Monster Correction In Gold
Right when I say I’m going to take some time off unless something major happens, gold falls $100. Interesting. I guess I’ll have to comment on today’s move.
I said earlier this week that when a correction came, it would be a monster correction. There were basically two scenarios for gold: 1) a rocket launch to unbelievable levels, and 2) a monster correction. We know know it was the latter.
Monster corrections come from spike moves that are driven heavily by speculation and margin. Monster rallies come from waterfall moves and prolonged period of consolidation. Whenever I see a waterfall move in gold, I get aggressive, especially when the move stops at a level of support. $1730 is the line in the sand for me.
I added a small position today in gold equities. They are screaming buys right now and if they fall another 20%, I’ll be buying with pleasure. Even if gold continues to fall, gold equities at these prices are cheap. This is the setup for an amazing rally in gold equities, perhaps in 2012.
I personally don’t think that a sustained rally above $2000 is coming now, but there should be a temporary bounce. The next 6-9 months should be a period where you can add to your position comfortably.
These corrections are the best thing that can happen for gold in the long run. If we correct to $1400-$1500 and consolidate for a couple of months, I will turn extremely bullish. I’ve said this before, but I think this will be the last great opportunity to buy gold equities at cheap valuations. Stay patient and start accumulating your position; we all know this debt crisis is going nowhere.
Monster Correction in Gold is a post from: Expected Returns
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Whistler Blowers, Insiders
They just did to gold what they did to Silver in May. It makes no difference both are going higher.
I don’t know that it will be a monster correction. It’s gone from about 1900 to about 1750. That’s only 8% so far. Gold has dropped because of renewed optimism in the stock market. There’s no reason for optimism in the stock market.
Easy to buy gold–will be difficult to sell when all this hoopla is over.