Buisness Insider

CITI: Gold Has Never Stayed Below The 'Stairway To Hell' For Very Long

The drop in gold prices since the beginning of the year has broken the spirits of investors seeking it as a safe haven for their wealth.

Short positions are at all-time highs, and the chartists will tell you that there has been "considerable technical damage" has been done.

However, Citi's Tom Fitzpatrick sees some hope in his charts.

"On a medium-to-long-term basis we remain very bullish on Gold," writes Fitzpatrick via King World News

He considers a recent price pattern, which would suggest prices could go much lower before goin higher.

"That low (in gold) was hit at $682 in October 2008, and within 3 years Gold had rallied to $1,921," he wrote.  "A similar fall and rally would see Gold at $1260 near-term and then above $3,500 by 2016."

Fitzpatrick believes this bullish trend will be supported by fundamentals.  Specifically, the debt and the debt ceiling.

"As can be seen from the chart [below], Gold has never stayed below that “stairway to hell” for very long," he wrote referring to the statutory debt limit.  "Given that the debt limit number is going to continue higher, a re-emergence of Gold strength looks inevitable.  A lot of “considered opinion” suggests that by the end of the present electoral term (end of 2016 when new presidential elections take place), that the US debt limit will be at around $22 trillion USD."

Kwn Fitzpatrick Iii 5 22

SEE ALSO: 28 Charts Every Gold Investor Should See >

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Another Electric Car Company Is Going Bankrupt

Better Place Headquarters October 2012 Tel Aviv Electric Car Charging 1

Electric car battery supplier Better Place plans to file for bankruptcy within the next few days, CNN Money reports.

Better Place was a proponent of battery swapping technology, which involves replacing an electric car's depleted battery, rather than charging it.

Saving that kind of time would be a huge boon for the electric vehicle industry, which is hamstrung by battery technology that keeps charge times long, range limited, and prices high.

Better Place, founded in 2007 by Israeli entrepreneur Shai Agassi, proved in 2010 it could swap out and replace a battery in under 60 seconds, far faster than even the best EV charging times.

According to the New York Times, Agassi, a former top executive at SAP, raised over $800 million in private capital from investors including HSBC, General Electric, and Morgan Stanley. It built a small network of stations in Denmark and Israel.

But between 2010 and February 2013, it posted $477 million in cumulative losses. That month, it announced it would close its operations in North America and Australia, and continue working in Israel and Denmark.

That move could not save it, however, and the electric vehicle market did not expand at the pace the company had expected, according to CNN Money.

"The company was not well-served by having things it thought would happen over a decade happen within a year," a source told CNN. "Ultimately the idea was always based around scale, and it just didn't build it fast enough or well enough."

This news comes as Tesla Motors — riding high after becoming profitable and paying off its loan from the Department of Energy — plans to announce news about its Supercharger network, where its customers can charge their car batteries halfway in 30 minutes, for free.

There is speculation that Tesla will announce a battery swapping scheme, which seems less likely now, given the expected failure of the company that had gone the furthest in making the technology a reality.

SEE ALSO: 29 Reasons Elon Musk Is The Most Badass CEO In America

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Apple Accused Of Avoiding Paying Billions In Taxes By The Senate (AAPL)

Apple CEO Tim Cook is appearing before Congress tomorrow to talk about the company's taxes and offshore profits.

It looks like it's going to be a showdown in D.C. between Apple and Senators who think it's conducting shady business to avoid paying taxes.

Senators Carl Levin and John McCain put out a statement saying Apple has subsidiaries in Ireland that it funnels profits through, thus allowing it to avoid paying taxes.

Apple admits that it has a subsidiary in Ireland, but says it's completely legal. It also says it doesn't use tax gimmicks.

Sen. Levin disagrees with Apple, saying:

"Apple wasn’t satisfied with shifting its profits to a low-tax offshore tax haven ... Apple sought the Holy Grail of tax avoidance. It has created offshore entities holding tens of billions of dollars, while claiming to be tax resident nowhere. We intend to highlight that gimmick and other Apple offshore tax avoidance tactics so that American working families who pay their share of taxes understand how offshore tax loopholes raise their tax burden, add to the federal deficit and ought to be closed."

Here is the memorandum from Levin and McCain:

Senate on Apple

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