It aint over till it is over. Well it is over. The amazing thing about a gold bug, when it is over, they can find a reason to be optimistic. The email's from Bill Murphy went in the span of one week from Tora, Tora, Tora, to dribble, dribble, dribble. Each collapse in price is reason to celebrate a bottom with an imminent move up. It aint going to happen, we might see the low 300's but that is it. The hand of the enveloping pincer has engulfed its dick and that is all. If anything, the gold market will be weaker and less followed as will the gold stocks, as the recent rally will become more widely viewed as a fake out with the cb's, and bankers having an infinite array of tools. Squeezing gold out of kuwait, delaying margin calls, and just plain bullying the market.
Ken |
