Has Gold Made a Long-Term Cyclical Top? Seasonal Cycles say WAIT before buying again!

By Jake Bernstein, FSC Board Member

rulesbasedtrader@gmail.com

Several years before the recent peak in gold prices, my cycles were clearly forecasting a penetration of the long-term highs. While I can claim credit for having correctly predicted the big bull market, my most optimistic targets were surpassed. Fortunately, the cycles said that tops had not been made yet. So, I waited.

And I was rewarded!

The influence of bullish cycles on all precious metals including copper made me even more positive about my forecast. Accordingly, I recommend buying coins, bullion, shares, futures, ETFs, etc.

I cannot claim to be a psychic or prescient to any extent. I was simply following my work. Furthermore, I cannot rightfully claim credit for the magnitude of the move, which clearly eclipsed my targets. Indeed, the fundamentals for such a record-breaking price increase were hiding in plain sight when viewed after the fact. And 20/20 hindsight is among the tools we all possess.

My primary interest is in harnessing the power of cycles as an investment tool to add to your trading strategy as opposed to providing explanations as to the “why” of things.

Understandably, those of us who exited positions and took profits would like to revisit the positive experience by establishing long positions ahead of what could be another surge. Can we get new clues from seasonal cycles as to the possibility of having another across-the-board bull market in metals?

To provide reasonable answers to any questions, I turn to seasonality. Specifically, I look at the seasonal trend, highs, and lows as guidelines for forecasting the next significant price movements. More specifically I look at the seasonal composite futures charts for precious metals and copper. And what I do here is what I see.

But the seasonal futures charts shown below provide a summary and what to expect over the next few months.

Note that these are composite charts, by which I mean they have been normalized for price. They do not show any one particular year but rather a composite of all years. They are in effect market DNA since they show the pure seasonal trend without regard for its current fundamentals.

Figure 1: Gold futures normalized seasonal tendency

Figure 2: Silver futures normalized seasonal tendency

Figure 3: Platinum futures normalized seasonal tendency

Figure 4: Copper futures normalized seasonal tendency

 

 

 

 

Jake Bernstein, FSC Board Member

Jake Bernstein has been publishing Jake Bernstein's Weekly Futures Trading Letter since 1972 and trading futures and stocks since 1968. His forecasts and opinions are quoted regularly in the financial press and on financial websites, and he is frequently interviewed on radio and television throughout the U.S. and Canada, including Wall Street Week, CNBC, JagFN.TV, and WebTV.com. In addition to speaking extensively in the U.S., Canada, Europe, and Asia, Bernstein is a consultant for investors, traders, industry, financial institutions, short-term traders, brokerage firms, and commercial firms. Floor traders, professional traders, money managers, hedgers, and traders, both new and experienced, subscribe to his market advisory services. Bernstein is based in California, U.S.

We are incredibly grateful to the sponsors of Cycles in the City '26! The event was more than we could have imagined, and that is in large part because of their generosity.

The Foundation for the Study of Cycles was the primary sponsor of the entire event. That was made possible by donations and Membership dues.

Our Founding Benefactors

James Gavrity, Chairman and CEO of Title Guarantee, Inc. (TitleGuarantee.com).

Andrew Pancholi, FSC Board Member and CEO of Market Timing Report (MarketTimingReport.com).

Supporting Sponsor

Our Supporting Sponsor was Akhil Patel and Property Sharemarket Economics (PropertySharemarketEconomics.com).

Science Day Benefactor

Science Day, our opening day focused on cycles in science and nature, was made possible by our Science Day Patron, Ray Tomes, FSC Board Emeritus and founder of Radiance Trust. We are especially grateful to Ray for his longtime support of the Foundation and for contributing a special recorded presentation to this year’s program.

In an intimate and highly interactive setting, some of the most respected names in market cycles analysis gathered at Cycles in the City ’26 to exchange ideas, challenge assumptions, and explore the forces shaping markets, economies, and society.

Market legends and leading researchers including Larry Williams, Michael Howell, John Bollinger, Peter Borish, Harry Dent, and many others shared decades of hard-won insight — offering timely perspectives on debt and liquidity cycles, market turning points, trading psychology, and long-term economic patterns.

FSC leaders and longtime contributors including Dr. Richard Smith, Lars von Thienen, Jake Bernstein, Ray Tomes, Andrew Pancholi, Bill Sarubbi, and Ron William also took part, adding depth to a program that bridged both markets and science.

