I just got an email from someone calling me an idiot for saying gold was a buy and now it’s crashing. Seriously why some of you are trading is beyond me. Clearly many of you have no ability to think logically. What I said was that one can buy at any place in here and by the time the weekly stochastics cycle back up to overbought you will have made some nice gains. Man if you can’t understand the concept of buying when something is oversold and selling when it becomes overbought then you need to get the hell out of this business. You have absolutely no hope of ever making any money. You clearly can’t think logically …. or follow directions. Apparently this trader can’t understand the part about holding until the weekly charts become overbought.
Now if he had been a subscriber he would have gotten the signal to get back on the sidelines Friday when I saw the premarket attack on gold signalling that the banks were going to try and push gold a little bit further down before the next intermediate rally begins. We are sitting on the sidelines. The SMT metal portfolio is less than 2% from it’s all time high and we’re in good shape to make some serious money once the intermediate rally starts (which should be soon as we are now 3 days into the bloodbath phase).