gold is dead ... even if it goes higher
it is only following other macro poop out the door
www.youtube.com/watch?v=wsLqKAvKiQM
it is only following other macro poop out the door
www.youtube.com/watch?v=wsLqKAvKiQM
Marketsurfer's bold gold proclamation
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tightening up the call here:
600 prior to 1000
the dog is going DOWN!!
surf
600 prior to 1000
the dog is going DOWN!!
surf
http://finance.yahoo.com/techticker/article/299368/Metal-Mania:-
Metal Mania: "Heavily Overbought" Gold & Silver Due for a Major Fall, Prechter Says
Posted Aug 11, 2009 01:19pm EDT by Aaron Task in Investing, Commodities
Related: GLD, SLV, GDX, FCX, NEM, PSAU, ABX
Gold has fallen sharply in recent days, but its supporters are undaunted: The yellow metal remains within earshot of its all-time high and is destined to soar as the dollar implodes, gold's bulls say.
As is often the case, Bob Precther, president of Elliott Wave International, takes the contrarian view, arguing there's "too much optimism" about precious metals and negativity around the dollar.
In fact, Prechter believes the dollar put in a major bottom last week and, as a result, foresees major weakness ahead for commodities generally, and gold and silver specifically. The precious metals are "heavily overbought" and the "path of least resistance" will be to the downside for many months, he says. "[Gold's] going to go much further [down] than people think."
Prechter predicts gold will follow silver's path, which has put in a series of lower highs in recent months.
"Even though people are one-sidedly bullish on precious metals, they're not making any progress at all," says the legendary market watcher. "I would not be loading up on gold at this point, you'll get a better opportunity later.
Metal Mania: "Heavily Overbought" Gold & Silver Due for a Major Fall, Prechter Says
Posted Aug 11, 2009 01:19pm EDT by Aaron Task in Investing, Commodities
Related: GLD, SLV, GDX, FCX, NEM, PSAU, ABX
Gold has fallen sharply in recent days, but its supporters are undaunted: The yellow metal remains within earshot of its all-time high and is destined to soar as the dollar implodes, gold's bulls say.
As is often the case, Bob Precther, president of Elliott Wave International, takes the contrarian view, arguing there's "too much optimism" about precious metals and negativity around the dollar.
In fact, Prechter believes the dollar put in a major bottom last week and, as a result, foresees major weakness ahead for commodities generally, and gold and silver specifically. The precious metals are "heavily overbought" and the "path of least resistance" will be to the downside for many months, he says. "[Gold's] going to go much further [down] than people think."
Prechter predicts gold will follow silver's path, which has put in a series of lower highs in recent months.
"Even though people are one-sidedly bullish on precious metals, they're not making any progress at all," says the legendary market watcher. "I would not be loading up on gold at this point, you'll get a better opportunity later.
at this point 1007/oz would be the stop where the call is PROVEN WRONG, but it aint going to happen!!
surf
surf
yes, i agree. have over 20 big ones riding on a spiking higher VIX between now and 12.31.09.
its about time prechter is correct!
surf
some more prechter on the inevitable decline.....
http://finance.yahoo.com/tech-ticke...Q,^RUT,BGZ&sec=topStories&pos=9&asset=&ccode=
http://finance.yahoo.com/tech-ticke...Q,^RUT,BGZ&sec=topStories&pos=9&asset=&ccode=
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