But as many attendees noted, the conference was about more than the presentations. It was about the conversations — in the hallways, over meals, and in breakout sessions — where ideas were tested, relationships deepened, and a stronger cycles community took shape.

From the main stage to the dinner table, Cycles in the City ’26 was more than a conference. It was a signal: The work of cycles research is accelerating, and the next chapter is already underway.

Keynote speaker Larry Williams: My Forecast for the Next Bear AND Bull Markets

FSC Chairman of the Board and Executive Director Dr. Richard Smith: Cyclics: The Science of Cycles and Applied Cyclics

Keynote Speaker Michael Howell: The Debt/Liquidity Cycle: The Approaching Supercycle That Dictates Financial Crises

Keynote Speaker John Bollinger: My History With Cycles

FSC Board Member Jake Bernstein: Cycles: The Undeniable Confluences That Ignited Global Events

FSC Board Member Lars von Thienen: Cycle Consensus Scoring: An Evolved Framework for Forecasting Economic and Market Cycles and AI-Powered Cycle Dashboard: Custom Tools for Serious Cycles Practitioners

FSC Board Member and Founding Benefactor Andrew Pancholi: Cycles:The Hidden Advantage

Guest Speaker and Supporting Sponsor Akhil Patel: Chaos and Crisis: 2026 and the Peak of the 18-Year Cycle

Special Guest Speaker Peter Borish: Trading Traps (in conversation with Dr. Richard Smith)

FSC Board Member Bill Sarubbi: Mid-Year Market Forecast 2026

Guest Speaker Tom McClellan: Using Insights From Physics to Understand Market Cycles

FSC Board Member Iain MacKay: Tidal Planets: Do Venus, Earth, and Jupiter Shape the Cycles of the Sun and the Economy?

FSC Development Director Ron William: Navigating the 2026 Cycle Convergence

By Jake Bernstein, FSC Board Member

rulesbasedtrader@gmail.com

Traders and investors have long debated the possible existence of, for lack of a better term, “economic DNA.” It is impossible to debate the existence of any entity, whether physical or theoretical, whether actual or hypothetical, without knowing exactly what it is that’s being discussed. Consequently, I will offer a definition which we can then debate or decide to accept as reality. 

The implications of what we decide are far-reaching and overarching. History shows that the deeper we dig into the subject of DNA, the more answers we get and the more questions we get. 

While this holds true in the biological sciences, could it also be a significant underlying factor in economics and other social sciences? As always, the true answers are to be found in the data as opposed to the opinions. Even though these opinions may be based on the data, interpretation is always a slippery slope. 

In my experience, the analysis of cycles in economic data – in particular price, history and price patterns – strongly supports the opinion that, yes, there is indeed a substructure of market DNA that supports the vast majority of market movements. 

As an example, and a significant one at that, consider the tendency of U.S. stock markets to rise from the beginning of each calendar year through the end of each calendar year. Clearly this does not mean that the pattern will repeat every year, but it does suggest an underlying bias or, for lack of a better term, genetic tendencies in price trends of stocks and commodities.

Looking at the Data 

As you know, data and predictability are the final determinants of scientific discovery. The process is simple. The mathematics, however, can range from the elementary to the highly sophisticated. Since I am not a mathematician or a true scientist, please do not hesitate to take my assumptions and/or conclusions with several grains of salt. 

I offer you the following normalized price chart of the Dow Jones Industrial Average dating back many years.

The chart has normalized the data – by which I mean I have mathematically converted the high price of each year to 100 and the low price of each year to zero. This process has stripped away any individual year and replaced it with the underlying structure of the market, or what I am calling market DNA. 

You might want to do a little experiment yourself by examining any individual year in terms of its trend to the normalized graph shown below. Do you see that each individual year is somewhat similar to the chart’s genetic DNA? 

Therefore, I reach the conclusion, at least initially, that this chart clearly shows an underlying genetic trend. 

Of course, it could be and should be argued that the secular trend of stocks since the mid-1800s has been in the upward bias, which is what accounts for the so-called DNA. Does this negate the existence of that DNA?

The development trend of humans has been upward for thousands of years. Does that negate its validity? 

Let’s think about that until the next installment of my little Gedankenexperiment. I am open to all suggestions and questions.

