Mark McHugh

Gold is about to get Whacked Again

In Open Thread on Friday, September 18, 2009 at 12:29 pm

It’s about 1 PM Friday September 18, and you’ve got about three hours left to take your profits on gold, or short it. By the time you pick out your eye boogies Monday morning gold will be down significantly. If it’s not, I’m swearing off writing about the shiny yellow metal.

Not to brag, but I’m quite proud of my gold calls in the last year. Tops in gold are much easier to spot than bottoms

If I get time this weekend, I’ll explain why gold’s about to fall. I just figure it’s important to let people know things while they still have a window to take action.

If the curiosity is killing you, check out some of my past writings on gold (and please note the dates). It’s the same old story this time around anyway…..

http://seekingalpha.com/article/98199-gold-bulls-beware

https://acrossthestreetnet.wordpress.com/2009/02/08/what-do-you-want-now-mr-market/

https://acrossthestreetnet.wordpress.com/2009/02/15/squashing-gold-bugs/

https://acrossthestreetnet.wordpress.com/2009/02/21/how-hot-is-gold/

https://acrossthestreetnet.wordpress.com/2009/05/21/if-youre-thinking-about-buying-gold-now-think-again-please/

I can’t wait until the day I can tell you to buy gold again, but this is not that day….

Update 9/22/09 – Oh well!

Sorry, I really thought we had all the fixins for a big correction in gold (15% or more). I was also convinced I had pinpointed the reversal point. Well apparently not.

I had expected a dollar bounce by now, that has not materialized (I told you God hates me).

No more gold commentary from me….

  1. There has been downside pressure on gold since your last update. I am sure I speak for all your readers when I ask for further updates on gold from you. We apprecite your insights–please update us!

    Maximus

  2. Thanks Maximus,
    I really thought the dollar would get a significant bounce, and with the looming IMF gold sales and option expiration, it would be perfect mini-storm for gold. It’s one thing when I lose money for myself, but I really HATE giving bad advice to others and I don’t like all the guys that write ambivalent articles like “Is gold about to get whacked?”, and don’t really say anything. Have some conviction if you’re going to write, ya know.

    I can only re-iterate my belief that everyone should have a little physical gold, and 2009 has presented a lot of selling points, but I believe there will be better buying points (lower prices) for those with patience. I’m getting nervous that we may never see those lower prices again…

    Writing commentary on gold has been great fun for me this past year, and it’s nice to know that some folks are out there reading it. But man, I hate being wrong! Maybe future discussions will have to have a caveat that I blew this call and am not the expert I once thought I was.

    But thanks for the encouragement, Maximus, it really means a lot.

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