Legend Says Silver & Gold Are Going To Shock People On The Upside As $630 Trillion In Derivatives Meltdown
In the wake of continued consolidation in the gold and silver markets, today one of the legendary traders in the business told King World News that gold and silver are going to shock people on the upside as $630 trillion in derivatives meltdown.
Victor Sperandeo has been in the business 45 years, and has worked with famous individuals such as Leon Cooperman and George Soros.
Victor Sperandeo: “As of yesterday the Atlanta Fed was forecasting 2.4 percent GDP growth. What this has been doing is crushing the shorts in the stock market. Meanwhile, many of the base metals have been hitting new recent highs…
Continue reading the Victor Sperandeo interview below…
Silver’s Staggering 34% Surge
Victor Sperandeo continues: “Silver and gold have rallied big so far this year and instead of selling off they are consolidating. On June 1st the price of silver was $15.80. But by July 6th the price of silver hit $21.25. That’s a staggering 34 percent move in about a month.
And from the $21.25 intraday high, the price of silver is now trading at $19.70. Normally when you see a 34 percent move in a month and a week you would get a typical 1/3 to 2/3 correction of that move, especially since the price of silver is way above the key moving averages. But silver is not selling off. Meanwhile, both palladium and platinum made a new high for the move this week.
Signs Of Strength For Gold, Silver And Industrial Metals
Looking at the gold market, gold made a new intraday high on July 11 and it has been holding those gains extremely well instead of correcting in a sharp way. These are all relative signs of strength. Meaning, when you have significant moves up and then you only pull back a little bit, it shows strength.
So these industrial metals markets will be positive with a good GDP report. The precious metals will be slightly less so, especially gold, which has acted the poorest recently. The GDP report will be released next Friday. Assuming that the GDP report is strong and the Fed does not raise rates at next week’s meeting, what you will probably see is a selloff in gold on the day the GDP report is released (next Friday).
But people have to understand that a lot of the quarter was inventory building, which is bearish, not bullish. Regardless, the stock market is trader’s market right now and people have to be cautious because the downside in the stock market can happen very quickly and it will be ruthless because there is no underpinning to the stock market. Earnings are continuing to tumble, so it’s all trading and hype. This is not an investor’s stock market.
Gold & Silver Will Shock People On The Upside
But coming back to gold and silver, they are the place to invest right now for the long-term. Gold and silver are going to outperform everything and shock a lot of people on the upside because they are beginning a new bull market and they have a long, long way to go. According to the International Monetary Fund there are a jaw-dropping $630 trillion of global derivatives and only $81 trillion of broad money supply. At least 10 percent of the $630 trillion in derivatives will meltdown. This will create havoc in global financial markets. So if you think the price of gold is cheap, you are right. I am now thinking of putting 95 percent of everything I own into gold.”
***KWN has now released the powerful audio interview with the man who helps oversee more than $90 billion CLICK HERE OR ON THE IMAGE BELOW.
***Also Just Released: ALERT: SemtimenTrader Issues Another Crucial Update On The Gold Market Click Here.
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