I have come to Elitetrader on a mission of mercy trying to get you out of your gold position. Gold is going to crash and tank back under 1000 an ounce. This may be the last time to cash out at such high prices. I am announcing here right now on Elitetrader that it is time to sell sell sell your GLD. Do it at the open on Monday into strength. My target on GLD is in the 80s.
I've been looking for a target of $950-980 for gold since I dumped my position in December. The bull market in gold is far from over but it got carried away last month and needs some time to consolidate. It happens.
And another 500 TV ads per day make it obvious that now is the time to SELL YOUR GOLD 4 CA$H! Seriously, I expect that gold will get back to $950 or so. Then it will go back up to $1300 a year later.
That may be a good short-term play, but be careful. The emerging countries still have very low gold reserve ratios, and I don't think they are done buying. If gold goes to around 1050, I think there may be some big buyers out there. They'll squash anyone still shorting gold.
foolish humans OP of this thread is hoping you'll all sell and He is gonna buy the dip gold is long term very good investment, You'll be sorry if you don't own gold for the next year
my 2c .. no idea what the future holds but for me if GLD breaks above 113 I will watch for long entry or under 106 I will watch for short entry. but that is my "if, then" method and my opinion
I hope your are right so I can buy some more. A "C" leg correction is obvious, how deep it retraces will give clues to the 5th. Unfortunately that will spell doom and gloom for the Dollar.
I actually have a large (for me) position in physical gold and silver (and a bit of platinum) that I bought years ago. My plan is to sell it when I see fiscal responsibility return to my government. (That means never. ) I use gold to store a significant fraction of my wealth. But I trade other stuff. For people who do trade gold, I suspect there's still a bit of money to be made on the short side.
How come when gold was in the 300 dollar range you never heard or saw any television or radio ads regarding buying gold now before it is too late. A Peak is easy to identify as it forms when you see an increasing number of chatter on TV/Radio regarding a specific investment. Now its gold. Before it was homes, and you saw all kinds of TV shows about house flippers etc..