Latest Update from Bo Polny 10-29-14

This latest update from Bo Polny is available now. To read his slide presentation, click here. This is the perfect article to start November with for this blog as we approach year end. Mr. Polny has made very bold and specific predictions about the price of gold and the US stock market. We are tracking that here. Tomorrow we will have an article titled "As We Near Year End 2014- Where Does a Reset Stand?"

Below is a summary of this latest update from Bo Polny and then a few comments:

In this slide presentation Mr. Polny argues that his long term cycles analysis indicates that gold will still have a sharp move higher by mid 2015 (he has moved this date back from year end of 2014) and that by 2016 the US stock market will be in a deep selloff. Here are the lead paragarphs from his presentation which he made recently at a conference in Spokane Washington.

"This past week at Cambridge House International Silver Summit inSpokane, Washington I had the privilege of meeting and speaking with both Robert Moriarty of www.321gold.com and David Morgan of www.Silver-Investor.com.  During and after out speaking presentations one thing was extremely obvious; regardless of how we personally came to our own conclusions about the US Stock Market, Gold and Silver we all in the end came to the EXACT same conclusions."

"Mr. Moriarty described it like this, if traveling from Los Angeles to Dallas there are hundreds of ways to get there but in the end we all still end up in Dallas.  It does not matter how we get there, it is that we all came to the same place/conclusion.  What were the conclusions?  Very simple… US Stock Market is headed down, & both Gold and Silver are headed MUCH higher and soon!"

On Friday gold fell and closed below a huge key technical support level at $1180. Mr. Polny had stated that this would not happen and gold would not go below that low made in 2013. It will be interesting to see if this new development will change his outlook. 

His predictions for this year have not held up as gold fell below a short term summer low that he called and now has broken through a key long term support level that he said would not happen. The gold close on Friday is not too far below the key $1180 level, but would need to rebound soon to avoid further selling based on failing to hold the $1180 level. 

We still have the possibility that these falling gold, silver, and oil prices are indicating that deflation is gaining momentum.  The housing market is also showing some signs of rolling over. With Japan ramping up more QE over there, inflation may arrive there. The yen falls against the dollar for now. Dollar strength lowers gold, silver, and oil in dollar terms (however gold was up strongly priced in yen). All of this is very fluid and can quickly change which is why we follow it here.