The big day is coming.
Next Tuesday, Sept. 3, is the day when gold should put in the high point after its bounce off the June lows.
Will it happen?
I have been remarkably correct is seeing where gold is going since its huge losses in April.
This “expertise” is based solely on looking back at the daily price closes that occurred after the 1980 peak to see what sort of pattern emerges.
The next big date is Sept. 3.
This day was flagged because it is 50 trading days after the June low.
In my June 21 blog I also pointed out that “one clear difference between the 1980 market and the present one is the order of magnitude.
“The percentage plunge in 1980 was greater than it has been this year. Therefore, the percentage bounce should likely be less.
“In 1980 it was a 44 percent plunge followed by a 35 percent rebound.
“Since April it has been roughly an 18 percent dip. If the bounce is similar in relation to the decline as in 1980, the recovery will be 80 percent of the loss, putting gold bullion back at $1,465.”
Will we make it to this point? Will it prove to be the post-bounce high?
Check the markets after the close on Tuesday and see.
Buzz blogger Dave Harper is winner of the 2013 Numismatic Literary Guild Award for Best Blog and is editor of the weekly newspaper "Numismatic News."