Latest / Financial Survival Network / Is the Summer Market Pullback Here? - Jim Welsh #6404

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Is the Summer Market Pullback Here? - Jim Welsh #6404 · Financial Survival Network

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  Speaker 2: Welcome. This is Financial Survival Network. I'm your host, Carrie Lets.
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  Speaker 2: And well, there's a few things happening in the world.
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  Speaker 2: If you hadn't noticed, if you woke up late, missed
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  Speaker 2: the latest headlines. Jim Welsh is with us. It's June seventeenth,
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  Speaker 2: twenty twenty sixth, middle of June, man and the summer
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  Speaker 2: solstice is almost upon us. And peace. We will have
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  Speaker 2: peace in our times here right.
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  Speaker 3: Jim and I have some property to sell you down
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  Speaker 3: in Florida somewhere. It's a march. But anyway, no, that's all.
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  Speaker 3: Obviously we hope for that. At the same time, we
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  Speaker 3: look at history, and history would argue against it, you know,
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  Speaker 3: given what's happening in the world, especially you know since
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  Speaker 3: twenty twenty two Russia's invasion of Ukraine, obviously the Middle
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  Speaker 3: East and all the different facets to it, so it'll
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  Speaker 3: be great, but I remain skeptic.
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  Speaker 2: They're skeptical. Huh, all right, well, well health, there's nothing
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  Speaker 2: wrong with healthy skepticism.
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  Speaker 3: Right. Well, history shows, I mean, back in twenty twenty two,
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  Speaker 3: Saudi Arabia and Israel we're getting close to signing an agreement,
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  Speaker 3: and I think that was one of the motivations AMAS
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  Speaker 3: to do what they did in October of twenty three.
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  Speaker 3: And so you have vested interest in the Middle East
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  Speaker 3: that Iran has been funding for many, many years terrorist groups,
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  Speaker 3: and they're not gonna want peace. They're gonna want to
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  Speaker 3: try if they can, to cause enough trouble to you know,
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  Speaker 3: not allow this to happen. And I think that's one
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  Speaker 3: of the bigger chair ruppers.
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  Speaker 2: Okay, well, yeah, that might be the case. But they've
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  Speaker 2: been somewhat neutered a bit. Maybe they're not fully defeated.
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  Speaker 2: But I like to say the the Mulla's got a
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  Speaker 2: mandatory retirement plan imposed upon them, didn't they a lot
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  Speaker 2: of the top officials, Yeah.
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  Speaker 3: They did. And you know their programs, you know, the missiles,
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  Speaker 3: ballistic missile program that been set back obviously, the nuclear
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  Speaker 3: program has been set back. The risk obviously is two
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  Speaker 3: fore years. Now we' they're on the same They're back
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  Speaker 3: on the same path, and if you have a different administration,
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  Speaker 3: you can almost take that to the bank, you know. Again,
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  Speaker 3: I people talk about the twenty fifteen agreement, how wonderful
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  Speaker 3: it was, and there were some big holes in that agreement.
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  Speaker 3: It didn't address ballistic missiles, which is why i RAN
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  Speaker 3: has been able to kind of, you know, control the
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  Speaker 3: straight It's not because they have a nuclear weapon, it's
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  Speaker 3: because they got thousands of ballistic missiles. That was a
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  Speaker 3: bin droning inspections the atomic International Atomic Energy Agency. Yeah,
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  Speaker 3: they could go and inspect. They had to give thirty
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  Speaker 3: day notice, and then i RAN chose the locations of
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  Speaker 3: the inspection. Really now was Eric Tite you know? So
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  Speaker 3: to me total yes, absolutely, and then all the funding
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  Speaker 3: that they received from the Obama and Biden administration, the
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  Speaker 3: removal of sanctions, the oil revenue and so forth. So
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  Speaker 3: to me, you know, what happens after twenty twenty eight
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  Speaker 3: and who's in the White House and who's running Congress
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  Speaker 3: will make a big difference, because I believe people in
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  Speaker 3: the Mid East will look at whatever administration is in
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  Speaker 3: power and make a decision. Is this the type of
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  Speaker 3: administration that's going to send rockets our way or not?
