based on the breakout through the bull turnstile and a few (but maybe not enough) others across the “community” finally going bearish on gold.
Gold’s next target is the 1420 area. Copper has not yet firmly established an uptrend. Silver? As has been the case for much of 2019, watch the Silver Bullet’s relationship to gold for clues.
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