gold, page-48993

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AverageJoe

42,070 Posts.

1019

09/03/19

16:48

Post #: 37708783
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Originally posted by Skol ↑

Predictions are always fun. I used to run an end of year gold competition on the gold forum but it got ruined by a couple of gold trolls, who are no longer here of course. The annual competition attracted dozen of entries but unfortunately it's all over.

The goldbugs reckon I'm on ignore but I'm sure they read my posts, they'd be stupid not to, switching off bad news isn't conducive to good investment performance. I suppose it's possible, all my detractors from a few years back have deserted the forum, probably after getting cleaned out.

My predictions haven't been too bad over the years, I get my nose rubbed in it because gold hasn't made $800, but give it time. Gold bear markets can be decades long, not just a few years, gold isn't the crisis insurance it once was and it certainly isn't a safe haven, a few minutes research will prove that. Certainly my $800 prediction is better than the gold 'experts' like Peter Schiff, Jim Rickards and Co. whose predictions have not only been very wide of the mark but they also have the audacity to charge for such dismal performances.

I predicted gold would crash in 2011, sold off my Asian fund last year before the rot set in, and sold my international fund (heavily weighted towards US stocks) on the 25th Feb 2019 because I think the best is over for a while, a triple top too. Gold doesn't have any dividend, so it's anyone's guess what it's really worth, and in addition all the gold ever mined is still here along with another 3,000 tons mined annually.

I think that gold will decline for the rest of the year, the chart suggests it could head down to around $1,240, if it breaks below that then take cover.

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I’m interested why gold will not perform in the current economic climate. It seems to have a split personality where the correlations are flipping from positive to negative relative to stock markets and economy.
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0 Great analysis

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gold, page-48993

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