Hey, skol, lose the sarcasm, and your post is half decent,...

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sergeant

6,142 Posts.

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01/11/14

10:04

Post #: 14220941
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Originally posted by Skol ↑

"the bottom's in"

lol, I'd love a dollar for every time I've heard that.

Poster harvett called me an 'idiot' a couple of weeks back for suggesting that the bottom wasn't in and that the 4th time gold tested 1180 it would break through, anyway, I must not gloat, I'll save that for another time, my buddy Andy doesn't like it.

The gold price is catching up to the GLD inventory on the chart, and once it's updated I'll post it.

I was going to mention this a while back, but I thought it might attract the usual goldbug abuse and be derided as juju, but exactly 3 years and one month after the 1980 gold crash gold was down 38%.
Exactly 3 years and one month after the 2011 peak, at 1180, gold was down..........38%.

In the next month it fell 19%, so if the same thing happens this time gold will fall to $956 over the next few weeks.

The descending triangle once again proved its worth as a prediction tool, but what is significant is that the gold price didn't get to the apex of the triangle, it fell through about 2/3 of the way, in other words it's unlikely the Lone Ranger will be coming to the rescue, gold will continue southwards.

The 'very clever' indian and chinese brain might be wired slightly differently but they'll be feeling the same pain as the goldbugs everywhere else, and when they finally give up and throw in the towel, gold will be crushed.

The gold indexes in the USA are taking another pummelling;
HUI -4.35%
GDX -3%
GDXJ -3.7%

I guess lots of you will be backing the truck up, it'll never get any cheaper, right?

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Hey, skol, lose the sarcasm, and your post is half decent, worthwhile reading TU from me
2 Upvote

0 Great analysis

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