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Gold Fever~ The Epic Clash of Olympic Titans
We heard similar extrapolations about the Japanese taking over the world economy before their two lost decades.
We heard similar in Summer 2008 when oil peaked at $147.90, then lost
–76%.
http://stockcharts.com/charts/gallery.html?s=$wtic
Let the objective record show margin calls and exchange defaults are not bullish. Federal Reserve Banks short gold enjoy unlimited credit lines, or at least a lot more credit than gold bugs.
Unlimited credit lines do not mean hyperinflation any more than PPIP, TELF, TARP saved the economy and jobs.
Asset prices are falling all around us because of lack of credit or cash demand.
This included gold and silver, down -14% and –60% from 2009 or 2008 highs thus far. Again we show the objective charts for those who think seeing is believing.
http://stockcharts.com/charts/gallery.html?s=$gold
http://stockcharts.com/charts/gallery.html?s=$silver
It is the sheer ferocity of the gold or silver bulls that suggests the top may be past and they are cheerleaders for recovery rivaling Greenspan, Paulson, Bernanke, Geithner, Romer and Summers.
People may be most bullish at the top. They may be most vocal after the top, when they are trying to make up for lost opportunity.
Lately, people were shouting about the $1100 bottom after gold already went to $1044.80.
Anyone who did not agree was accused of being a Wall Street Shill, put down and driven off the blog, with actual posts removed.
A sincere solo offer to accept $50,500 wagers against gold closing above $1200 before closing below $1000 when gold was at $1120 was ignored.
March 1st, 2010 at 12:19 am
The google ad inserted into this page when I read it was
“Gold prices are rocketing – Join The Gold Rush – Trade Gold Online”
As Bart Simpson would say…”The ironing is delicious”.
Personally I don’t think the gold top is in, but you may be right and I may be wrong.
I also posted on Pete Grandich’s site that I know at least one person who tried to take the other side of his bet and his comment was deleted. My comment is “under moderation”.
Best.
-mark
March 1st, 2010 at 2:04 am
Aloha Mark
Mahalo.
Yes, irony may be the ultimate contrary indicator.
At least you got under moderation, LOL.
As of this moment, your and my posts have still not shown up
and he is claiming no one took him up on his offers.
http://grandich.agoracom.com/
Guess we can’t believe everything we see on the web, even
from people with a lot of publicity.
Karma always catches up.
Time will tell about the top.
Meanwhile Trailing Buy and Sell Stops are an investor’s best friend…
Regards All*Rich