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All That is Gold Does Not Glitter
In the wake of gold’s panic inducing $105 sell off, players across the hedge fund universe are reassessing their relationship with the barbarous relic. What started out as a long term commitment is suddenly morphing into a short term fling, or maybe even a one night stand.
The yellow metal is now down 7.6% from its $1,428 peak set only four weeks ago. The technical analysts among you will recognize the chart as screaming a “head and shoulders top”, which bodes ill for short term price movements. It has definitively broken the 50 day moving average at $1,383, and you can bet that many traders spent the weekend gauging their tolerance for additional pain.
Gold is now facing some daunting challenges. High prices have cause scrapping of old jewelry to quadruple, unleashing fresh new supplies on to the market. Have you received a torrent of “come ons” from websites offering to buy your old gold? That’s what I’m talking about. Rising interest rates are also adding some tarnish, as gold yields nothing, and costs money to store and insure. A panoply of new gold related ETF’s have diverted buying away from the physical metal towards paper surrogates.
It is no longer a secret that gold is one of a few places to protect your wealth from the coming surge in inflation that Ben Bernanke’s printing presses assure. So by now, everybody and his brother are in on the trade with a big fat long position. I am a firm believer in the “canoe” theory of investment management. If too many people bunch up on one side of the craft, the whole thing tips over. Finally, gold failed my “cleaning lady” test. When Cecelia started asking me how to buy Mexican gold pesos, I knew it was time to start entertaining short plays.
Gold has been on a tear for the last seven months, rising by a thrilling 29% in a year, much of it powered hedge fund money of the hottest sort. So a serious bout of profit taking is overdue. With US equities, particularly financials and tech stocks, the flavor of the day, you can count on many of them to take profits on the yellow metal and reallocate to paper assets. The fact that the world is now solidly in a “RISK ON” mode also solidly favors some gold liquidation.
The easy target here is the October support level of $1,320. If we get some good momentum going, traders will start throwing up on their shoes, and we could touch the 200 day moving average at $1,270. My friend, technical analyst to the stars, Charles Nenner, thinks that in a worst case scenario at gold could plunge to as low as $1,000 (click here for my radio interview at http://www.madhedgefundtrader.com/january-10-2011-charles-nenner.html ).
Thanks to the yellow metal’s recent popularity, there are a profusion of instruments with which you can play the downside. You can buy the 1X bear gold ETF (DGZ), or the 2x version (GLL). You can short gold futures on the CME.
I am going to go for the easy money here and try to capture a bite of the down move of the main gold ETF (GLD). With $57 billion in assets, it is the world’s second largest ETF, right after the (SPY). It is ripe for some profit taking. It will be interesting to see if the ETF can handle liquidations on a large scale, whether it might trigger a total melt down in gold, and how many camels you can fit through the eye of a needle.
Mind you, I think gold is still going up long term, and that the old inflation adjusted high of $2,300 is a chip shot in a couple of years (click here for “The Ultra Bull Case for Gold” at http://www.madhedgefundtrader.com/december-31-2010-4.html ).
To see the data, charts, and graphs that support this research piece, as well as more iconoclastic and out-of-consensus analysis, please visit me at www.madhedgefundtrader.com . There, you will find the conventional wisdom mercilessly flailed and tortured daily, and my last two years of research reports available for free. You can also listen to me on Hedge Fund Radio by clicking on “This Week on Hedge Fund Radio” in the upper right corner of my home page.
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this goes here.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/1/26_London_Trader_-_Big_Money_Lined_Up_To_Buy_Gold_%26_Silver.html
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London Trader - Big Money Lined Up To Buy Gold & Silver
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Continued:
“On the 17th of January as an example, Lloyds Bank told all of their clients to sell gold based on a head and should pattern. Lloyds first target was said to be $1,148, then below that $841 to $875, and I have never seen that from them.
What is a big sign of weakness is that these operations creating the appearance of technical damage are being done in the thinly traded access market when the majority of traders in the UK and Asia are not even in the market.
