Warren Buffett Goes Big Into Gold with Nick Santiago (Ep #98)

from Daily Market Wisdom with Nick Santiago

For more than 20 years, Master Trader Nick Santiago has been beating the markets. He’s made some incredible calls along the way and now he’s looking to spread the word. There’s no reason that the average trader should be coming up short. So now we’ve started a daily show to bring you up to date on the latest market developments. Nick will be sharing trades and concepts and discussing current trends. Today we discuss:

1. Typical summer Friday. Spydrs were low. Flat day. Market held up well for the week. Not a bad week. Let’s see some backing and filling. S&P is now challenging February top. When you go up into a high pivot, you want to see it consolidate and go higher. S&P could see a new high. Nasdaq is up 20% for the year. VIX has been going down, it’s a spike indicator but won’t hang around for long. March was the last spike. Still headed a bit lower. September and October require caution. It’s the election. This is not a normal election year. All stops are being pulled out.

2. Reopening is going to happen. The market is telling us this. It’s climbing the proverbial wall of worry. As long as the pattern continues we will see a reopening. Mandatory mask mandate from Biden won’t cut it.

3. Warren Buffett goes big on GOLD -Barrick Golld. Over 20 million shares. He’s a little late to the party. Why Barrick and not Newmont or Agnico Eagle? We don’t know what price he paid. Not sure he’s pulling all the strings. He may be taking a back seat at Berkshire. Gold futures were down $16.70 and silver was down $1.17. Looking for them to go a bit lower.

For more info, go to www.InTheMoneyStocks.com.

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