You mean July. I saw this too. Laura from Elliott Wave Gold states a fall also in July to the $1260ish area by the 20th then it will ascend. Armstrong says that he still expects what he calls a melt down, $900 max on the downside.
Yes you're correct - Polny says 'winter' which would be July/August presumably. I tend toward Polny vs Armstrong, purely from Polny's previous calls, though interesting article in the Daily Reckoning today about the deflationary century for 1800-1900. If we are indeed heading toward a collapse of the world's economies, a return to a feudal circumstance, a gold standard and deflation, then Armstrong may be right. The ongoing issue I find difficult to grapple with is the fact of fractional gold in the paper market. Presumably this operates like all paper trading and so the TA people have a reasonable insight. Where it comes unglued, for me, is the gulf to physical and the manipulation of the paper market to influence the position of gold in the economic zeitgeist. Faith in gold predictions seems to be either a faith in paper markets ($900-$3000), or the faith in physical decoupling ($5-50,000). The major indicator I think is the holder of the reserve currency. I've read of Yuan racing to takeover and China making strides there. Others saying that nothing can match the $USD for years. The news out of the IMF seems to indicate they are expecting SDRs to take a role (perhaps between 'enemy' states who still have economic imperatives - e.g China-USA, Iran-USA etc). Rickards along with others, says that SDRs will feature a gold percentage which is where the multi-thousand dollar predictions would be true. So my prediction for paper is I don't know but I'm bullish. For physical, I don't know but I'm Uber-bullish - which knocks out Armstrong and gives the current round to Polny in my opinion. But of course it might be sideways for another couple of decades like last time!
I think now it's a good time to buy gold if you can afford to buy a decent amount. I think gold is picking up some momentum at over $1300 an oz. Then again I agree that the gap between gold and silver is huge and i also stick to silver for now.