Jake Bernstein, FSC Board Member

Jake Bernstein has been publishing Jake Bernstein's Weekly Futures Trading Letter since 1972 and trading futures and stocks since 1968. His forecasts and opinions are quoted regularly in the financial press and on financial websites, and he is frequently interviewed on radio and television throughout the U.S. and Canada, including Wall Street Week, CNBC, JagFN.TV, and WebTV.com. In addition to speaking extensively in the U.S., Canada, Europe, and Asia, Bernstein is a consultant for investors, traders, industry, financial institutions, short-term traders, brokerage firms, and commercial firms. Floor traders, professional traders, money managers, hedgers, and traders, both new and experienced, subscribe to his market advisory services. Bernstein is based in California, U.S.

Previously I have interpreted a frequently mentioned figure of 586.24 million years in Afanasiev’s book Nanocycles Method (in Russian) as a geological cycle period and used it extensively in my analysis of cycles. Recently, the whole book was scanned using Optical Character Recognition, and translated into English. We intend to publish the book in English soon. It is now understood that this figure is actually a date (i.e. 586.24 million years ago) of a particular formation rather than a cycle period. I mention this now as it has introduced the possibility of multiple errors into my work. The extent of the errors is being examined at this time. Some background:

1. Western geologists mention in “Megacycles” a collection of papers edited by George Williams in Australia that there are cycles of 600, 300, 150, 74, and 37 million years. Clearly with ratios of 2. The last two figures can be used to estimate the longest cycle as 592 million years, which I took to be 586 million years from Afanasiev’s figure when he gave me a copy of his book.
2. From Wikipedia it can be seen that there are cycles of similar periods to the above in known data such as temperature and CO2 levels:

The black curve shows a clear cycle of a little under 150 million years. There is also a hint of a 36.7-million-year cycle in the blue curve, but it is not very regular.

3. Mass extinctions have been reported to follow a 27-million-year cycle and here is a graph of some mass extinction data.

It can be seen that the two periods of 26.65 and 36.64 million years fit well to the peaks of the mass extinctions. Also, when the two coincide there are higher peaks. These two periods are 293.12 million years (half of 586.24 million years) divided by 11 and 8. This supports there being strong cycles of periods close to 586.24, 293.12, 146.56, 73.28, 36.64, and also 26.65 million years.

The beats between the two cycles are very clear and indicate that the 8:11 ratio is very accurate, while the accuracy of the two periods is probably less that 1% which would make the 586-million-year period uncertain by up to 5 million years.

Atmospheric Carbon Dioxide shows two cycles over the last 600 million years for a cycle period of approximately 300 million years, consistent with the geological cycles periods. Over that period, CO2 levels have risen from about 300 ppm to 6000 ppm, back to 300 ppm and then up to 2000 ppm before falling to 300 ppm again and rising recently to 430 ppm. The period is rather uncertain but looks to be a little less than 300 million years.

When considering all the periods estimated for the longer cycles there is no reason to change the values used but every reason to consider the uncertainties as much higher but still less than 1%.

These periods in years remain as my best estimates of the cycles between hundreds of millions of years and about a week.

Ray Tomes
FSC Science Director and Board Member

While working in systems software development and economic modeling for prediction, Ray Tomes discovered the importance of cycles. After joining the FSC in the 1980s, he spoke at numerous FSC conferences and ran a unit trust operating in futures markets. While studying cycles full time, he developed Harmonics Theory to explain observed patterns of cycles and the entire structure of the universe. He founded Cycles Research Institute, developed CATS cycles analysis software, and speaks internationally. He now acts as the Science Director on the FSC Board. Tomes is based in New Zealand.

Here are 2 monthly cycles, gold and oil, that are mirror images. Gold is headed lower and oil is due to move higher. Here are 4 graphs: monthly cycles and sentiment graphs that make the point.

As to gold, the initial peak in January was the start of an A wave. The March 2-3 top appears to be the start of a C wave (or a 3) down. The 23.6% retracement level has been passed. The 38.2% retracement level is $4,150, and the 50% retracement is $3,700. Here are the targets:

1.383 = $3,660
1.50 = $3,578
1.618 = $3,496

It appears that the low in this down move will be near $3,600-$3,700.

Sentiment is measured by dividing the leveraged gold ETF by its unleveraged ETF. Note the sentiment ratio has already begun to decline. The extreme bullishness is beginning to wane, but it is a long way from a buy signal.

Gold Monthly Cycle

UGL/GLD Gold Sentiment Ratio Has Hit The Sell Level

Here is the same approach as applied to the oil market.

