Gold News: Cramer Likes Gold [VIDEO]

Today in gold news, Jim Cramer, host of the popular TV show Mad Money, examined gold charts with the help of Carley Garner yesterday. He noted several of the points we’ve been making lately – not surprising since we’re looking at the same charts – and came to a similar conclusion.

With large traders holding the smallest long sizes in years, Cramer thinks “a monster rally might be imminent”. Unlike small- and medium-sized traders, large traders are not likely to go net-short on gold, so an historically-low net-long position is a sign of very negative sentiment. Of course, gold can bounce along the current bottom for a while yet; we’ll be watching closely for the initial breakout.  

As with most Mad Money clips, CNBC posts on their website. The clip is rather brief, but does get the main point across. You can watch it here.

 Related: Has Gold Bottomed Out? 

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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