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Gold Fever at 1174.90 We’re Out with a Buy Stop in Case
Our brilliant humble trading friend Rick at http://www.rickackerman.com/
sees a short to intermediate top in gold, while noting it could go to 1337.20 or 417.10…
We sold our gold and silver because we do not trust trailing sell stops to get us out safely in times of mania and deflation.
We may buy them back with a buy stop.
We still hold Exxon Mobil.
Warren Buffett sold his silver and bought some XOM.
In 2009 National Geographic reported a total global gold estimate of 161,000 tonnes.
http://en.wikipedia.org/wiki/Gold
That’s some 5.7 B ounces of gold versus a $69 Trillion Purchasing Parity Global GDP.
At that rate, one might expect gold to trade at or above $12,105 an ounce.
We noted that after the 1980 peak when we wrote Milton Friedman and Alan Greenspan about dollars versus gold and AG’s 1967 endorsement of the gold standard, his Gold and Economic Freedom essay in Ayn Rand’s Capitalism, The Unknown Ideal.
http://www.usagold.com/gildedopinion/greenspan.html
Martin Armstrong sees gold at $5000.
http://www.martinarmstrong.org/files/GOLD-5000-11-11-09.pdf
Most predictions are wrong, although Rick’s are more often right than most. Things change.
China surpassed South Africa as the world’s largest gold producer.
There may be no global gold production peak.
November 30th, 2009 at 8:03 pm
Possibly… I agree that near term, gold is more likely to decline than rise. Long term, I expect it to either hold steady or soar, depending on how chaotic things get.
Also, your blog doesn’t have an RSS feed! You really should consult Wordpress and make sure it has one, it’s the whole point of having a blog!
December 2nd, 2009 at 10:31 pm
We’ve added some easy-RSS buttons. Typically your web browser should also detect the presence of the RSS feed and give you an RSS icon in the right-hand side of your browser location bar.
In any case, you should be good to go now!
-mark
December 12th, 2009 at 12:01 am
Go to 1337.20 or 417.10? Wow. That is some analysis. Subscribe to his chatroom for a week and watch all the different numbers pop up for gold, anywhere from 0-3000. I followed his calls and went 0/10 before I said enough. Better off to randomly enter a trade with a stop.
December 12th, 2009 at 2:37 pm
First let me say, thank you very much for this outstanding synthesis of information. One other recommendation would be to add a previous or next page button or arrow to move from page 1,2,3,4,5,6 to add some convenience and flow.