The bear case
Here is a post from a trader on the MDD thread. He has been very good on the stock market and remains bearish short-term. But he has correctly been a gold perma-bear for years and still is a permabear. His reasoning is very simple:
Friday, Feb 16, 2001 9:43 PM
Respond to of 69352
Yes, right now, we might indeed have a counter move in XAU when the market in general gets down here, but I doubt this is anything
"fundamental", just a "run for safety", but I for one, do not understand what is the safety with the yellow one. There are still 20,000 tonnes
waiting to be dumped on the market every time the price of gold approaches $300, I have been bearish on the long term prospects for gold
for years, and I still remain bearish. It simply is a commodity of which we have a huge inventory (about ten years of production).
Zeev |
