Nightly Briefing 8/11/20


We warned members over the weekend to expect a drop like this in metals. Near term, gold will break below $175 GLD, the daily trend line shown in the chart above. We have two possible paths for the immediate future. The first would be a continued plunge overnight to $1820 tomorrow morning due to overnight futures liquidation from margin calls, then followed by a bounce and brutal sideways consolidation pattern into late September/early October before a final low forms around $1700. Our second and preferred path is for a bounce into Friday back up to $187 GLD/ $2000 futures followed by another drop into 8/24, $1800 futures. Then September would give us a staircase down to $1700 on the October 3rd unemployment report. Both paths lead lower. We will know more tomorrow. Regardless, as we mentioned in our weekend briefing, no one has missed anything. We need to set up a slingshot and trap shorts at lower prices for the bubble phase to begin. Early October looks like an ultimate bottom as of now. Many pundits are calling for a rally into October. We will adjust as needed, but feel strongly early October will be our low. We will establish leveraged positions then to hold into May 2021. You won’t see cheap prices in metals like this again in this lifetime. Detailed mid-term forecast charts for SLV, GDX and GLD are coming later in the week. Remember miners and silver follow gold.


We had today as a potential short term top that could usher in a couple of consolidation days. We have 3400 and potentially 3500-3600 coming into September. The second half of September is a danger zone into mid-October.


Oil gave some ground back today, but did not damage our forecast into September for higher prices.


Steel got rejected at the 50 DMA. It should work through that quickly in the days ahead and attack our 200 DMA. Our minimum target for this move is $11 with extreme upside targets for September at $13/14.


BLMN looks like it’s taking the slow, grinding approach to our $15 target. Worst case we may have to wait until next week. 


We gave our opinions on averaging down in our briefings in late June when DENN was below $9 and BLMN below $10. Both of these should produce 50% profit shortly for most of our members. 


Virgin Galactic is still forming a bottom and we may plunge quickly to $17.50 Before regaining $20.


GBTC and BTC are expected to stay in yesterday’s consolidation box, $12-14.50 GBTC, until August 24th at which point a major rally will ensue.

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