As gold hit new lows last week, Swiss voters prepared to reject a measure that would have required their central bank to hold a portion of its assets in gold and repatriate 30% of central bank gold stored in Canada and in the U.K.
Many analysts and investors took the referendum’s failure as yet another bearish sign for gold, and gold indeed fell leading up to the vote (as most experts expected the measure’s rejection). But come Monday, the yellow metal rallied back above last week’s highs, turning all the talk about the referendum’s bearish impact on gold into mostly wasted breath.
Elliott Wave International’s Chief Market Analyst Steve Hochberg warned about this scenario in his Monday, Nov. 24, Short Term Update, six days before the Swiss vote:
“The financial media is increasing their focus on the November 30 Swiss vote that would require the Swiss National Bank to double its gold reserve holdings. Speculation is high as to whether the measure will pass but I think the outcome is largely irrelevant.”
You see, if you ask Hochberg and his colleagues, the technical case for gold’s next big move was already made LONG before the first Swiss ballot was counted.
On Nov. 11, Hochberg and his colleagues Robert Prechter and Peter Kendall teamed up for a rare joint issue of their Elliott Wave Financial Forecast and Elliott Wave Theorist publications. Together they laid out their case for the next big move in gold.
“Why should I care?”
Because Hochberg, Prechter and Kendall have provided laser-precision forecasts for the biggest turns in precious metals over the past few years. They were virtually alone in calling for a bear market in gold back in 2011, when everyone thought gold was a buy. Now that gold has dropped 40%, and gold bugs are bugging out, they report the near- to intermediate-term picture has changed, and a new, BIG, countertrend opportunity in gold is dead ahead.
We want to help you prepare for this opportunity, so we have arranged for you to read their latest analysis in full — for free.
But because this move in gold may happen extraordinarily fast, and we have received special permission to share it with you here, you will have just a few days to access this report — again, it’s 100% on us! — before it goes back behind the paywall of EWI’s Financial Forecast Service.
You have one final week of free access.
At the end of this week — promptly at noon Eastern time Friday, Dec. 5 — all non-subscribers will be locked out of this free special report on gold for good. Only the in-depth, expanded, premium version will be available.
So if you want a quick, two-page update on a BIG developing opportunity in gold, please follow this link for immediate access to your free gold report now »
Simply click the above link, follow the quick steps, and you will have a free, printable version of the report on your screen in a few moments.
P.S. If you own gold and you are considering reallocating the metals portion of your portfolio, please take a few minutes to read this two-page report now. If Hochberg, Prechter and Kendall are right on gold, as they have been over the past few years, you’ll be glad you did. Follow this link to learn more about the report.