After the sharp move up, price has not retreated by much. The rally created what appears to be a breakaway gap which usually marks the start of a move. The cycles still point up. It appears that a consolidation is underway, not lower prices. The price range runs from $87-$101.

From February 21 through May 21, price has increased 76.2% of the time for a 5.21% gain. This is true for any year. Because the monthly dynamic is also rising, the odds rise to over 83%.

These bullish readings imply that matters in the Gulf will not go well.

Oil Monthly Cycle

UCO/SCO Oil Sentiment Shows Pessimism

Bill Sarubbi Bio
cyclesresearch.com

Bill Sarubbi obtained his BS in 1971 and his MBA in 1972 from NYU, becoming a member of the Foundation for the Study of Cycles in the same year. He trained as a therapist under the direction of Dr. John Pierrakos in New York for nine years. From 1972 to 1990 he worked on the buy and sell sides of Wall Street as an analyst with the Value Line Investment Survey, as an institutional broker, and as a technical strategist with PaineWebber. From 1990 to 2004 Sarubbi was with the Abu Dhabi Investment Authority, where he was a technology fund manager, North American strategist, and member of the currency hedging committee. Since 2004 he has been operating his own money management and consulting service. In the course of his work, he developed unique market analysis software. Sarubbi is a Forbes contributor and is active in groups that focus on the future and on cycles, including the Kenos Circle, a Vienna-based group of futurists. Sarubbi is based in Vienna.

 

NOTE: Prepared by FSC Board Member Bill Sarubbi. The views expressed are his own and not investment advice. This article is intended exclusively to provide information and education to help individuals better understand cycles and the markets. However, this information is not to be construed as professional advice as to the buying and selling of securities or other investment instruments. In no event does the host express any opinion with respect to, or make recommendations regarding, the purchase or sale of any particular security or other investment instrument. There is a very high degree of risk involved in trading securities, and buying or selling decisions are solely within the personal discretion of each individual.

Soybean Prices - A 1986 Extrapolation
by Gertrude Shirk
Editor of the Cycles magazine and Vice President of the FSC

From the Archives: This article is reposted as it was published in Cycles Volume Thirty Seven - 1986.

The 1985 extrapolation of soybean prices, first published in the January/February 1985 issue of Cycles is reproduced below as Figure 1. The "How It Came Out" section of the actual price line is completed through December 1985. The prices used in this work are the average monthly cash price of No. 1 Yellow soybeans, Illinois Processor.

The yearly average on a calendar year basis of the calculated line for 1985 was $6.07 which compares to the actual calendar year average price of $5.64 that occurred. In early 1985, low level of the extrapolated calculated line was considered by some members interested in soybean prices to be unduly pessimistic. But, as it turned out, the calculated line ran consistently above the actual prices as they developed.

The calculated/actual price chart covers only five years, and a better perspective can be gained from the entire history of soybean prices. Figure 2 shows this history by crop years, beginning with the figure for the crop year 947-48, and continuing through 1984-85.

This chart is a ratio chart, one on which equal distances measure equal percentage changes. It is obvious that since soybeans have moved to a level of 60 cents and more that the percentage changes from year to year have been much greater than during the earlier period.

The end portion of Figure 2, beginning with the figure for 1972-73 is enlarged on Figure 3, and two possible trend lines are added. The level and direction of trend are important considerations because cycles operate around — above and below — the trend. Although it is tempting to consider the straight line trend as the best description of trend, it is also possible to arrive at a different description — as shown by the bowed line. The top straight line trend gives a 1985-6 value of $6.89 compared to about $6.50 for the curved line.

In any event, actual prices through February 1986 have been well below these trend levels for many months, and the yearly average trend that was used to prepare a 1986 calculated line averaged $5.75. By historical standards (the two trends on Figure 3) the value of $5.75 is low, but it is above the last eight month's experience.

The cycles that were combined with trend were the 12-month, the 24.56-month and the 38.6-month. The record of the 24.56-month cycle is shown on Figure 4, and the 38.6-month cycle is recorded on Figure 5. Both charts are marked to show how the cycle has performed since it was first defined.

The 24.56-month cycle has an average amplitude of 10% of trend at the time of an average crest. There was an ideal crest at May 1985, and the model pattern is now on the way down to a trough at May 1986.