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  Speaker 3: And you know, yeah, that's the way they think. I
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  Speaker 3: get it. But that's the world we unfortunately live in.
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  Speaker 3: So I hope it would be absolutely wonderful if somehow
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  Speaker 3: an era of peace could be established.
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  Speaker 2: Sayah, well, we're all skeptical on that one. But how's
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  Speaker 2: it affecting the markets here?
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  Speaker 3: Well, the main thing is the oil prices have come
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  Speaker 3: down rather significantly. I mean that was kind of a
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  Speaker 3: no brainer that if any kind of a decent deal
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  Speaker 3: was announced, we'd see oil prices drop. Question carry is
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  Speaker 3: going out the next one to three months? Will oil
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  Speaker 3: prices stay down? A couple Energy CEOs, Chevron and Exean,
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  Speaker 3: you know, talked about how there is a shortage that
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  Speaker 3: is going to occur and that oil prices. One guy
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  Speaker 3: put a tab of one fifty to two hundred that
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  Speaker 3: oil could spike to those levels because even though oil
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  Speaker 3: will start to flow, there's about a billion barrels of
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  Speaker 3: oil that have been lost without shipping. Now some of
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  Speaker 3: that has been nullified because governments will run down their
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  Speaker 3: strategic petroleum reserves, which is in part why oil prices
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  Speaker 3: stayed around one hundred before this deal was announced, So
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  Speaker 3: to me, that is one of the risks going forward
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  Speaker 3: is the market has assumed that, Okay, oil prices going
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  Speaker 3: to go down, they're going to stay down. We don't
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  Speaker 3: have to worry about it in the short run. Obviously,
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  Speaker 3: it brings gas prices down significantly. That effects inflation expectations.
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  Speaker 3: I've had charts in my letters carry showing the relationship
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  Speaker 3: over the last twenty years between oil prices and prices
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  Speaker 3: specifically and inflation expectations. You know, people go to the
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  Speaker 3: gas station fill up once or twice a week, they
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  Speaker 3: go to the grocery store, so inflation expectations have been
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  Speaker 3: you know, are manipulated, if you will, by the experience
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  Speaker 3: that consumers have when they go to the grocery store
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  Speaker 3: and the gas station. They're coming down more coming weeks,
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  Speaker 3: and so that also is a plus for the economy
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  Speaker 3: because for lower income people, higher prices represented just one
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  Speaker 3: more financial squeeze. So near term, those are all the positives,
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  Speaker 3: and I think the financial markets have responded to that.
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  Speaker 3: Treasure yields have come down a little bit. Obviously, the
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  Speaker 3: equity market has been pushing higher in response and it's logical.
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  Speaker 2: Yeah, okay, So so you think it's going to bounce
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  Speaker 2: back up the price of oil, Well, you know it's
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  Speaker 2: always fluctuating here, right, I mean, it's always doing stuff.
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  Speaker 3: Yeah, it never just stamps still right right. That Really
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  Speaker 3: it comes down to if the oil executives, if their
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  Speaker 3: analysis is you know, more than halfway right. Maybe you
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  Speaker 3: don't get to one fifty to two hundred, but if if,
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  Speaker 3: if you get above eighty five, that's the first warning,
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  Speaker 3: if you will, and then getting back up one hundred,
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  Speaker 3: above one hundred dollars a barrel carry, I think that
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  Speaker 3: would be you know what I would call an oh
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  Speaker 3: shit moment. Now, it's like in baseball, line drive is
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  Speaker 3: at the outfielder, they take three steps in the ancil term. Yes,
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  Speaker 3: it satisfyinancial level financial car Yeah, so here we've all
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  Speaker 3: seen it. If you watch base if you're a fan,
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  Speaker 3: you see outfielders run in and then they have the
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  Speaker 3: old shipment. Oh my god, it's going over my head.
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  Speaker 3: So that would be above eighty five and then above
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  Speaker 3: one hundred. I think that would provide markets a pretty
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  Speaker 3: severe jolt. We'll see. Maybe those oil executives are completely wrong,
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  Speaker 3: but My point is U fifty to two hundred. It'll
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  Speaker 3: take prices much less just because of the perception that
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  Speaker 3: people have is oil is down going to stay down.
