The famous gold investor John Doody announced in his July 2013 newsletter that “We have seen the bottom in gold”. At the time I was sceptical of this, but it seems that he may well be correct after all.
After Gold’s failed attempt this month at taking out the June lows, instead gold has now carved out a “higher low”, which would indicate the beginning of an upward trend. This “head and shoulders” type reversal patterns are bullish in nature (see video below).
I realise that gold and silver still have some major resistance ahead. However, as the video below shows, there are persuasive reasons for starting to build a long term “buy” position in gold and gold stocks for the months ahead.
Watch the video here:
What are your own views? Leave us your comment below.