It has been some time since I have posted a LONG TERM ( monthly ) chart for gold. I have been using the weekly and daily time frames for analysis purpose but I wanted to take the opportunity to answer – in this format – my critics and those who continue to deny that gold is currently in a bear market.
Over and over again, we get the same worn-out trite from the gold perma-bulls, that “any day now” gold is going to launch and that the current sell off is a GREAT BUYING opportunity.
This is coming from the same people who also have been assuring us for the last THREE YEARS that based on one wild theory and reckless claim after another, that a big short squeeze was imminent and that the “smart investor” should be buying. They told us this at $1800, then at $1700, then at $1600, most certainly at $1500, again at $1400, screamed even louder at $1300 and now they are down to dealing with $1200.
Every time, it is the same foolish and wild claim – “based on such and such theory or such and such “insider” information, gold is getting ready to launch.
How many of these theories have we tried to debunk over here, incurring as the result the wrath and ire of the gold cult members. Let me name a few once more and recall the breathless and dogmatic pronouncements, as if from on high, that once the markets understood this secret gnosis that only those advocating these things were privy to, it was “the sky is the limit” for gold prices.
Merely listing them here brings back the many battles we have had to fight to dispel these things.
This post was published at Trader Dan Norcini on September 28, 2014.
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