I've been asked a couple of time to comment on gold. I'm not short gold but I see a well-defined 5-wave up completion and technically overbought. I believe that gold is the only salvation for the dollar and the country, but my generation needs to pass away before we will embrace it. So, I'm psychologically unqualified to render a bearish opinion on it. I can say that as the dollar index rallies past 89 gold will decline. I'll be a buyer in another couple of years.
People think silver is a monetary metal, but will perceive that it is primarily an industrial commodity once price declines back to 7 or so. Until then people will believe what they hear.
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I (and other I know) love Steve's bold calls...'silver back to 7 or so'...that's one hell of a crash!
ReplyDeleteLooks like the big 'wedge' battle is being fought today. 1174 cash is the bottom of the wedge, and the bulls are trying to push it back in. But USD keeps rising, so I guess more sellers emerging.
Come on sellers, you don't want to get caught holding this can of worms!