Bo Polny has done another online interview which you can listen to by clicking here. In this interview he goes more in depth into his cycle theory that he uses to make his projections.
Here we are simply going to follow the projections to see how well his forecasts turn out. This interview took place last Thursday before gold broke down below his key support level of $1181. Now that gold has broken down below the key support level of $1181, you probably are asking if this changes his forecast.
He has not made an public statement that his forecast has changed, but based on an email I got from him letting me know about the new interview (linked above) I would say that he feels this first week of November is important. If gold is not rallying back above the $1181 level by the end of this first week of November, it may change his big picture forecast.
It should be noted that gold has already dropped below his summer low price and now has broken his key long term cycle support level of $1181. Gold failed to rally back on Monday of this week.
So the next couple of weeks are probably critical to his prediction of a sharp upmove in gold and then a sharp drop in the stock market after that. We will continue to follow it all into 2015 and post any new public updates he does here so readers can see how it turns out.
Update 11-7-14: Today Bo Polny posted this latest interview (done on 11-4-14). This interview was done after gold broke the $1181 key support level that Mr. Polny had said would not happen. He addressed that issue in this interview. He said the breakdown in price does not yet change his big picture forecast because it has only fallen below key support in US dollar terms. In other currencies it has not yet.
Obviously his forecast is in jeopardy as gold must rally soon. However, it did have a strong $37 rally today so we will see if that carries over to next week.
But bottom line, readers can listen to this latest interview to get full context. The short version is that he has not changed his big picture forecast at this time. That forecast is that gold will have a strong rally over $2000 and the stock market will have a very sharp drop soon (he says in 2015).
So the next couple of weeks are probably critical to his prediction of a sharp upmove in gold and then a sharp drop in the stock market after that. We will continue to follow it all into 2015 and post any new public updates he does here so readers can see how it turns out.
Update 11-7-14: Today Bo Polny posted this latest interview (done on 11-4-14). This interview was done after gold broke the $1181 key support level that Mr. Polny had said would not happen. He addressed that issue in this interview. He said the breakdown in price does not yet change his big picture forecast because it has only fallen below key support in US dollar terms. In other currencies it has not yet.
Obviously his forecast is in jeopardy as gold must rally soon. However, it did have a strong $37 rally today so we will see if that carries over to next week.
But bottom line, readers can listen to this latest interview to get full context. The short version is that he has not changed his big picture forecast at this time. That forecast is that gold will have a strong rally over $2000 and the stock market will have a very sharp drop soon (he says in 2015).
Well I hope Polny quits bragging about his claimed top call at $1900 since many of his recent bottom calls have failed miserably. On Jim Sinclairs Minesent site made a claim that gold would never go below $1300. More recently he has insisted on his own website and in many interviews that gold would NEVER go below $1180. I just hope Dent's $700 call doesn't now come true.
ReplyDeleteYou are correct. Mr. Polny identified $1181 as a key support level that would not be breached. I have
ReplyDeleteemailed him to see if this support break changes his big picture view. If I get a reply that can be posted
for the public, I will post it on the blog. Or if he does another public interview on this I will provide the link
to it.
We will follow it here and report what happens well into 2015. By then it will be obvious if his big picture
prediction will be right or wrong. Right now he has missed on several short term projections, but so far
is standing by his big picture predictions.
Update comment. In the update at the bottom of this blog post is a new interview where Mr. Polny addresses the gold price falling below his key support level of $1181.
ReplyDelete