Gold Trader: “I Think We Are Starting The Bubble Phase In Gold”!

• Gold Trader: “I Think We Are Starting The Bubble Phase In Gold”! 
  by Tekoa Da Silva, http://bullmarketthinking.com/
  I had the chance to reconnect with technical gold trader Gary Savage, publisher of the Smart Money Tracker daily gold market commentary and trading service, which has outperformed most of the world’s hedge funds in 2011 and 2012.
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  It was a powerful conversation as Gary indicated that gold has finally confirmed a breakout, which if holds, suggests we are likely entering the next “C-wave” move or final “bubble phase”.
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  With the completion of yesterday’s breakout in gold, Gary noted that,
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  “We [now] have confirmation that June 28th was indeed an intermediate cycle low and a yearly cycle low. So anyone that wants to trade the metals or miners at this point, you can put a hard stop right below $1179. If that gets violated, then the odds are somehow the Fed or whoever, has managed to abort the secular bull market and you might as well get out and be done with it…but I don’t think that’s going to happen.
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  I think this yearly cycle low is not going to get violated for the rest of the bull market and I think we are starting either another C wave advance—or we’re starting the bubble phase.”
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  When asked how far a potential C-wave (or bubble phase) might run, Gary said,
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  “Each one of these C waves is getting bigger and bigger. The last one I think did 170% from the D wave bottom to the C wave top. This one should be bigger and especially considering that in my opinion we had some manipulation in the market.
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  So an artificial move down should make the move up that much more aggressive and go that much further. So if the last one did 170% and the miners did a little over 300%, this one should be bigger. So I would say we’re probably going to see 200% or more in gold and 400% or 500% in the miners if this is a C wave. If this is a bubble phase, then we’re probably going to see 300% to 400% from the bottom [in gold] at $1179 to the bubble top.” 
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