My e-mail inbox is filling up with recommendations to buy gold or securitized gold in
the wake of gold's thrilling downturn since last Autumn. Since I receive precious few
missives from the Bugz, this is interesting.
I do have a caution and draw your attention to the stair case down for gold which started
last Oct. with gold at $1800 oz. Each step down since then has followed when a step was
put in following a rally which ended in resistance that could not be successfully breached.
As the chart shows, the latest step is set at $1300 resistance. The chart cries out for heavy
diligence here. Gold Price Chart
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!