The technical watchers are so myopic, they see this pattern that is being orchestrated and go on the sell side of the market. The banks are bidding on the other side of the trade buying.
Meanwhile physical demand is incredibly robust from the eastern hemisphere creating a floor on the downside preventing a further breakdown. There are certain banking interests which have been making an effort to keep a lid on prices of gold and silver, and as I mentioned they are being met by intense Asian demand as well as savvy traders lining up to buy this drawdown in both gold and silver.
Big money is lining up to buy into any attempts to flush the price lower in both metals.”
Close at London today probably the bottom
very tradeble I think,but I am not a trader
so I just bought The stuff on the way down.
This was clearly a price manipulation,I ex-
pect to see the price returnt to 1380 very
soon.
How'd those shorts work out for you today Mad? ;-)
Fed wants more stimulus...'nough said.
Fed Pushes On With Stimulus, Says Growth Too Slowhttp://www.businessweek.com/news/2011-01-26/fed-pushes-on-with-stimulus-...
I would respect MH if he had posted this four or at least two weeks ago. He's right about interest rates and scrapping of jewelry, but doesn't mention the main factor in this move, which is hedgies reducing bets on QE3. I know, 99% of the ZH community still thinks QE3 is an absolute given, but the hedgies have been pulling away from that view and putting eggs in other baskets. Shorting gold four weeks would have been great timing, but I have no reason to believe MH actually did that when he's only posting now. Shorting gold now is just a short-term momentum trade, and probably too late.
I wish it would fall. from November, I've lost about $1500 in dollar value;
but I'm not stupid. Gold always goes down in spring; up in fall.
People sell gold to get money to invest; then consolidate their money
into gold in the fall; harvest time. Smartest thing to do is save your money
and wait; then start buying mid-march; and don't look back.
shouldn't tell you this, bit it's what i'm doing; I have 10k saved now;
I'll have 20k by march; and it will all go into physical; gold bars
and silver coin.
this shit has just begun.
"but I'm not stupid. Gold always goes down in spring; up in fall."
to be honest... you sound young. that said, i know i'm not going to 'fix' anyone, you included. i gave that effort up long ago.
it's good to have a plan, but obviously stay flexible and be sure and second-guess yourself. a lot.
and trying not to flame things up here, i have to argue...
this shit has *not* just begun...
apparently, it has been going on for centuries.
*we're* finally just noticing it (not taught in high school). unfortunately, 'we' are a small number, but perhaps if we cannot fix it, we can partially cover our own arses.
hell, i'm not sure it's even coming to a head yet. i thought so three years ago and have been pretty much wrong the whole way. it sure feels fragile, though. and i still think it will break badly. someday. soon?
the good news is i'm a lot more relaxed now than i was right after i 'woke up'. things on the 'bigger scale' don't often seem to move as fast as they do in our personal worlds. (except, perhaps, in cases like hiroshima, etc.)
i'm truly glad you're on board. just know that the NFL/NBA/world-series are tiddlywinks compared to this timeless game. watch for a while. then bet. you're awake and you have time.
cheers
this time is different
HA HA, one pullback and all the noise about all that glitters is not gold. Thanks madhed.....whatever the hell your name is. We anti gold cartel shills appreciate your ridiculuous input
JonNadler,
I LOVED your comment the other evening:
"But, you can't eat guns!"
...
I would have thought that with the POG heading down that you would have unleashed all your trolls to finish off all the bulls!
Where are the JP Morgue shills?
Choose 1:
"But you can't eat guns!"
"But you can't eat stock certificates!"
"But you can't eat bonds!"
"But you can't eat CD's!"
"But you can't eat FRN's!"
Scrapping jewelry causes fresh new supplies on the market!? Bullshit! I call bullshit!
600 to 1400, if theyre keeping the price down they aint doing a very good job.
