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Looks like beat down that Jesse was expecting.
http://jessescrossroadscafe.blogspot...charts_23.htmlOutside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. -Groucho -
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Yeah, it's been a rough year/decade for the gold bugs ...
Screen shot 2011-08-24 at 9.52.11 AM.pngComment
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that everyone & his dog was expecting...Originally posted by Master Shake View Post
Eric Sprott retreats from gold 08-17-11
wake me up when it gets to $1200... before exits the yr @ $1600...
Gold may decline 50% before the World Cup is over - Eric Janszen
Before the FIRE Gold Update: Is $1237 the new $720? - Eric JanszenComment
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The EJ links aren't germane as they are over a year old.Originally posted by metalman View PostOutside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. -GrouchoComment
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ej's feb 2011 forecast for gold in 2011 = dip to ~1200 before ending the year ~1600. gold ave. 1356 in feb.Originally posted by Master Shake View PostComment
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Metalman, I have always thought that you have very good information about everything related EJ.Originally posted by metalman View Post
I was expecting him to open a thread "Time to short gold". Obviously, he didn't. Do you have any clue why?Comment
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Well, we'll have to see how that plays out. We're not even at $1600 yet, let alone $1200. The point is that Jesse's call was quite timely.Originally posted by metalman View Post
It's ok MM. You can give credit where credit is due and still worship at the Shrine of EJ*.
*Note: I have the utmost respect for Eric and all he's done, but don't have the urge to fellate him.Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. -GrouchoComment
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man, this selloff is brutal. my assets are back to where they were... a week and a half ago.
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i dunno... maybe because it's not time to short gold?Originally posted by Alvaro Spain View PostComment
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Right. It may very likely though be time to BTFD... right after Option Expirations date (Aug 25th), and seconds after the Fed's Jackson Hole announcement (Aug 26th). Those are the 2 key signals to watch to determine the short term direction and what trading action to take.Originally posted by metalman View Post
Also, Metalman, Didn't EJ state in the last few months more than once that his initial prediction of a drop back down to $1200 wasn't going to happen anymore? I'll leave it to you to find the exact quote :-)
On another note, my $30 Silver BTFD is still looking pretty solid. I'm sticking to my conclusion that EJ was wrong about Silver dropping down below $30 and not performing as a monetary metal. The only way I see EJ's prediction turning out to be true is if the CME goes gangbusters again on massive repeated margin hikes to crash down silver or gold - which would take silver down with it (not improbable) or; some sound resolution is enacted to fix the global financial system
(highly improbable); Or... whenever the next upcoming recession as predicted by EJ (way before the vast majority) is fully priced in... that may be the next BTFD moment.
It was interesting to see that the recent a gold margin hike *hint* (but not action), was good enough to assist the downward mini-gold-crash. I'll predict that this may not work as effectively next time, and like the Fed's bull-$hit speak over the past couple of years - the downard impact of either jaw-boning or actual margin hike action by the CME will be subject to the rule of half-life effectiveness. I.e. Each time they do the same thing, it's only good at surpressing upward price rises in PM's for 1/2 the time it worked for last time.
Lastly, I'm also going to start keeping a closer eye on Eric Sprott's PM sell actions. He's now 2 for 2 on short-term trading accuracy on relatively 'major' PM downard moves. He sold physical silver before EJ and before the recent crash, and sold gold very recently before it's current correction.
Good luck everyone!Last edited by Adeptus; August 24, 2011, 01:46 PM.Warning: Network Engineer talking economics!
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even worse... now i'm back to where i was 2 weeks ago!Originally posted by jk View PostComment
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I also appreciate it when you link the conversation back to EJ's points. Since I've recently come back to iTulip after an absence, I find it a helpful way to relate current discussion to points I may have overlooked in catching up with EJ's writings. Until a new version of iTulip provides a better navigational framework than straightforward forums, such connections will remain extremely valuable.Originally posted by Alvaro Spain View Post
Thanks!Comment
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OMG!!! LOOK AT THAT GOLD CRASH! BLOOD AND GUTS EVERYWHERE!!!Originally posted by sgominator View PostWhere is Mega now that we need him???
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