Webster? I seem to remember when the gold bull really got traction was when gold really turned bullish versus the Euro chart. No I am no 35 year old, oil slick haired, trader with an MBA from Hah-vahd, and I'm sure I only have an 'average' IQ at best, but that chart on gold/yen and how the carry trade influences gold and gold stock prices isn't hard to understand.
I just read one of the very best articles about why gold is trading like it is over the weekend. It talked about how the top hedge funds, and a couple of the most profitable investment banks that are making the most money from trading gold- all have their 'currency' groups doing the gold trading, and not their 'commodity' trading group.
I thought that was a pretty telling concept. I'll see if I can find the article and repost it. The arguement for gold trading as a currency versus a commodity is hardly new. Neither is the yen carry trade. But, yet none of the gold bug gurus seen to have been able to figure out how to time it?
Slider pretty much laid it out in May 2006 before the first major yen shakeout. Then did a scary good job in predicting the August yen carry shakeout. And its hard to argue with the accuracy of that chart, as it shows how highly tuned gold is to the yen carry trade and that the yen is the single most important currency to watch for gold.
Even I can plainly see that. But, of course, none are so blind as those who refuse to see. And you aren't here about currency charts, or the yen carry trade anyway. Your bitch obviously is about 'gu-roos', or is that 'gew-roo'?
And Swampy?
Re- 'Gold is in a bull market plain and simple..that it the magic bullet.'
That's what 99.99% of all the gold guru's said at $821 in 1980.
Everyone is right on the way up. Full of confidence and bravado. Untill we get a correction that is. Then they all disappear. Then, if we get a bounce, they all reappear- long, and strong, firm in their 'buy and hold' righteousness.
Yeah right.
Why do people that 'buy and hold' for the longterm haunt daytrading forums? Post 10 x a day when golds running up, then go silent and disappear from the face of the earth- when its not?
Who do you think is getting washed out and getting all those margin calls on the shakeouts- especially when it's the small cap juniors and $5 small caps that take the biggest hits?
I browsed by 3-4 gold permabull threads here on SI and instead of getting from 70 to 100 daily posts, they had 4, or 5.
DEAD SILENT and 'Logged off til there's more participation here.' etc.
I told you that Jim Sinclair cursed this move by coming out with another boast.
He's now 3 for 3 with 'hold tight', 'the free put' and now the 'one million dollar bet on $1650'.
What was the date Sinclair made the million dollar bet? He might have been a better top indicator than the yen carry gold/yen charts <vbg>!
Three for Three for Big Jimbo Sinclair.
The reason I'm here is because all the damn gold bug gurus do is keep blowing smoke up my ass. Not a damn one has saved me from a single major correction yet. Not once. Lots of calls for $2000 gold. I bet I have a stack of newsletters knee high calling for $2000 gold and predicting the end of the world since Y2K.
I dont know about you, but I want to hear 'both sides' of the story at least once in a while. I want to listen to someone who has displayed some kind of a track record of succes in BOTH 'backing up the truck' and in buying puts, going short, or at least buying insurance.
But that's just me. Maybe you guys like the feeling of all that smoke blown up your asses. I don't. I don't want just fair weather cheerleading. I want warnings. I want exit calls. I want ideas on how to protect what I'm still holding. And I want some exit calls at tops, and some back up the truck calls at bottoms. Doesn't mean I follow them like a brain dead zombie. But, I want honest conviction- not just a 24/7 pro gold permabull MARKETING MESSAGE.
Thats why I'm here.
And the best part?
It's #$%'n FREE!
Ron |
