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Gold Is NOT Today's Safe Bet


Sorry for confusion, gold is actually bottoming.

We all make mistakes sometimes and I'll say the most encouraging thing about yesterday's mishap was in its yang. As it sadly and embarrassingly turns out, I submitted a piece yesterday, titled Gold Is Today's Safe Bet, that was unfortunately a piece written long ago.

I noticed a couple of readers asking me what's up: "You've been pounding the table on this 1100-1125 gold bottom and now you're saying 970." I quickly realized my mistake. That in the morning's action, with gold flipping, I had hastily sent out something that I thought would give readers some solid guidance -- I thought a bottom might be in.

In any event, emphatically, yes, I believe gold is bottoming here. I have long stated that gold should bottom between 1125 and 1100. We've already seen 1110.5. There's good reason to be optimistic. The key line is its short, semi-lateral downtrend line of the past five or six days. A break of around 1128 is a major positive for gold. It strongly suggests to me that there's a marked sea change tomorrow. Trade would probably be supported around 1123. To the downside, its hard for me to imagine gold taking out 1130 and going down to 1100-1105, let alone much past 1123ish. But I'm still a buyer at those levels.

Sorry for the confusion Minyans.
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Positions in gold, silver
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