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  Speaker 3: But that starts to change in a meaningful way, then
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  Speaker 3: I think the markets have to deal with that.
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  Speaker 2: Yeah. Well, the one thing is that the oil company
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  Speaker 2: execs will never admit is this thing called demand destruction.
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  Speaker 2: And look in the United States and all over Europe, evs,
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  Speaker 2: especially Tesla's are selling like hotcakes. And that's not because
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  Speaker 2: the price of oil is going up to a hundred
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  Speaker 2: at fifty five a barrel. It's because they're now economically
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  Speaker 2: viable as a replacement assuming you can, if you can
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  Speaker 2: charge in your home. There's not even a close cost
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  Speaker 2: comparison when you factor in lower energy costs and basically
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  Speaker 2: lower maintenance costs, there's nothing. There's no comparison. So we're
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  Speaker 2: seeing demand destruction all over.
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  Speaker 3: At the well. I would also say, though, that what
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  Speaker 3: you're describing has happened over a period, and let's say
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  Speaker 3: the last ten years, as evs became, you know, a
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  Speaker 3: greater share of the cars on the road. The flip
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  Speaker 3: side of that carry though, is that the economies have
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  Speaker 3: become less energy intense. So in the mid nineteen seventies,
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  Speaker 3: I think energy was about eight percent of GDP in
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  Speaker 3: terms of its intensity level, and now I think it's
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  Speaker 3: closer to three percent. So my point is the amount
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  Speaker 3: of demand destruction that we've seen over the last three
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  Speaker 3: months is less than what it would have been in
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  Speaker 3: years past, because in part of what you just described,
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  Speaker 3: you know, there's this a significant, you know, portion of
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  Speaker 3: drivers out there that have been insulated from it. Car
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  Speaker 3: mileage standards have tripled since the nineteen seventies, so the
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  Speaker 3: amount of demand destruction is more concentrated really on lower
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  Speaker 3: income folks who can't afford it, but everyone else is
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  Speaker 3: progressively in better and better shade. And again you've got
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  Speaker 3: top the top ten percent of wage uners represent almost
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  Speaker 3: fifty percent of consumer spending for them. You know, oil
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  Speaker 3: prices going up a buck and a half or so,
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  Speaker 3: it's an in convenience. It's something maybe to whine about
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  Speaker 3: at a cocktail party, but you know, so I think
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  Speaker 3: the reality is that the demand destruction is less than
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  Speaker 3: what it has been in the past, and so it
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  Speaker 3: for the markets, it's more psychological. Uh. And right now
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  Speaker 3: that I think markets believe oil prices are down. They
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  Speaker 3: believe they're going to go down to the sixties low sixties,
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  Speaker 3: because that's where they were before the war. That might
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  Speaker 3: take six months what they expect, and if something different
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  Speaker 3: shows up, you know, then the reaction is more of
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  Speaker 3: a surprise. Uh. And it has a greater internat on
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  Speaker 3: markets trade. We'll see if that happens. I just think
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  Speaker 3: it's yes, we will.
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  Speaker 2: Yeah. Well, yeah, like you said, a lot of demand
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  Speaker 2: destructions taken place, but it's still a humongous industry. And
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  Speaker 2: while the demand and destruction has been taking place, the
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  Speaker 2: actual consumption has been going up, nevertheless, because more and
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  Speaker 2: more people driving cars and more and more industry, et cetera. So,
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  Speaker 2: but now I think perhaps we're at a turning point.
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  Speaker 2: We got the Tesla semi electric. Semi electric semis are
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  Speaker 2: going to become predominant over the next several years, so
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  Speaker 2: it'll be interesting to see. So this comes down to
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  Speaker 2: the nixt six months, Carrie. I'm not talking like five
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  Speaker 2: years from now. I'm just saying that this shortfall in
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  Speaker 2: oil production and oil reaching the rest of the world
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  Speaker 2: was off set by big drawdowns of SBRs and so forth.
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  Speaker 3: Yeah, it's going to take a while. I mean for
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  Speaker 3: ships to leave the straight and go to Asia. It's
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  Speaker 3: it's I think fifteen days Europe is twenty five thirty.
