Hedge funds slash bullish wagers on gold before war jitters
Speculators have reduced net-long positions by 3.6%.
Veteran precious metals analyst Ron Rosen says Goldman Sachs has blundered in its assessment of the gold shares bull market.
Speaking to King World News Rosen called Goldman’s assessment that the gold bull market has reached an end a “ridiculous proclamation [which] could not have come at a more perfect time.”
Rosen foresees huge upside for gold over the next two years based on technical patterns and believes that Goldman Sachs prediction will soon appear absurd in retrospect.
At the core of Rosen’s prediction are the strong affinities between between movements in the price of Homestake Mines, the bellwether company during the last major gold share bull market in the 1970’s, and current shifts in the HUI Gold Bugs Index.
According to Rosen the later is “doing exactly what it should be doing by repeating this pattern from the past.”
Charts courtesy of King World News
