Victory lap.
calling a top in gld
- Thread starter billyjoerob
- Start date
Magna
Administrator
Not sure I follow. James Debevec wrote the gold article you referenced in your first post on March 24, 2011. Spot gold closed that day at 1432.00 USD. Today gold is trading around 1612.00, an increase of more than 12.5% since his article. Sure gold has pulled back from its highs (current price is about -16% down) but that's nothing excessive and to be expected at these new levels. Crash? Victory lap? I'd say it's a little premature to start your bear celebration.
I posted when spot gold was at 1818.18. Good enough for me.
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bJoe;
Thats good enough for me too;
especially since GLD still below 50 dma[ a bear trend /downtrend]
And while you still see many buyers of spot, jewelry stores, cash cow type buyers, traveling gold buyers @ Day's Inn....
Thats could be bearish or bullish, some of those guys make money on bid ask, reguardles of a up trend or downtrend.
Frankly, i wouldnt name GLD[gold trust], gold a bear market, even though its below 50 day moving average. There are simply too may uptrends, on 1 year 3 year charts. And its not just the 200 day moving average s sttill uptrending;
Jim Rogers disclosed in 2004 book , he owns some gold, but likes lead better ..................... I have enough ammo, so dont need any lead now. Thanks Jim Rogers
Not a prediction