Gold May Lose Some Luster
Thinking of selling some of your old gold jewelry for hard cash? It is the big thing these days with television commercials popping up everywhere, and even at kiosks inside shopping malls.
If you are waiting for prices to go up you just might be out of luck in the short term. The following two charts of the gold ETF (GLD) reveal golds intermediate road blocks.
One chart is trend line levels, the other is Fibonacci extensions and both the trends and the Fib extensions line up fairly well. Sell that gold jewelry soon, if these charts reveal what I think they do then your best opportunity to sell the yellow money may be right now.
Long term (years) price predictions of gold remains very questionable. Too many factors remain unanswered to provide a price range. Depends on how the currency market situation play out in the months and years to come and what happens with inflation down the road. For now, gold appears to be at a short term peak.
The GLD curve looks exponential. I wouldn’t want to predict what direction it is going.
Chuck, do you dare blasphmey gold?? The gold nuts will probably assault you know that you have called into question the never ending levitation!
I have been riding the way nicely and I have to admit that several times in the last week I’ve had crazy thoughts of doubling my positions…. this would quite obviously indicate a market top is close by.
Thanks for all you do Chuck!
Goatmug
Chuck:
Don’t mean to call out on the carpet on this GLD but I remember you sold 1/2 of your long term GLD position about 2 weeks ago…right before the dam price of gold went parabolic for Gods sake!
I think you mentioned gaining 63% return over a five year period on that half position. As it is none of my business however, I was wondering if ‘we’ could get some clarification on that action…
I sure bet you’d wished you held on to that long position of GLD for another week or so? Obviously, its easy to be a Monday morning quarterback. I would love to hear your comments..good, bad or indifferent.
Thank you, I still tune in here practically everyday.
TRY