The 38.6-month cycle has an average amplitude of 12% of trend at the time of an ideal crest. The ideal cycle is now going up to a crest at October 1986. Since the low on the seasonal cycle occurs at October, it will be interesting to see what is actually occurring to soybean prices come October.

The combination of the assumed trend and the three cycles is shown on Figure 6 as the broken line.

The cycles used here measure as being statistically significant. That is, the numbers are good. But, even more important is the degree to which these cycles have functioned since they were first postulated.

The average seasonal pattern in soybean prices that was used in the combination is as follows:

By Iain MacKay, FSC Board Member

In the January/February 1986 issue of Cycles magazine, Gertrude Shirk reviewed the performance of cycles in soybean prices previously discussed in Cycles 50 years ago, in the February 1976 issue.

The article made some short-term forecasts based on 12-, 38.6-, and 24.56-month cycles. I wanted to see if a calibration of those cycles made in 1986 would have given a helpful forecast for the time ensuing since.

Our data source is FRED, courtesy the Federal Bank of St Louis.

This is their monthly history of the Soybean Producer Price Index since 1947. They use 1982 as the base for the index.

FRED — Producer Price Index by Commodity: Farm Products: Soybeans

Note: This analysis uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.

In 2026 we can vibe code a model that best fits these three cycles to the period 1947 to February 1986 and see how well they have played out since then.

For convenience I used the price gradient (monthly proportionate difference) rather than the raw price, as it is less influenced by the long-term trend but should show similar cyclicity with price turning points occurring at gradient zeros.

A differential evolution algorithm calibrated the phase and amplitude of the gradients, using data from 1947 to 1986, which allows the cycle forecast gradient to be projected from 1986 to the present day and forward to 2030.

Here are the results of the projection, firstly for the last 50 years. The grey-shaded period shows projected gradient, with projected price highs and lows marked with red and green lines respectively.

Soybean Cycle Analysis: 1976 (Jan) - 2030 (Dec)

Looking more closely at the period 1980-2000:

Soybean Cycle Analysis: 1980 (Jan) - 2000 (Jan)

And the years 2020 to 2030:

Soybean Cycle Analysis: 2020 (Jan) - 2030 (Dec)

It is a matter of debate whether cyclic behaviour in financial time series is endogenous (down to the interaction of opposing forces within the system) or exogenous (driven by some external clock).

The distinction is more than academic, because the equations governing endogenous cycles are very sensitive to tiny changes in their parameters. Systems like these can be fundamentally chaotic and unpredictable. On the other hand, exogenous cycles endure over time, so they can be calibrated given sufficient data and they can be modelled with more tractable mathematics like Fourier analysis. While time-local circumstances can shift timing of individual cycles, in the long run the turning points for exogenous cycles remain close to predicted times.

Analysis like this brings evidence to the debate.

The work of the Foundation has identified many apparent exogenous cycles, the work to consolidate and explain them continues.

Iain MacKay Bio

Iain MacKay is the director and founder of Computable Functions Limited, which offers consulting in the application of advanced software technologies for market and survey research, as well as director and co-owner of X-MR Limited, a market research software development firm. MacKay was Deputy Chairman at Pulse Train Technology (now Confirmit), where he developed the company’s mainstream products for over 20 years. As director of UK development for Arbitron Corporation (now Neilson Audio), MacKay set up the development office in the UK. MacKay is based in the UK.

 

NOTE: Prepared by FSC Board Member Iain MacKay. The views expressed are his own and not investment advice. This article is intended exclusively to provide information and education to help individuals better understand cycles and the markets. However, this information is not to be construed as professional advice as to the buying and selling of securities or other investment instruments. In no event does the host express any opinion with respect to, or make recommendations regarding, the purchase or sale of any particular security or other investment instrument. There is a very high degree of risk involved in trading securities, and buying or selling decisions are solely within the personal discretion of each individual.

Edward Dewey established the Foundation for the Study of Cycles in the shadow of the Great Depression. He was searching for the cause of the greatest bust in American history, one in which the US economy contracted by a massive 30%.

Little did he know at the time - though he would later discover - was that the Depression was part of a regular cycle of boom and bust, one that went back to very beginning of the Republic. The boom of the 1920s led to the crisis of the early 1930s in much the same way as it had unfolded in the 1900s, the 1880s, the late 1860s/early 1870s, the 1850s, the 1830s and 1810s.

