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03:04 PM
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IS GOLD FINALLY GOING TO GET ITS FINAL WASHOUT I HOPE???
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Punk-A$$ets:MV8yNTU4MzI5XzQ1MzE2NjQxXzVDMzNGNjMw] [quote:Anonymous Coward 51836056:MV8yNTU4MzI5XzQ1MzE2NTUyX0RFNjcyODky] [quote:Punk-A$$ets:MV8yNTU4MzI5XzQ1MzE2MTEwXzUzMEMyNDY2]I didnt mean trading was easy, just the plan.[/quote] When I said that I 'sell' that was of course trader's talk that means I actually bet against gold either by selling it short or buying an instrument that tracks gold inversely. Sitting around waiting to go long and bottoms and sell your long position at tops is a waste of time. And very few people are any good at calling tops and bottoms. [/quote] We'll, thats exactly what I do and am doing pretty well at it. I am a trend follower, obviously. The recent rally from the end of the year to march and then the one from June till a week ago were huge profitable moves. I'd rather be in at close to the bottom as possible. Why wait until the rally is half done or worse, buy at the top? Maybe I dont understand your post but IMO patience is key for what I am doing. Admittingly I dont have the confidence to play inverse ETFs as much at the top because it scares me to be short a market that blasts off and gaps up like the miners have been doing. [/quote]
Original Message
Any gold bugs left? I've been waiting in the wings for what seems like forever - waiting for this bear market in gold to get over and done with. With todays sell off we might be close to seeing new lows in gold.
Dont get me wrong, Im still looking for very high gold prices in the years to come but I still think we're going to see $1000 gold give or take 10%. $15 silver give or take 10%. I repeat, we have NEVER back tested the $1000 level in gold - yet.
There is an uncanny resemblance to the recent trade range in gold to the previous one. Broken link below.
finviz.com/futures_charts.ashx?t=GC&p=w1
Notice the $200 trade range between $1600 and $1800 lasted for more than a year before we got the washout. The current range of $1200 to $1400 is almost an exact copy for time and price range and with the breakdown today we should plunge once we break $1200 again. It would seem $1180 is as important now as $1530 was in the last flush.
If the current pattern holds, the final lows in gold wont come until later this year or very early next year.
Incidentally, Martin Armstrong has said Jan 2015 is an important turning point for gold and that gold would rally strongly after his next ECM change Oct 1st, 2015. In another writing he also said a low in gold in 2015/2016 would be perfect for a blistering rally in gold thereafter that takes it to new highs in 2017/2018.
Just touching base with any gold bugs that might be left. Hang in there. Our time is coming but patience is still required. Probably better to hold GLL or DUST for the time being. A monster trade in NUGT and JNUG is probably not too far off.
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