Like Fonize, It’s very hard to say I was wrong but unless gold goes straight up from here, yours truly will no longer be able to say gold is in the mother of all gold bull markets. While there remains numerous reasons to own gold, for now at least, it feels like one crying out for help and the world just doesn’t get it.
For the last few months, I suggested refraining from buying gold unless it was near the bottom of its trading range around $1,500 or took out $1,700 to the upside. And while we broke below $1,500 in the after-hours late Friday, I think it’s best to continue refraining for now.
In the coming days I will stay on top of this and post regularly. It would be much better if we went down and tested the 200-Day M.A. around $1,433, bounce back and then consolidate.
I will also do my best to update Grandich clients and the horrific bear market that still grips the junior resource market.