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  Speaker 3: So you're talking, you know, three round trips. Well, all
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  Speaker 3: of a sudden, you at three months and you still
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  Speaker 3: haven't really addressed the shortfall. So the risk of a
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  Speaker 3: short fall and a quick impact on prices, I think
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  Speaker 3: is over the next six months. And so you know
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  Speaker 3: what you're talking about, the diesel adoption and so forth. Yeah,
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  Speaker 3: that's all coming. It's not going to have a meaningful
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  Speaker 3: impact on what happens in the next six months in
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  Speaker 3: terms of demand.
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  Speaker 2: Yeah, sure, but it's speeding up the rate of adopt
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  Speaker 2: the rate of electrification. It's that S curve and we're
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  Speaker 2: getting to the top of the S and it's going
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  Speaker 2: to happen quicker. And if prices really do skyrocket like
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  Speaker 2: the oil company execs are hoping, I don't know if
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  Speaker 2: they're really predicting or if it's opium or on the airport,
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  Speaker 2: that's only going to speed up the process, right, it's
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  Speaker 2: only going to make it go master well either.
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  Speaker 3: Way, shortage is you get kind of an extreme price
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  Speaker 3: movement and then you get some real meaningful demand destruction.
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  Speaker 3: I mean, if you get to one hundred and fifty
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  Speaker 3: dollars a barrel, you're going to see some serious demand
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  Speaker 3: destruction across the global economy in all segments. But immediately,
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  Speaker 3: what happens then is prices come down because a if
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  Speaker 3: the straight remains open, more oil will work its way
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  Speaker 3: into the system, more jet fuel will be produced, because
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  Speaker 3: I think that's another risk, especially in Europe, that they
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  Speaker 3: run out of jet buel this summer, you know. So again,
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  Speaker 3: I'm talking about a window of time where there's a
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  Speaker 3: higher risk of a shortage to develop, and the very
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  Speaker 3: nature of that is going to be short term in nature.
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  Speaker 3: But as you're experiencing it, markets react and oft and
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  Speaker 3: overreact to that kind of an event.
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  Speaker 2: Yes, agreed. And as my good friend Rick Ruhl said
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  Speaker 2: and numerous others have, the best cure for low prices
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  Speaker 2: is low prices are the best cure for high prices
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  Speaker 2: and commodities is.
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  Speaker 3: High prices, right yeah, yeah, I mean again, supply and
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  Speaker 3: demand is what caused mark the price to change. Yeah,
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  Speaker 3: just as they're quick. As a side, I'd love to
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  Speaker 3: have a test of all the professors in college and
• 15:30
  Speaker 3: teachers in high school and just say very quickly, it's
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  Speaker 3: got to be a surprise test, right, what is the
• 15:35
  Speaker 3: law supplying demand and how does an impact prices? I'm
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  Speaker 3: guessing less than half of all the professors in college
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  Speaker 3: and teachers in high school would be able to explain
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  Speaker 3: that accurately. They don't understand it. That how a basic
• 15:51
  Speaker 3: function of a market driven economy works, which is why
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  Speaker 3: things like well, you know, socialism might be a better alternative.
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  Speaker 3: Really yeah, tried and failed. But if you don't understand,
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  Speaker 3: I mean, and they're willing to spend what a lot
• 16:09
  Speaker 3: of money on a phone. But you know, oil companies
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  Speaker 3: I think think about nine cents of every dollar of
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  Speaker 3: revenue flows to the bottom line for oil companies. I
• 16:19
  Speaker 3: think Apple it's like thirty cents. They don't care, but
• 16:24
  Speaker 3: they'll complain about oil companies gouging. So this political commercial
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  Speaker 3: is now over. Just an observation about how unfortunately poorly
• 16:35
  Speaker 3: educated the last twenty years of kids coming out of
• 16:39
  Speaker 3: college I think is in part why we have issues
• 16:45
  Speaker 3: because they don't understand basic stuff.
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  Speaker 2: Yeah, they really don't why things are the way they are.
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  Speaker 2: But hey, so what's the market going to do? We've
• 16:55
  Speaker 2: been seeing record share prices, goals getting hammered a bit,
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  Speaker 2: and so where are.
