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Written by Peter Grandich   
Thursday, 16 January 2014 08:21

 

  • The action in the U.S. stock market continues to be that of a market that’s making a short to intermediate top. A long-term top is not yet in the cards but the technical megaphone top I’ve often spoken about has led me to suggest we act as if one is being put in as well.

  • It’s hard to believe after what took place in 2013 that gold has bottomed but this backing and filling while slowly moving higher is the best of all technical actions as the media is still puking out daily gold is going much lower articles. We need to get above (and stay above) $1,265 before we can even take a little comfort the gold haters shall return to hibernation as we move forward. By the way, China continues to make owning gold less restrictive is a significant bullish development.

  • I’ve spoken about Teranga Gold (TGZ $.65-TSX). Massive volume continues and a big overhang appears to be gone. What you’re seeing now in part (brokerage Cormack is an example) is big buyers of blocks from the seller at lower prices now placing those shares with clients. We’re due news from the company shortly and on the belief it shall be more good news and gold works higher, we can see TGZ move back to $1 and higher by spring (I own 1.3 million shares).

  • I believe there’s at least one FED official telling it much closer to the truth than most of his fellow members.

  • They can spin the jobs numbers but the fact is the number of working age Americans without a job has exploded under Obama.

  • As we become more indebted to China, I like to repeat advice that has already been given by Jim Rogers – make sure your children and grandchildren know how to speak Chinese.

  • Finally, I’ve spoken about how the big financial institutions are doing their dirty deeds yet again like they did leading up to the last financial crisis. I can only say to those investors who still haven’t learnt their lesson you won’t be able to say shame on them this time around as “…. Fool me twice shame on me” shall apply this time.

 

 

 

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About Peter Grandich

Though he never finished high school, Peter Grandich entered Wall Street in the mid-1980s with no formal education or training and within three years was appointed Vice President of Investment Strategy for a leading New York Stock Exchange member firm. He would go on to hold positions as a Market Strategist, portfolio manager for four hedgefunds and a mutual fund that bore his name.

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