Actually a $105 selloff is not "panic inducing". Also, the technical analysts among us do not recognize the chart as screaming a “head and shoulders top".
All I know is that everyday the price is beaten down, and overnight on the Asian markets it rises steadily back to recover.
The way I'm reading things is that if gold did drop significantly more, it won't matter because you won't be able to get your hands on any physical.
Dr. Porkchop,
You are describing FOFOA's term "Robert Prechter's 15 Minutes of Fame", when the paper price of gold goes down, but cannot find any physical to buy.
Do a quick exercise: at what price level (in $) would you "back up the truck"?
Once you have that, realize that you are not alone.
That's the spot market - it go too low before physical delivery requests overwhelm.
As for Central Bank demand, well that's a WHOLE different arena they're playing in - not taking delivery on the COMEX that's for sure.
Those PTB who are short have access to an unlimited amount of fiat dollars...wake up! The long side has a FINITE amount of dollars.
Thus, the price of gold and silver in fiat can go to essentially zero.
Taper your hopes. This is difficult to swallow, especially if you thirst for justice, or its your nest egg. The clever corrupted oligarch king of the earth can do as he pleases. You'll likely need to hold on to PM's until the proper time to iquidate them after the new currency arrives, regardless of whether they are only partially backed by gold (or a basket of currencies, commodities, etc).
Consider strongly that gold just might be supressed until the new currency arrives. This is important, because this was likely the plan from the beginning, to be able to reboot a new ponzi. It is important to know that the same old tricks will be used. They can't go pure 100 percent gold redeemable, because eventually they would lose their gold in purchasing the labor they need. Fiat is coming around again...bet on it. Different name, same game. Not enough people are educated, no matter what we WANT to believe. The game has been refined. The only way out it is now a wild card event to occur. Perhaps, peak everything, maybe another human bottlenect in history, mass earth upheavel, hadron collider sucks us into its newly formed blackhole!
I can smell it's the U.S. and their IMF doppleganger that's throwing the gauntlet down and suppressing AU prices for long enough time so they can set up that blue dollar, or bancor, or whatever they may want to call it up and in people's hands. Regardless of peak oil, what we have is peak ignorance, and once it's there, they can make most of chumps into infinity.. The american public will eagerly fall in line with the new improved semi-fiat (temporary until made pure fiat again). Those countries that use this new currency won't confiscate AU physically, they will simply, with the publics consent, make it impossible to trade, make liquid, or move through capital controls. Cache in at that time, or you'll be saving it for 4 generations later.
Yes, the cyclical ponzi lives and breaths as long as there is humanity. Just teach your children to recognize the cycle, symptoms, and the truth that allows them not to let it consume them spiritually.
Actually, they CAN go 100% redeemable, it's just a matter of the rate.
What they won't do, is a fixed rate of exchange (the old gold standard).
But re-valuing the gold Central Banks have at 10-30 times today's price per ounce and having the rate float from there, will ensure that they can still print, and that gold is used as a reference between currencies, and individual currencies can still be "adjusted".
But before that, yes, paper gold price will probably drop to 0 and there will be no market gold price discovery for a while.
Good correction on my comment of redeemability. Now, my mind drifts into the methods of planning accordingly and how to set up mechanisms to determine when exactly our next move is appropriate (as it definitely is NOT going to discovered through fundamental or technical analysis, and I haven't subscribed to game theory in total.) Maybe Proverbs, some Illuminati text, Vedic literature, chicken entrails?!
Duplicate - Darn Android keyboard
Go with the entrails, they're edible lol...
Thank you. This is most interesting. Could you please point me to a name or a webpage that would develop your thoughts?
I agree!
Hook, please show us the way to more info along those lines!