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  Speaker 3: We Well, we'll start with the market. I think the
• 17:08
  Speaker 3: market has a little bit more upside. You know what
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  Speaker 3: I'm seeing, Carrie's interesting is you have different averages making
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  Speaker 3: new highs. There appears to be fragmentation happening. So I
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  Speaker 3: think we will see some more upside in the near term.
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  Speaker 3: But I think we're set up for a pullback five
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  Speaker 3: to seven percent, maybe even a little bit deeper as
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  Speaker 3: we get into July and August. And I think a
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  Speaker 3: lot of things are going to come together. If oil
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  Speaker 3: prices reversed and start moving up, that would be a
• 17:43
  Speaker 3: pressure point in the inflation news. I think the feder
• 17:47
  Speaker 3: Reserve is you are going to adopt a more neutral bias.
• 17:52
  Speaker 3: The last meeting the language does well, We're still tell
• 17:54
  Speaker 3: tank that's going to change inflation expectations. As we get
• 18:00
  Speaker 3: prices of oil and energy rebound. Will see that happen.
• 18:03
  Speaker 3: And then also the midterm elections, because you know, historically
• 18:10
  Speaker 3: the party in control loses a bunch of seats. Well,
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  Speaker 3: the Republicans can't afford to lose more than about five seats,
• 18:17
  Speaker 3: and the Senate potentially becomes in question. Whether or not
• 18:21
  Speaker 3: that comes to pass in November is secondary almost too
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  Speaker 3: in the near term. As we get into July and
• 18:30
  Speaker 3: so forth, I think all of a sudden, more focus
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  Speaker 3: will be on the midterm elections and the risk that
• 18:36
  Speaker 3: the Democrats will take control of at least the House.
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  Speaker 3: I think the market is not going to look at
• 18:42
  Speaker 3: that as being a plus plus. Prices have made some
• 18:48
  Speaker 3: great moves, and so if you're given a decent reason
• 18:51
  Speaker 3: maybe to take some chips off the table, you know,
• 18:54
  Speaker 3: he said, well, you know what, I'm going to take
• 18:56
  Speaker 3: some money off the table. So I don't think we
• 18:58
  Speaker 3: have a major decline, but I think the market is
• 19:01
  Speaker 3: getting set up. They have a decent sized pullback as
• 19:04
  Speaker 3: we get into July and August. You know, My take
• 19:09
  Speaker 3: then is that that's a decline that should be bought,
• 19:12
  Speaker 3: and the S and P is going to rally above
• 19:13
  Speaker 3: eight thousand after that, no doubt.
• 19:17
  Speaker 2: Hey, SpaceX, the uh, what's your take on it? I
• 19:23
  Speaker 2: think they're going to merge with Tesla to create the
• 19:26
  Speaker 2: largest corporation in the world.
• 19:29
  Speaker 3: That seems to be the consensus now, and why not
• 19:34
  Speaker 3: it is Tesla. You know, Tesla has been struggling. You know,
• 19:37
  Speaker 3: in terms of sales and so forth, So you want
• 19:40
  Speaker 3: to bury that, merge it with SpaceX. You know again,
• 19:46
  Speaker 3: to me, Musk is the genius of our time. It's extraordinary.
• 19:52
  Speaker 3: What is the aboptment in the last ten twenty years?
• 19:54
  Speaker 3: It truly is. Yeah. Now that said, is space X
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  Speaker 3: worth what is trading at today? No? Will it be
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  Speaker 3: half of what is trading at today at some point
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  Speaker 3: in time in the next five years. Yes, because you know,
• 20:10
  Speaker 3: right now people are enamored by Oh man, we're going
• 20:13
  Speaker 3: to go to Mars and we're going to colonize them
• 20:15
  Speaker 3: whatever it is. But the reality is going to be very,
• 20:20
  Speaker 3: very challenging. The the amount of money that it will
• 20:25
  Speaker 3: take to accomplish some of that stuff is enormous. So anyway,
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  Speaker 3: I've again I applaud what Musk is accomplished, But that
• 20:35
  Speaker 3: doesn't mean the share price of SpaceX at this point
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  Speaker 3: is going to hold there. And I'll use this analogy
• 20:42
  Speaker 3: RCA in the nineteen twenties, RCJA went from fifteen dollars
• 20:46
  Speaker 3: to over five hundred. Why well, because they had radio stations.
