Gold Targets $13,000, But Miners Are Due to Drop

Hey folks, welcome to VerifiedInvesting.com. My name is Gareth Soloway, Chief Market Strategist here. And of course, we're diving into gold and silver today and the miners as they are having a tremendous couple weeks. Miners are surging again today, the GDX topping $100. But I've got something to reveal to you. Remember, I gave you the heads up on my trade, $5 million in crypto, various crypto assets, including ETFs and actual crypto. And obviously, we've seen what Bitcoin and the altcoins have done. I am now out 80% of those positions riding just a little bit. We'll be unloading as they go a little bit higher. I'm now taking some of that capital and rotating it into another position or two. And I'm going to talk to you all about that in just one second. Before we do that, just a reminder, guys, we always got to thank the sponsor here. And the sponsor here is Rumble Wallet. So Rumble sponsors these videos, guys. And as you know, and I've talked about it before, you can use that QR code. But I have Rumble Wallet right here on my phone. That's where I've made most of these swing trades in actual crypto and also gold. Gold you can buy in terms of tether, and they actually back it by physical metal. You can use your bank account. You can use a credit card. You can use debit card. It works with Moonpay, all of those things. And ultimately, it's easy to use. Three billion plus dollar company, publicly traded. You don't get more legit than that. All right. There's the QR code. Check it out. Use the code VERIFIED5 to get five dollars in stablecoins. All right. Into the charts we go here, guys. Let's do it right now. And we see gold having ripped higher. Absolutely humongous move over the last couple of weeks. In fact, if we do a measurement just from this breakout of the wedge pattern, it was basically a 12 percent move. Incredible, right? Now, today we are getting a little bit of a pause day. That is not unusual. And I want to make that clear. Pause days are ways or means to refuel. So when you have a massive day like we had yesterday where the government comes in and says, hey, we're going to up the amount of bonds we're buying back on the long end by issuing short term debt. By the way, that's that's ludicrous. But that's what they're doing. They're trying to bring the long end of the yield curve down because it's gone up so much on the 30 year and the 10 year and the 20 year. But the point is, is that this is the recipe for higher metal prices in the mid to long term, as well as Bitcoin. If you're a believer in Bitcoin as a digital gold, as a scarce asset, 21 million supposedly. Right. So that's where we are. Gold again has rallied up. It is at a little bit of resistance. Just looking at the chart here, you can see right here, this is the level. See these lows right through there. You can take that and you drag it right across, right through here. So you can see you hammered, bounced, hammered, hammered, hammered, hammered, hammered, broke down. And now you're back to this level. So this forty five hundred, forty five hundred and fifty dollar level on gold is near term resistance. Now, listen, so far, all resistance have been blown through because of this powerful move in gold. So we have to assume that that could easily happen again. But at some point we will get a decent pullback. And my guess is, believe it or not, it's coming sooner than most people think. Now, am I talking about going down to thirty five hundred after this government announcement where the government is now actively going to be going in to manipulate the yield curve by buying 30 year and so forth bonds by issuing short term debt? This changes the game. All right. Doesn't mean we can't go to thirty five hundred. My high end target was thirty nine hundred that got tagged. And that's when the wedge broke out. Thirty five hundred was my worst case bearish scenario for gold. My mid to long term target is thirteen thousand. That's twenty twenty nine to twenty thirty one. You can see it in the calculator that I created where you can use it and calculate your own price target on gold. If you're a free member at Verified Investing, basically just have a free account at Verified Investing dot com. But the point here is this, is that at this point, if the government and I think this is going to happen, if the government is continually going to need to go back in and buy more elongated bonds to keep the yields from going high, then it really just reinforces that they're losing control of the fiat system. And that, my friends, is a recipe, whether we pull back on gold at some point, which inevitably we will. It's a recipe to just keep buying gold on pullbacks. Same thing on silver, although silver has the industrial side and to many extent, probably Bitcoin. I'm not convinced Bitcoin has made a bottom for the cycle yet, but it was due for a bear market rally. Now we'll have to see when risk assets start to sell more. Does Bitcoin come in substantially? All right. So that's where we are on gold, guys. First major support on gold if it pulls back is right here around 4175. Notice high pivot and high pivot. That would be a retrace. In addition, if we look at this, we can see that essentially that is a perfect 618 Fibonacci. How cool is that? The 618 Fibonacci literally marks that to a T, that trend line right there. And when you have a confluence of factors, remember, it increases the probability that that's going to be major support. Now, I did tell you, and I'm going to get to silver, but