Prechter wrong on gold for 9 years, Still quoted by the business media. Why?

[LargoWinch]

Re: Prechter wrong on gold for 9 years, Still quoted by the business media. Why?

i loved this passage: "“Gold is not something that we would classify as safe investment," said Michael Crook, investment strategist at Barclays’ Wealth. "It’s quite volatile. We see periods of significant price appreciation and significant price declines relatively frequently.”"

"quite volatile." tsk, tsk. unlike, say, stocks? oh, right, down 1000 in 17 minutes. unlike, say, bonds? oh, right, when interest rate risk can become credit risk, like with greek sovereigns. unlike, say, currencies? oh, right....

Cheaper Gold for us! Thank you Srivatsan.

[raja]

Re: Prechter: Gold will fall 40 percent from peak

Yes YAWN.

Because I don't listen to people who get it wrong most of the time. If you listen to people like that, you will lose a lot of money.

Better still, I respect people who will accept when they make a mistake.

Prechter ought to start his every prediction with the following disclaimer:

I've made a lot of predictions over the years and have been wrong about 90 percent of the time. Applying a simple rule of thumb, I think there is a 90 percent chance that this will be wrong too.

I guess I wasn't clear in my post . . . I was agreeing with you about Prechter.

[metalman]

Re: Prechter: Gold will fall 40 percent from peak

Prechter ought to start his every prediction with the following disclaimer:

I've made a lot of predictions over the years and have been wrong about 90 percent of the time. Applying a simple rule of thumb, I think there is a 90 percent chance that this will be wrong too.

but that's not it either. if prechter was consistently wrong 90% of the time, he'd be useful... invest the other way. his predictions are random & useless, like flipping a coin.

[metalman]

Re: Prechter: Gold will fall 40 percent from peak

Glad you like them! Anyone finds more they like, I'll add them.

pls add this one...

[ThePythonicCow]

Re: Prechter: Gold will fall 40 percent from peak

Glad you like them! Anyone finds more they like, I'll add them.

For those who want to get carried away with this, freesmileys.org provides hundreds of them, with the URL link ready to cut+paste into your iTulip message .

[hayekvindicated]

Re: Prechter: Gold will fall 40 percent from peak

I guess I wasn't clear in my post . . . I was agreeing with you about Prechter.

More to the point, none of the so-called bears on gold have ever explained how the United States will meet its unfunded liabilities which make everything else pale into insignificance.

There is nothing in American history since FDR that suggests fiscal prudence by American politicians to address this issue. Inflation is the only likely outcome out of all this.