This cyclical rhythm is so regular, and so fundamental to our economies, that many analysts have built an investment strategy on it. The cycle lasts, on average (and with surprisingly little variation), 18.6 years. If you view history through the lens of this cycle, you can use it to make long-term forecasts and invest accordingly.

At the FSC conference in New York in June, I was pleased, on behalf of my company Property Sharemarket Economics (PSE), to present some of my research on this important cycle to delegates. And as the 18.6 year cycle is entwined with the story of the Foundation, we were honored to be one of the event’s sponsors.

PSE’s mission is to help you to “remember the future”. Our in-depth research on the 18.6 year cycle helps us forecast the main dynamics of the modern economy and provide subscribers with actionable insights.

This 18.6 year cycle continues to this very day. In the second half of the 20th century, it gave rise to the booms of the 1960s and the bust of the early 1970s, the boom of the 1980s and the severe contraction of the early 1990s. The 1990s boom and the housing bubble led to the global financial crisis.

As we move into 2026 we are 18 years on from the events of 2008. I need hardly remind you of what happened then. It’s therefore time to pay close attention to what’s going on in markets, the banking sector and the wider economy. Because, should history repeat, the next few years will be very turbulent indeed. If you think markets and events are disruptive now, just wait to see what will unfold in the years ahead.

Fortunately, by understanding this cycle you can stay ahead of events, be prepared for what’s to come and even take advantage of it.

To help you stay in touch with how the final years of the cycle will play out, I encourage you to sign up to our weekly newsletter, the Property Cycle Investor.

Join now. It’s completely free and you can access it here.

Wishing you well in the challenging times to come.

Yours sincerely,

Akhil Patel
Property Sharemarket Economics

By Bill Sarubbi, FSC Board Member

cyclesresearch.com

The U.S. stock market indices are likely headed higher into January. There are four reasons for this projection.

First, this is a year ending in a 5, the strongest year in the 10-year decennial pattern as developed by Edgar Laurence Smith at Ameritrust Bank. All questions in such "5" years are resolved on the upside. September has been the weakest month in any year, but this bearish month has closed on the upside 66% of the time in these "5" years. The weakest part of September has been the second half of the month, especially the last week. This period could present favorable buying opportunities.

DJIA Histogram of Expected Return in Years Ending in 5

Second, the combination of the 1-, 4- and, 10-year cycles is rising. The first cycle is the annual cycle in any year from 1885. The 4-year cycle has been called the election year cycle. Their summation is below.

1, 4, and 10-Year Cycles in 2025

Third, the dynamic cycle depicted below rises into January. This "catch all" approach accumulates the effect on the S&P of the strongest cycles. It detects cycles that may not be represented by the prior cycles.

S&P Monthly Cycle

And fourth, 60% of all S&P gains have been generated in Q4 of any year.

In order to project a price level, the height of the rectangle from which the S&P 500 broke out is projected up. This points to a price target of 7460.

S&P Daily

What stock should be considered for purchase for Q4? Below is a list of the S&P 100 stock sorted by a unique measure of relative strength. These shares are likely to extend their gains.

Bill Sarubbi Bio
cyclesresearch.com

Bill Sarubbi obtained his BS in 1971 and his MBA in 1972 from NYU, becoming a member of the Foundation for the Study of Cycles in the same year. He trained as a therapist under the direction of Dr. John Pierrakos in New York for nine years. From 1972 to 1990 he worked on the buy and sell sides of Wall Street as an analyst with the Value Line Investment Survey, as an institutional broker, and as a technical strategist with PaineWebber. From 1990 to 2004 Sarubbi was with the Abu Dhabi Investment Authority, where he was a technology fund manager, North American strategist, and member of the currency hedging committee. Since 2004 he has been operating his own money management and consulting service. In the course of his work, he developed unique market analysis software. Sarubbi is a Forbes contributor and is active in groups that focus on the future and on cycles, including the Kenos Circle, a Vienna-based group of futurists. Sarubbi is based in Vienna.

 

NOTE: Prepared by FSC Board Member Bill Sarubbi. The views expressed are his own and not investment advice. This article is intended exclusively to provide information and education to help individuals better understand cycles and the markets. However, this information is not to be construed as professional advice as to the buying and selling of securities or other investment instruments. In no event does the host express any opinion with respect to, or make recommendations regarding, the purchase or sale of any particular security or other investment instrument. There is a very high degree of risk involved in trading securities, and buying or selling decisions are solely within the personal discretion of each individual.