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 6th 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.