11 October 2023 - Thoughts on the Market

Today’s write-up will be a brief update on some recent market developments. My next write-up will address a variety of market developments in greater detail.

First, I want to touch on gold. In my “Thoughts on the Market” of April 27, 2023, I wrote that gold was getting ready to start a corrective cycle, with an anticipated sell-off towards $1800 per ounce. I thought a 10% correction would be enough to rebalance the market and get us set for the next major rally. We finally hit my buying zone last Friday, the 6^th of October, when it reached $1810. I have covered my shorts, and I am now expecting the anticipated rally to develop. Overall, I think that the mid-$1800’s are a great buying zone for a move that will likely surprise many people with its eventual force.