WTF! What The Fractal! Gold to $1,300 Within Four Weeks (GLD)

Grandma can keep her gold teeth. Or at least for now she can. Recurring patterns suggest gold is heading to $1,300 within the next four weeks, according to a market veteran who has been studying fractals for many years. "I have memorized a history of fractal patterns over the years and a very specific one seems to be at work now," says an American money manager who, at present, can only be identified by the moniker Bluestar. "$1,300 for gold is coming up and I think it will be here within four weeks max," says Bluestar. New York spot gold was down $15.20 on Wednesday and closed at $1,500.90. The leading gold exchange-traded fund, SPDR Gold Shares GLD, was off less than one percent. Year-to-date GLD is up 5.6%. Traders wishing to use leverage to bet against gold can use an exchange-traded fund that is 2X bearish gold, such as ProShares UltraShort Gold GLL or PowerShares DB Gold Double Short Exchange Traded Note DZZ. On Monday, Bluestar told Benzinga readers that silver was on its way to $25 over the next couple of months. The two leading exchange traded funds that track the price of silver, iShares Silver Trust SLV and Sprott Physical Silver Trust ET PSLV, were both down over 8% on Wednesday and are down more than 4% since Monday. As with silver at $25, he says he will likely turn into a buyer of gold at $1,300. "$1,300 is my first target for gold and I'll give my second once we are there," adds Bluestar. Bluestar adds that even though he believes strongly in his calls on silver and gold, he does not want investors to blindly follow his ideas because they will not be able to know when data and intuition force him to change his position.