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Bad News, Gold Bugs! Jim Cramer Thinks It’s “The Perfect Time” To Buy #Gold

Jim Cramer, the energetic host of CNBC’s Mad Money, declared on Wednesday that it’s the “perfect entry time to do
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This article was originally published by The Deep Dive

.@jimcramer the energetic host of [email protected]’s Mad Money, declared on Wednesday that it’s the “perfect entry time to do some buying.” Cramer based this on charts that legendary market technician Larry Williams developed.

 

He explained that Williams believes that when small spectators get too bullish on gold, this often indicates that it’s about to peak. Conversely, when these small spectators become too bearish, it tends to indicate that the precious metal has reached or is approaching the bottom of a cycle.

Exhibit A was the gold rallying past the US$2,000 mark in March just as small spectators were long 200,790 contracts, their biggest net long position in four years. These small spectators are currently in their smallest long position since May 2019, which was also just before a gold price rally.

Cramer also pointed out that gold tends to react to fluctuations in oil prices more than any other inflation indicator.

“Price of oil pushed forward by eight weeks has been very powerful for predicting the price of gold in the past. Williams says that based on the price of oil in the next eight weeks, now is the time to buy gold. His forecast says it should be ready to rally here,” he said.

What he believes is that when it comes to the precious metal, Williams knows quite a bit about spotting a bottom. 

After the peak in March, gold has struggled to regain an upward trajectory as the Federal Reserve raised interest rates, but the precious metal begun to move upward by the middle of July. As of this writing, gold is up 0.77% at US$1,787.00. 

But per Cramer Inverse rules, things have yet to unfold.


Information for this briefing was found via Twitter and the companies and sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post Bad News, Gold Bugs! Jim Cramer Thinks It’s “The Perfect Time” To Buy Gold appeared first on the deep dive.

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