GOLD BUGS - I wish I could call Orkin on them
I heard on a popular radio show recently "once Gold gets to 955 it will go right to 1000." Actually once it hit that number it went right to 900. So just to define that, with commissions and transaction fees that are charged, if you bought at 955 for that free ride to 1000, and paid the close to 40% added fees to get the coins your adjusted basis is 1337. When the price went immediately down to 900 you had a brilliant loss of 46% on your "investment." This took place in about 4 weeks, at least the stock market took a year to take half your money.
I guess they have the right to decieve you, it is after all the american way. Figure out how to take someone else's money in a dishonest way. Ironically these people cite the same experts at the big brokerage firms and their expertise in making these calls. These are the same experts who did not foresee the housing or stock market crashes, yet they are now to be relied upon? A free information packet? If I hear that again I may just start shooting. They offer something free that will lead you to lose 45% in two weeks!
As you can see from the chart at the 3 points marked, every time the commercials have gone into the sell zone we have had declines. This is what really drives market action, not these god damn phonies trying to squeeze commissions out of you. Now we are in that sell zone again, so I would expect we will see another decline. I am looking for a short entry in the metals right now.