Kaltbaum premarket-gold

I will have a leaders report and full market report this weekend but just wanted to let you know that on the open, GLD will break below the important $158 area. This is great news! Why? Because gold continues to follow the template of the late 70s. During that time, gold went through a good bear market in a longer term bull market. I have outlined this many times. After the bear, gold went on its final run ending in a climax run where gold went from 200 to 800 in several months and 400 to 800 in the final weeks leading to the Eiffel Tower top in Jan of 80. I have not thought gold had dropped enough to wash out as many as possible before the final move….maybe this will start it. Please understand, gold does not have to have a final climax run. I am just letting you know it continues to follow what happened in the late 70s. There is a possibility the bull run is over and ended in a mini-climax in Sept 2011.