Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: maxncompany who wrote (97536)	5/15/2009 3:30:04 PM
From: koan	Read Replies (1) of 116555

As I remember in the late 80's early 90's Prector was predicting $150 gold which was patently absurd. I always read that guy as a fruitcake. I do think gold will advance from here based on a declining dollar and general worldwide fear of the unknown going forward. I see no way for gold to fall very far given all the worldwide stimulous and fear. But if I was wrong, it sure would not surprise me. China is cornering the rare metals market, buying huge amounts of copper and I am wondering about silver? >> I agree we are not in a new bull, how far down we go I don't know, though. Having said that, though, I no longer assign any credibility to Prechter. For years he kept saying gold would fall back to $200. Fine. But as time went by he kept ratcheting up his target where gold would top out (because his previous targets kept getting taken out and going higher) and fall back all the way to $200. After a while it became clear Prachter was allowing his ego to dictate his ever changing gold target where gold would top out and fall back to $200. God forbid he should admit to being wrong, so instead he just keep pushing the turnaround top target ever higher.<<

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