Thursday, December 03, 2009

Correction due: Sell gold, hold cash

Yes, I know it's 'Green Day' here on AngloAustria, but we're still thinking about gold and silver.

The Objective Analyzer thinks now may be a good time to get out of gold, as a correction is due. Hold cash, then wait for a big fall (let's say to $1,150) and then get back in.

I won't be doing this myself, as I'm the world's worst trader and I'm in it for the long-haul, but if you fancy yourself as a trader and you want to get rich quick, have a think about it.

(It might be time for me to read my Elliott wave book again.)

11 comments:

Paul said...

If the correction is anything like we had last Firday, you need to be quick about, the correction might last for only 6 hours...

Jack Maturin said...

Well, like I said, I'M not doing it! ;-)

the objective analyser said...

The Elliott wave count on Gold suggests we are rallying in wave 5 of 5 which is the final phase of a 5 year bull run, before a 3 wave ABC correction takes place. 5th waves can extend, but the point is the minimum requirements are in and have been met. Certainly psychology suggests to me that this is the 5th of a 5th wave that could top out at any time. If that is so we could have a multi month move back down to £600 or $1000 again.

Paul said...

Sounds reasonable

Jack Maturin said...

Interesting. If you're right, I'm buggered and I'll be asking the Objective Analyzer, when I'm 70, if I can clip his hedges for a tenner.

Paul said...

"we could have a multi month move back down to £600 or $1000 again"

that is how gold market works, that is how ALL market works, nothing goes up (or down) for a longer period of time in a straight line. Peter Schiff says it all the time.

Go and look the price of gold in the last 5 years for example.

Paul said...

Or look at the gold price today...

Jack Maturin said...

All hail the Objective Analyzer!

Let's hope he's wrong though about $600 dollars.

I saw his hedges today, and I don't think he's got enough to keep me going in my old age.

Paul said...

He said £600, not $. That would be mad :-)

rupinder said...
This comment has been removed by the author.
rupinder said...

Know the weight and purity of your gold. Scrap gold buyers will pay you according to the amount of pure gold that you have.





Sell gold for cash