This morning's headline on MarketWatch.com was:
"Bank of America Merrill Lynch Slashes Gold Call to $1,150 and Warns It Could Get Even Uglier"
In order to gauge the strength or weakness of any market, you sometimes need a major brokerage firm to show you the way. Even after a 28% drop in the price of Gold in 2013, and a 38% correction from its 2011 record high, Gold still seems to have little appeal to research analysts or so-called experts on Wall Street despite mounting evidence that last week's panic lows marked a major turning point in this market.
BAML's Chief Metals Strategist Michael Widmer felt compelled today to join the herd of Gold bears with his own gloomy forecast for the yellow metal.
BAML's bearish forecast for Gold today is among the best contrary buy signals I have ever witnessed. For contrarians, it doesn't get any better than this !
The upside path for Gold prices is now clear !!
In the interest of full disclosure, I am long the following gold/silver mining stocks in my managed accounts: First Majestic Silver (AG), Endeavour Silver (EXK), Agnico Eagle Mines (AEM), Yamaha Gold (AUY), Primero Gold (PPP), and Goldcorp (GG).
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