• 20:49
  Speaker 3: But they're going to do something with pictures and you'll
• 20:52
  Speaker 3: be to actually see the person from there you know,
• 20:55
  Speaker 3: well it would five hundred dollars down to like fifteen again.
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  Speaker 3: Of course during the depression, that was a big part
• 21:03
  Speaker 3: of that. But the hype leading up to that peak
• 21:06
  Speaker 3: was kind of what we're seeing with SpaceX and the
• 21:09
  Speaker 3: artificial intelligence and in videos of the world. And did
• 21:13
  Speaker 3: rccoppish what it you know, was expected? Yeah, they got
• 21:18
  Speaker 3: a bunch of TV stations all over the country.
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  Speaker 2: You know.
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  Speaker 3: So my point is historically there are lessons to be
• 21:24
  Speaker 3: learned about something that is just captures everyone's imagination for
• 21:29
  Speaker 3: good reason, and then it gets overpriced and then in
• 21:32
  Speaker 3: reality shows up because it always takes longer than expected.
• 21:36
  Speaker 3: Look at Amazon, unbelievable what an Amazon has accomplassed. But
• 21:41
  Speaker 3: what happened in two thousand and one, and yeah to
• 21:43
  Speaker 3: its stock, you know, so all the hopes injuries that
• 21:47
  Speaker 3: goosed it up into two thousand that's high were more
• 21:51
  Speaker 3: than realized, I think. But you know, prices get disconnected
• 21:55
  Speaker 3: with you know, reality, and so that's my take on that.
• 21:59
  Speaker 3: In terms of old I think gold's going to trade
• 22:02
  Speaker 3: under four thousand, I think.
• 22:06
  Speaker 2: So what about silver, Well, what about silver?
• 22:09
  Speaker 3: It'll take out the recent lows I think as well. Okay,
• 22:12
  Speaker 3: you know again this longer term. I'm positive in the
• 22:17
  Speaker 3: sense that from the low in December twenty fifteen at
• 22:20
  Speaker 3: one thousand, forty six and rallied to two thousand and seventy,
• 22:24
  Speaker 3: then pulled back for over two years and bottom at
• 22:27
  Speaker 3: sixteen sixteen. Then he had this gigantic rally to the
• 22:31
  Speaker 3: high we saw in January fifty five, ninety five. I
• 22:34
  Speaker 3: think that was Wave three. And when that happened in January,
• 22:38
  Speaker 3: I was talking about I believe we're on the cusp
• 22:40
  Speaker 3: of a way four correction that's going to take many
• 22:43
  Speaker 3: months to evolve, and I think we've seen the first
• 22:48
  Speaker 3: part of it. We're getting a rebound. I think then
• 22:51
  Speaker 3: after this rebound exhausts itself, there's another leg down coming. Kerrie,
• 22:58
  Speaker 3: and my take would be is that'll take out the
• 23:00
  Speaker 3: recent low drop a low four thousand. You could even
• 23:04
  Speaker 3: get close to thirty five hundred is a possibility. But
• 23:07
  Speaker 3: that once that way forward correction is over, then that
• 23:11
  Speaker 3: pattern suggests you're going to higher highs down the road.
• 23:16
  Speaker 3: You know you had in January both silver and gold
• 23:19
  Speaker 3: had a parabolic move up. Those things usually take a
• 23:23
  Speaker 3: while to unwind in terms of resetting sentiment, which was
• 23:29
  Speaker 3: wildly belleged in January. So you know again, and I
• 23:33
  Speaker 3: think that there's a risk to gold and silver that
• 23:36
  Speaker 3: the dollar is going to break out above one hundred
• 23:39
  Speaker 3: point five zero and they can move up towards one.
• 23:41
  Speaker 2: Of certain happened, doesn't it.
• 23:45
  Speaker 3: Yeah, you know, you know, whether one wants to be
• 23:48
  Speaker 3: long term barriss or to go a dollar or sofa.
• 23:50
  Speaker 3: I don't know. I just look at the price pattern.
