Wednesday, October 09, 2019 9:57:28 AM
At this point, gold was like a coiled up spring ready to explode with hedge funds short 93,220 gold futures contracts, which ranked it in the 93rd percentile of historical levels. Over the following five months, 82% of gold's managed money short sellers got squeezed and were forced to cover, reducing gold's managed money short position to a new 84-week low on September 24, 2019 of 16,791 contracts. During this time period, gold's managed money net long position EXPLODED by 2,697.57% to a new all-time high of 292,066 contracts as the price of gold increased by 19.14% to $1,531 per oz! Click here to see for yourself!
Over the following week, gold got slammed down by $52 to finish October 1st at $1,479 per oz as a result of hedge funds dumping 17.63% of their net long position! Since then, gold has rallied by $28 to $1,507 per oz! NIA strongly believes that gold already bottomed last week and its next move is to $1,600 per oz with HUGE catalysts ahead at the end of October such as a likely no deal Brexit! Keep in mind, when gold settled one week ago at $1,479 per oz with a net long position of 235,174 contracts, gold's net long position was 17.5% below its net long position of 285,082 contracts from six weeks earlier on August 20th when gold settled at $1,474 per oz! It is an EXTREMELY bullish sign how gold settled October 1st at a price that was $5 per oz above its August 20th price, despite its net long position declining by 17.5%!
In fact, gold's net long position as of October 1st had fallen 2.48% below its level from three months earlier of 241,163 contracts, yet gold as of October 1st was up by $57 or 4% from its July 2nd settlement price of $1,422 per oz! This is the most bullish sign possible for gold, making NIA extremely confident that gold's next major move will be to $1,600 per oz, possibly near the end of this month!
The #1 way to capitalize on rising gold prices in the upcoming weeks is with NIA's #1 favorite Golden Triangle stock suggestion Aben Resources (TSXV: ABN), which closed yesterday at only $0.14 per share with an insanely low market cap of CAD$16.38 million!
Only two months ago on August 8, 2019, ABN was trading for $0.21 per share or 50% above yesterday's closing price of $0.14 per share. Unfortunately, investors had gotten used to ABN making huge rallies during the month of August, when in 2019 unlike last year ABN drilled most of its newly targeted high grade zones late in the season. In 2018, ABN's drilling campaign was cut short because it could only get approval for 3 new drill pad locations due to extreme forest fire activity in the area. Despite this setback, ABN made its biggest gold discovery in history when from a single drill hole it achieved four intercepts with extremely high gold grades: 10m of 38.7 g/t gold for grammetres of 387, 4m of 22 g/t gold for grammetres of 88, 6m of 8.2 g/t gold for grammetres of 49.2, and 13m of 3.9 g/t gold for grammetres of 50.7. All together ABN intercepted 574 grammetres of gold from a single drill hole!
This HUGE discovery caused ABN to explode from $0.17 to a high of $0.485 in less than one month, thereby achieving an enormous short-term gain of 185.29%!
This year, ABN finally received approval for 55 new drill pad locations! This allowed ABN to conduct its first real drilling campaign at Forrest Kerr where ABN was able to explore its many high priority drill targets that it had established after conducting extensive soil and rock sampling/analysis across a large part of its 23,000 hectare project located in the heart of the Golden Triangle within 2km of both the Forrest Kerr fault and Hazelton/Stuhini red line!
It is easy to figure out what you believe. The difficulty lies in determining - is what you believe the truth.
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