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 a continuing theme. Mike graduated from UC Berkeley with a business degree, then worked with Macy's in their operations arm. He left Macy's and spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined Waddell & Reed as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where Mike worked first for a small manufacturing consulting company, then Cornell University. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoke at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. 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 keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. His motto is "Plan your trade, then trade your plan!"

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