I did tell you I did do a trade today. I've started to inch into this here on the short side, and it is in the gold miners. Gold miners have run incredibly. They should be due for a short term pullback before anyone freaks out, because I know we got a lot of nervous Nellies that probably unfortunately bet the farm on anything. This is a quick trade. I'm in and out probably within a day to three days on the miners. If it goes a little bit higher, I have room to add in dollar cost average. But I want to show you why I'm doing this trade, because remember, it has nothing to do with personal preference. It has everything to do with charts. By the way, before we do that, just a reminder, folks, don't forget to join Gareth's Top Squad right here on YouTube. Major member video dropping later today or tomorrow. Another one this weekend with a major discount code. And again, if you're this is just YouTube right here. It's super cheap. Ten bucks a month. The discount alone used like once a quarter covers the cost by a mile. All right. In any case, let's go to it here. So GDX, what a move on GDX surging to the upside. But look at this. So, number one, there's a gap fill right here. Boom. Number two, we have all this area right in here from this area is right there. So see all of this resistance here and look at the extension move up. And number three, you want to see something wild here, folks. Take a look at this. You have a trend line right through here. Look at this. Look at this line from this pivot low right down here. And by the way, this actually looks like it could even go back down here, but we'll do it from here. Pivot low, pivot low, pivot low, breaks down, retraces, rejected and look at where it's coming back to. And but wait, there's more. And this is this is where I get stupid about this stuff. But nonetheless, it excites me. I love this stuff. These are the great trade setups where you can make quick hits and make incredible amounts of money. Want to see something nuts? Look at this, guys. Take your high on GDX to your low. Where's your Fibonacci 618 retrace? Right here. Look at that right there. Right there. So 618 Fibonacci retrace, ascending trend line, pivot high and gap fill. Four factors on this. In addition, look at the Newmont mining chart. Look at Newmont mining. Look at this massive gap on Newmont mining right here. And we just filled it today. Right there. OK, that is incredible. AEM, you want to see something? Look at this 618 Fibonacci already have the levels on here and ascending trend line. Look at that trend line right there on AEM. And so, listen, I want to make sure I stress this because I don't want anyone freaking out. I still like the miners long, mid to long term. And I appreciate those of you that when people make dumb comments in the comments about like, oh, well, you know, blah, blah, you know, like he's going to get wrecked on these, you know, miners. Well, dude, it's a short term trade. And so I appreciate those of you that set those people straight because time frame does matter. Absolutely matters. Huge bull. You guys know I'm a huge bull on gold. I got physical metal. I got all of it. But on the short term, I'm a swing trader because I can make a lot of money doing that. And that's what we're doing here. So again, I've now picked up a position, not a huge position, not like with Bitcoin. I want to clear on that in crypto. Not yet anyways. But I am short the miners via GDX, new mining a little bit right here. And I'm looking for a pullback in the coming days on GDX. All right, let's go to gold real quick. Excuse me, silver real quick and cover that before the video ends. Silver, this is optimistic. Silver trying to get above this resistance line, pivot trend line right here. Resistance hit, hit, hit. Look at all these hits and finally pushing above. Can it hold above this level? That is going to be key, my friends. If it can, then it's in the golden zone. And again, it can go higher. Now, it doesn't mean it's not going to stall out a little bit. But again, you had to get above this ascending trend line. It's trying to today. Let's see where it ends the day. We'll go from there. Platinum, I'll do them in another video. Copper, I actually like copper on the short side, by the way. But either way, I wanted to give you this latest update on the metals. Amazing breakout of the wedge pattern on gold a couple of weeks ago. Huge move up. It's getting a little extended. The miners are really extended. 618%. Think about this. So gold and I want to put this in perspective. Last thing and I wasn't going to do this. But so we know this is a 618 Fibonacci retrace on gold from its on GDX from its highs to its lows. But if we look at gold, how much has it retraced? So if you look at gold here, gold has only retraced not even 382. So what that tells me is the miners have gotten ahead of themselves. Do you guys get that? Like, in theory, you should see a 618 retrace on the miners and the miners move more. But that makes sense. It was more up, more down. 618 on the miners should equate to a 618 on gold or at least on silver and gold combined. Neither of them are true. Therefore, again, logic. Remember, logic dictates the miners have run too much. They're due for a correction. All right. Let's see what happens, guys, in the coming days. You guys know I'm not shy about putting myself on the line. Sometimes it works. Occasionally it doesn't. That's the point, though. I tell you what I think. I tell you what I'm doing. Have a good one. Come visit us at verifiedinvesting.com.