+ 100
Hey DCRB, These ideas are being formed by synapse diluting dumptruck loads of empirical evidence (including our 'friend' Brzezinsky 667 neighbor of the beast, Harvey, FOFOA, Jesse, Rickards [who is right most the time but smacks of a controlled opposition], and an honest assertion of everyone I know), and a only recently quieted mind that lets the intuitive side put it together.
two things occur to me (good points, BTW),
even if the CRIMEX were to say 1oz gold = $5... I wouldn't sell for that... so, clearly, suppression efforts cannot decouple from en masse perceived valuation, or the 'standard' loses credibility. therefore, i alone am proof enough that gold will not go to zero... no matter how big the bank/gov efforts... i believe enough of us won't 'sell cheap' that the PM market will hold up under some severe pressures. perhaps even better than the thing we call 'the market' right now.
and
i'm still looking for the new 'rule of thumb' standard (historic) human labor/energy valuation for PMs (ala the well-tailored-suit model). right now, even roughly, an oz of silver buys two hours of physical labor (yardwork) and an oz of gold buys a week of administrative support (secretary).
i think that this ratio will hold true in 20 or 100 years... neither the nature of the yardwork or administrivia will change enough to matter in this napkin math, and regardless the fiat name (amero, etc.) each hour/week per oz will always be an easy sell/trade because it's in terms that people understand.
if we, as a movement, find/define/standardize on this non-CRIMEX-manipulable standard unit, and spread the word, JPM becomes irrelevant. (paper GLD schemes are still a problem...)
but the PTB have already swallowed (co-opted/discredited) the tea-party (in name, only), so careful not to underestimate their interest in untying such a non-controlled PM valuation scheme...
cheers
"therefore, i alone am proof enough that gold will not go to zero."
Just because you don't sell it, OR, because there is not fiat standard to measure it against doesn't mean that it can't go to zero, unless of course, 'zero' becomes a meaningless term at that particular time and place juncture tba. What you're talking about is value, and that value may be more or less subjective, depending on the culture, experience, and historical precedent of the majority populace in your vicinity. You, although better off as far as PM is concerned as a unit of account, store of wealth, method of exchange would only be as so valid if living in India or some reasonable facsimile who has the PM history. If you're in the US, or occidental, you are in for a tear or two.
"i think that this ratio will hold true in 20 or 100 years... neither the nature of the yardwork or administrivia will change enough to matter in this napkin math, and regardless the fiat name (amero, etc.) each hour/week per oz will always be an easy sell/trade because it's in terms that people understand."
I respect your assertion because it holds a historical/longitudinal basis, however, on this current cycle of the ponzi it has became very clear that the PTB (despite their obsfucations) have learned a new trick...the one of peak ignorance. I don't use ignorance here in the sense of only 'to ignore', but also, externally and self-reinforced 'planned ignorance'. Ignorance should be quantifiable and is quantified by the PTB, and when applied to a society (or global societies), that are based in illusory 'democracy', the ease of propaganda driven voting allows for cyclical re-introductions of wealth and labor stealing ponzi apparatus.
Perhaps your point, and the saving grace will be the cultures of old. I'm just not too encouraged by the lack of awareness at this stage of the cycle (game) of what's happening in the occidental populace.
good thoughts.
i do think that if we got to where everything we thought was 'real' was found to be 'not real', that PMs would be the first currency replacement - if for no other reason than 'Pirates of the Carribean' and its genre. to be sure, our culture is *not* India's in our valuation of PMs, etc., but any 5-year-old in the world "knows" that gold is valuable. and my wife likes it enough that i would give it to her before i'd give it away (zero, etc.). heh.
i really do believe that there is a point where folks will say "F--k CRIMEX spot price. i'm not selling for that." CRIMEX knows everything about the dynamics of this line, as it is the line of their continued existence.
and please understand that i have no illusions about any of this being rational. the drowning man will submerge the head of his savior, if he thinks it will buy him another breath.
Many point to the Head and Shoulders pattern on gold and assume this indicates an impending reversal. Sound market technitions understand H+S is not just a reversal pattern but can also be a continuation pattern.
I will buy the fucking dip.
