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Top Callers abound.........
So, on Friday, we had a typical jobs Friday reaction to the god awful jobs number and that is gold spiked and the dollar crashed, only for both to reverse hard. I will say it was nice to see gold close down relatively flat especially as some other commodities got crushed. (Plat down over $130!).
I have spent most of the day reading stories that are calling for gold's demise, some people know better and the others are just morons. In the latter category falls my favorite glorified 7-11 clerk, Mahandra from Mahandraprophecies.com, literally said the bear market in the dollar ended on March 3rd and that a new bull market was born. On the same note he goes on to say the bull market in commodities is over and the bear market has just begun.
Now, besides using some type of wave of nature bullshit, I have no idea where or how this guy comes up with his forecasts. I believe it was about three weeks ago when he again called the top for gold. If at first you don't succeed try, try again. This is probably his twelfth attempt at calling a major top. I guess this guy just says screw the fundamentals.
A very good website that I frequent is http://www.321gold.com/, which links a lot of good articles regarding gold. Bob Moriaty, the site owner calls the top and says get ready for the usual Mar-June doldrums and look for a "violent correction." However, he does add, that after the usual weak seasonal activity gold will start a new leg higher.
Call me thick, but I can't see any reason to panic here as the fundamentals are still and will continue to be excellent for gold. Sinclair said it best: "It is going from THIS IS IT to They are losing control." The US economy is getting worse by the day, there is no denying that. IMO, there is no catalyst to reverse this direction. Yes, the stimulus that Congress agree to, may help in the latter part of the 2nd quarter and may give a quick jolt to the economy, but after that the decline will resume. If one was to predict gold would go lower and the dollar would go higher, wouldn't it be smarter to suggest it would happen after the US taxpayer receives his handout? However, on the other hand the average US taxpayer is soooo screwed that he might actually use this welfare to actually pay down debt.
Are we going to get death defying corrections in gold? Of course, that's just the way the market has always been and always will be. I still believe no matter how many times the shorts get their asses handed to them they will be back to keep knock gold back down. Friday is a perfect example. How every single jobs Friday the dollar gets cracked and gold spikes higher only to reverse, mystifies me.
I can proudly say that since I got into gold six years ago, I have never sold one ounce of my physical holdings. And I promise you, if gold does have "a violent correction" I will be buying with both hands. In fact, the only way I would sell my gold is if Sinclair said to get out or Paul Volker became the new Fed chairman. As always all roads point to gold.
I have spent most of the day reading stories that are calling for gold's demise, some people know better and the others are just morons. In the latter category falls my favorite glorified 7-11 clerk, Mahandra from Mahandraprophecies.com, literally said the bear market in the dollar ended on March 3rd and that a new bull market was born. On the same note he goes on to say the bull market in commodities is over and the bear market has just begun.
Now, besides using some type of wave of nature bullshit, I have no idea where or how this guy comes up with his forecasts. I believe it was about three weeks ago when he again called the top for gold. If at first you don't succeed try, try again. This is probably his twelfth attempt at calling a major top. I guess this guy just says screw the fundamentals.
A very good website that I frequent is http://www.321gold.com/, which links a lot of good articles regarding gold. Bob Moriaty, the site owner calls the top and says get ready for the usual Mar-June doldrums and look for a "violent correction." However, he does add, that after the usual weak seasonal activity gold will start a new leg higher.
Call me thick, but I can't see any reason to panic here as the fundamentals are still and will continue to be excellent for gold. Sinclair said it best: "It is going from THIS IS IT to They are losing control." The US economy is getting worse by the day, there is no denying that. IMO, there is no catalyst to reverse this direction. Yes, the stimulus that Congress agree to, may help in the latter part of the 2nd quarter and may give a quick jolt to the economy, but after that the decline will resume. If one was to predict gold would go lower and the dollar would go higher, wouldn't it be smarter to suggest it would happen after the US taxpayer receives his handout? However, on the other hand the average US taxpayer is soooo screwed that he might actually use this welfare to actually pay down debt.
Are we going to get death defying corrections in gold? Of course, that's just the way the market has always been and always will be. I still believe no matter how many times the shorts get their asses handed to them they will be back to keep knock gold back down. Friday is a perfect example. How every single jobs Friday the dollar gets cracked and gold spikes higher only to reverse, mystifies me.
I can proudly say that since I got into gold six years ago, I have never sold one ounce of my physical holdings. And I promise you, if gold does have "a violent correction" I will be buying with both hands. In fact, the only way I would sell my gold is if Sinclair said to get out or Paul Volker became the new Fed chairman. As always all roads point to gold.
posted by Neal | 12:04 AM
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