Some poster named metal told me to buy and thank him later. Oh, the Greeks were right about gold, it is the one possession that devours your mind.
a game of musical chairs. the music stopped. funny how that always happens just after the public is convinced it is a no lose situation.
The time to buy is when you see "cash for gold" ads. The time to sell is when "gold for cash ads" show up.
eh we'll see what happens. If patterns matter, the last 2 large retraces resulted in a 6-10 month consolidations to lead to new highs. So far we're $110 off the high (<10%) and has been a steady retrace. I can imagine the 1030 area will experience heavy resistance, i know i'm a long-term bull and will be playing this resistance area. The bullish sentimet has been pretty mild, no blow off tops or family/friends/cnbc buying gold. I've been telling everyone i know to buy some gold to hedge usd risk and i've been ignored, laughed at and misunderstood. Biggest driver right now is a nice healthy bounce in a dollar. Those who are bearish on the dollar should be acculmulating as much Gold as they can own without risking the farm.
I do feel bad (and personally responsible) for anyone who went in long with me at $1146... It wasn't a good call. But there's a reason why people here are inclined to take my recommendations far more seriously than the random predictions of the average ET member- I'm usually right. A review of the archives here would make it pretty clear that blindly following anything I recommend <i>usually</i> does pay off nicely... just not this time. For the record I'm staying long gold, even though my most recent entry point kind of sucked.