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Rick Bensignor: Gold is Back in a Bull Market and Will Head Towards $1700

Rick discusses how exciting his early career felt back in the early 1980s at Prudential Page Securities as a stock index futures broker on the floor of the New York Futures Exchange.

Rick feels that gold has returned to a bull market after having based for six years. Over the summer, we broke out to the upside, which has now temporarily stalled. He makes the case that gold is headed to $1700 and how money printing and low or negative interest rates are bullish for gold over time.

He says, “In any career you choose, success is a combination of your skill and an element of luck.” In October of 1990, he was an independent trader in the pit, and he explains how luck played a significant role for him. He discusses a trade where, in a matter of twenty minutes, he went from very nearly losing everything he owned to having the second-best day in his career.

He explains how he helped his career by using trend exhaustion models to determine when to sell. He says, “If you can separate yourself from how everyone else is playing, you can out-perform.”

He likes John J. Murphy’s textbook called “Technical Analysis Of The Financial Markets,” which gives you an excellent understanding of market basics. He discusses his friendship with Tom DeMark and how learning about his work on models has significantly improved his career.

Markets have become increasingly difficult to trade, and computers have changed the game. We had very efficient markets when there were just humans, and it seems like computer trading has brought more volatility.

Time Stamp References:
0:40 – Ricks early career.
2:30 – Outlook for gold in today’s climate.
6:00 – How does luck play a role in investing?
11:10 – How he picks bottoms.
17:30 – Favorite author and mentor.
20:50 – How computers have changed the game.

Talking Points From This Week’s Episode
• Ricks early career as a floor trader.
• Gold is in a bull market and his price target.
• Luck versus skill in shaping a career.
• His approach to market timing.
• How computers have changed the market.

Rick Bensignor is the founder of The Bensignor Group. Rick has worked for several Wall Street firms, including Morgan Stanley as a Chief Market Strategist, Wells Fargo Securities as Head of Cross-Asset Trading Strategy, and Bloomberg LP as Head of Futures, Commodities, and Technical Analysis.

He is an accomplished teacher and has experience as a corporate trainer with several major Wall Street firms. Rick is also an Author and Editor of two books, “New Thinking in Technical Analysis: Trading Models from the Masters” and “Investors Business Daily Guide to the Markets.”

Rick is frequently quoted in leading global business media, including CNBC, The Wall Street Journal, Bloomberg, The Financial Times, and Fox Business TV.

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