Gold musical chairs…

Posted on Jun 25, 2011 by in Letters


http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=0&dy=0&id=p20970412253&a=234983962
We have marked the current Basing Point stop with the horizontal line. From the trading point of view a sell signal has already been given, and for our personal accounts we are out, but not short. Strangely the tide seems to have shifted against gold. We attribute this to hedge funds and large holders liquidating their holding and rushing to get chairs before the music officially ends. We don't think it's over, but this phase is over. So there will probably be a lot of skirmishes before the next phase is clear.

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