ping
the last “death cross” was in April 2012 and gold fell about 6% from that point before rallying back and the 50 day MA crossed back over the 200 day MA in early October. The upward move from the low after the “death cross” was from $1568 to $1775 or a nice 13.2% return. It took about a month from the death cross to the low.
WTF? Who in the world believes this BS. It's like reading Pravda during Uncle Joe Stalin's reign.
The author is correct.
All of our financial problems that made gold attractive have now been solved and we will return promptly to the great days of the 1960’s.
Gold will become worthless.
I think Monday will tell the tale. That’s option expiration, and everybody in the PM world knows that’s a magnet for short-term lows.
In addition, we have the heretofore virtually unknown term “death cross” showing up in every story about gold even though it has happened within the past year or so; those stories have themselves been given long-lasting prominent positions at popular sites like marketwatch.com and finance.yahoo.com, just to mention a few.
Tonight at 5:30 NY time, CNBC will be running a segment on gold titled something like “Why Can’t Gold Get a Move On?” or something like that.
Toss in Cramer recommending gold fifty or sixty bucks higher a couple of days ago, and I’m thinking we’re close to a bottom for gold.
That said, in a better world, never mind the fact that manipulation is the rule not the exception, if the stock market tanks, gold and silver will go down with it, squared, as margin calls &c pile up for S&P bagholders, just like 2008.