In a recent interview with Soar Financially, Gary Savage, President of Smart Money Tracker, delivered a compelling analysis of the precious metals market, asserting that gold has broken free from alleged cartel manipulation and predicting a similar breakout for silver. However, Savage also cautioned investors about an imminent "severe" correction, urging them to remain vigilant and strategic.
Savage began the discussion by emphasizing a pivotal shift in the gold market. "I'm pretty sure we broke that cartel manipulation in the gold market," he declared, attributing the recent surge in gold prices to the failure of bullion banks to suppress the metal below the $2,000 mark. This, he argued, triggered a significant short squeeze, propelling gold to new heights. He stated, "The fundamentals will always eventually break any suppression of a market. You can't hold the suppression against nature forever," challenging conventional market analysis and placing greater emphasis on the dynamics of market manipulation and the eventual triumph of fundamental forces.
Turning his attention to silver, Savage highlighted its relative underperformance compared to gold, attributing it to ongoing "cartel suppression." He identified the $33 level as a critical battleground, where repeated attempts to suppress silver's price have been observed. "This 33 level in silver is like that 2,000 level in Gold. This is where the battle is being fought for control of the silver market," he explained. Savage's perspective suggests that silver's true potential remains untapped, contingent on breaking through this crucial resistance level. He anticipates a violent short squeeze, similar to gold’s, once this level is overcome.
Despite his bullish long-term outlook, Savage warned of an imminent "severe" correction in the precious metals market. "We are going to have a correction," he stated, predicting it could occur in "late March or April." He clarified that this correction, while potentially "scary," would not signify the end of the bull market. "It's not going to be the top of the bull market, but it'll be just, you know, a really scary correction," he cautioned. Savage's prediction underscores the inherent volatility of the precious metals market, urging investors to remain prepared for potential pullbacks.
Savage provided practical advice for investors, emphasizing the importance of focusing on the long-term trend and managing greed. He advised against panic selling during corrections, highlighting the cyclical nature of the market. "Remember bull markets make higher highs and higher lows so we're going to continue to do that until we get the top and the top is still you know four years away," he reminded viewers. Savage's strategy emphasizes the importance of patience and discipline in navigating the volatile precious metals market.
Savage also addressed the "Pedak curse," a phenomenon in the mining community where stocks tend to dip after the Pedak conference. He suggested that the curse may be happening prematurely this year, indicating a potential bottoming of the current daily cycle low. "I would look for that curse not to work this year. It's probably happening prematurely right now," he stated. Savage’s recognition of market anomalies adds to his technical analysis.
Gary Savage's interview with Soar Financially provides a valuable and timely analysis of the precious metals market. His assertion that gold has broken free from alleged cartel manipulation, coupled with his prediction of silver's impending breakout, offers a compelling narrative for investors. However, his warning of an imminent correction underscores the importance of caution and strategic decision-making. Investors are advised to conduct thorough research and consider Savage's insights before making any investment decisions.
Watch the full interview:
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