• 23:53
  Speaker 3: It's spent more than two years, correct, from one fourteen
• 23:56
  Speaker 3: and change to ninety five and change. You're going to
• 23:59
  Speaker 3: get a multi month rebound. And you know the chart,
• 24:03
  Speaker 3: there's a down trend line up around one oh seven
• 24:06
  Speaker 3: and change. I just think, hey, we're gonna go up
• 24:09
  Speaker 3: and test that line. If that comes to pass, then
• 24:12
  Speaker 3: it's a little easier to see that gold could trade
• 24:15
  Speaker 3: down closer to thirty five hundred, gotcha?
• 24:18
  Speaker 2: All right? All right, So we got a lot to
• 24:22
  Speaker 2: look forward to here. Can you give me a timeframe
• 24:26
  Speaker 2: when you think this test is going to occur?
• 24:29
  Speaker 3: Which test on which more good.
• 24:32
  Speaker 2: Of the medals?
• 24:35
  Speaker 3: Oh? I think it's going to happen over the next
• 24:37
  Speaker 3: three to six months. No, Yeah, it's a combination of
• 24:42
  Speaker 3: time and So if gold spent more than two years
• 24:46
  Speaker 3: in waves two, it's not gonna be over in two
• 24:49
  Speaker 3: three months. It's going to take longer. So my guess
• 24:52
  Speaker 3: is either later this year into next year, and then
• 24:57
  Speaker 3: again I'm gonna go buy the price pattern more than out.
• 25:00
  Speaker 3: So this last week in my King technical review, he said,
• 25:04
  Speaker 3: look for a rally. Gold could trade up towards forty
• 25:07
  Speaker 3: five hundred, between forty four fifty and forty five fifty,
• 25:13
  Speaker 3: you know, as part of this bounce. And I still
• 25:16
  Speaker 3: think that's come to pass before we see the next
• 25:20
  Speaker 3: leg lower. So you know, sometimes carry as you know,
• 25:23
  Speaker 3: you expect something to happen and it just takes longer.
• 25:27
  Speaker 3: You know, markets spends a fair amount of down sideways,
• 25:31
  Speaker 3: and especially in the metals, so you know, like not
• 25:33
  Speaker 3: too much and then all of a sudden in three
• 25:35
  Speaker 3: weeks they go three months with doing nothing and in
• 25:39
  Speaker 3: three weeks boom up or down and so anyway that
• 25:44
  Speaker 3: it's crazy, but that's how they operate, you know. Yes,
• 25:47
  Speaker 3: psychology matters a lot in the metals market.
• 25:50
  Speaker 2: All right. So macrotids dot com that's where we find you,
• 25:55
  Speaker 2: and you can go there and get.
• 25:56
  Speaker 3: A free copy, right if you send me an email
• 26:00
  Speaker 3: Jim Welsh macro at Gmail. I'll send you a recent
• 26:05
  Speaker 3: The monthly letter is the Macrotize Monthly Letter. We are
• 26:09
  Speaker 3: going to a lot of detail on stuff and then
• 26:11
  Speaker 3: the weekly technical review, a little fundamental stuff with a
• 26:15
  Speaker 3: review of all the different charts now treasury bonds, dollar, gold,
• 26:19
  Speaker 3: gold stocks, SMP and other major market averages.
• 26:22
  Speaker 2: All right, very cool? Hey follow SuDS comment Jim, Hey,
• 26:27
  Speaker 2: if you got any questions or comments for Jim myself,
• 26:30
  Speaker 2: shoot me an email. Where do you think the price
• 26:32
  Speaker 2: of gold and silver?
• 26:33
  Speaker 3: Heading?
• 26:34
  Speaker 2: Do you think there's going to be a correction, a
• 26:36
  Speaker 2: further correction like Jim is saying, or have we hit
• 26:39
  Speaker 2: the bottom and it's all up from here? I love
• 26:42
  Speaker 2: to know your opinion. Klatcarrie Lets dot com. Jim, always
• 26:46
  Speaker 2: a pleasure. We'll talk to you again real soon.
• 26:48
  Speaker 3: Thanks Gerry, good chatting with you, buddy.
• 26:50
  Speaker 1: Thanks for listening to Carrie Let's's Financial Survival Network, your
• 26:55
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• 26:59
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• 27:05
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