I can’t tell you precisely what price the low will be. No one can. All I can tell you is that …
Timing-wise, we are very close to what could be the final low in the precious metals in their now almost five-year-long interim bear market.
Price-wise, we are also very close. As I’ve told you before, long-term support levels come into play between roughly $935 and $1,035 in gold. Gold is at $1,063 as I pen this column. In silver, the long-term support levels are scaled in from $13.35 down to $12.00.
That said, right now, there are three steps I believe you must implement, immediately:
1. Build up your cash for buying precious metals for the long-term. Everyone should own some gold as insurance against the upcoming collapse of the global monetary system.
|Are we there yet?|
As sure as I know who my mother and father are, the global monetary system will collapse within the next few years. So will the governments of Europe, Japan and the United States.
You simply must have the insurance that gold can offer you when that happens. The price of gold will soar to over $5,000 an ounce.
So be sure to have plenty of cash on hand to buy gold and silver. Specific recommendations will be found in my Real Wealth Report.
2. Get ready to also start loading up on mining shares. They too should soon bottom. And they too have explosive profit potential. But as I have recently written, you’re going to have to be very selective when buying mining companies this time around.
3. Be ready to speculate in the precious metals markets with your risk capital. More money will be made in the precious metals markets in the next few years than in the 1975 to 1980 and the 2000 to 2011 bull markets in gold and silver.
|“Be sure to have plenty of cash on hand to buy gold and silver.”|
In fact, it will likely be the last major bull market in precious metals in our lifetimes. Do everything you can to take advantage of it!
Stay tuned and best wishes,
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In global news, the U.S. embassy in Kabul on Monday warned of an imminent attack in the Afghan city, citing credible reports of a threat within the next two days, but had no other details, Reuters reports. “U.S. Embassy Kabul has received credible reports of an imminent attack in Kabul city, Kabul province, Afghanistan within the next 48 hours,” the embassy said on its website.
Authorities in Germany are becoming increasingly concerned that newly arrived refugees from Syria and elsewhere in the Middle East are being recruited by radical Islamists once they arrive in the country. The Wall Street Journal reports that an increasing number of refugees are attending services at mosques that investigators believe attract extremists. At the same time, Chancellor Angela Merkel held a surprise meeting Sunday with a number of European leaders willing to take in greater numbers of refugees, according to German national daily Frankfurter Allgemeine Sonntagszeitung.
On the sports front, superstar basketball player Kobe Bryant said that he will retire after this season, ending a career that started as a 17-year-old who joined the NBA after his high school days. “My body knows it’s time to say goodbye,” Bryant said in a website posting. Bryant, 37, is having an offseason, with his shooting percentage just a bit above 30%. “It’s tough. 20 years. Legs aren’t what they used to be,” he said. “You just continue to fight through it. . . .”
Automaker Ford Motor Co. (F) said its labor costs will increase about 1.5% a year over the next four years under its new labor agreement with the United Auto Workers. That’s less than the company’s forecast rise in inflation over the period. Ford also said it will take a $600 million charge in the fourth quarter related to the contract. Workers will each receive a $10,000 bonus this year under the contract, which covers 52,900 U.S. hourly workers.
Today is Cyber Monday, which is celebrating its 10th anniversary (how time flies!). Some 121 million Americans are expected to do their buying online today. The celebration of online shopping began with a press release put out before Thanksgiving in 2005 by the National Retail Federation’s Shop.org trade group, proclaiming, “Cyber Monday’ Quickly Becoming One of the Biggest Online Shopping Days of the Year.” What has been your Thanksgiving shopping experience this year? Did you take advantage of the Thursday evening shop openings? Black Friday? Small-Business Saturday? How busy were the shops? Did you shop online instead? Or did you just live your life like normal and avoid all the hype?
Drop down below to add in your views on these or any other matters.
The Money and Markets team