Top trade IMO is short WLT
at 126+ up 4% and 0 volume
Wait for close or morning to initiate IMO
All hail Satan
There are things that happen in the paper gold and silver markets that do not reflect reality on the ground. The way the paper market is structured and used, it should SINK when there is high public demand for bullion. Then explode a month or two later. The reason is that when a bullion dealer buys a load of bullion, he is usually buying it from a mint, or the Gov, and not the Comex. But when he buys it, he hedges in the paper market with a short sale. That way he locks in his premium. But later on, the mint buys from the COMEX, or a miner who will now not supply the COMEX to reload.
This dip is going to lead to an explosion in the paper market. It was sparked by the dealers hedging huge sales with paper. It is counter intutive. But I'd be loading up like a mad monkey on gold and silver here.
I called a bottom on Friday and I am reafirming that call today. Go get your money, MHFT.
MHFT is just a bandwagon trader... gold is down so he is bearish gold, gold is up so he is bullish. Jesus Christ Capitan Obvious.
What you are saying is that smart money is dumping gold now (when price is down) and buying stocks (when price is up). I always tought that I was making money doing the opposite... but what do I know.
daminjan,
you mentioned "
What you are saying is that smart money is dumping gold now (when price is down) and buying stocks (when price is up). I always tought that I was making money doing the opposite... but what do I know."
With insider selling to buying ratio in the S&P fluctuating between infinity and 1000 and looking at the 10 year gold and silver charts, I think its pretty clear what smart money is doing.
Its real clear that the Fed is buying a really good escape plan for the "smart money".
The margin based and ETF based take down in gold and silver and the continued POMO based ramp up in stocks has been allowing the most wealthy to get out of stocks at high prices and into gold at these artificially low prices.
This manufactured sell off in commodities is just one more favor to the wealthy. The small nickle and dime day traders and the pure algorithm based hedge and other funds that don't bother to use their brains to over ride the robot trading models always get killed as they follow the momentum and always a day late and a dollar short or in this case a few thousands ounces.
Gold and silver are long term conviction plays and primarily about protecting wealth from the debt induced hyperinflation that will come.
Either you understand that the sovereign debt of the United States and the EU is simply not repayable or you don't. If you don't then maybe gold isn't the play for you. If you don't understand that these fiat currencies will over the long run be crushed by the debt event horizon we passed a few years ago then you should play it safe and follow madges advice.
Duffminster
If the mint keeps doing at 40 million oz per year maybe the good people will just get smart and say f.u. to the system and trade with their own real money.
Blah blah...gold baaaaad...paper goooood....sell sell sell! No interest paid...bad! Sell now gooood! Please sell! I would love the opportunity to buy more gold at below 1k/Oz!
When someone can show me how the Gvt is going to pull their heads out their ass, and stop continuing to spend frns,like water, and when ANYONE, or anything, can convince me, you can invest frns in, and get an honest return and assure me its not going to continue to lose value, then I will sell my PM's.
Aint gonna happen.
+ $1330
EDIT: That would now be:
+ $1340
This is the scary shit to make you sell out of your position... ignore this shit and buy the dip
+1000 - I would love to hear you interviewing against liesman on CNBC - So blunt but so right
Funny how madgehedgefund's Avatar looks like Jamie Dimon. For this article is pure hype and scare.
Gold and silver are all about the dollar. The dollar has an ever growing weight of unrepayabe debt around its neck as does the euro.
We are experiencing yet another primary dealer bullion bank Fed orchestrated paper take down with the help of margine call hikes by the good old boys at crimex. The Eastern nations are loving this hand out.
You need to read GATA and www.LeMetropoleCafe.com to understand the routine that is being carried on and why.
Gold and silver are hard cold cash without counter parties and that isn't going to change no matter how JP, GS and HSBC and their cooperative boiler plate in-bedded mainstream financial lackies MOPE the system.
Personally, I've been in silver since about 1999 and haven't sold much. I moved all my IRA holdings out of SLV and into PSLV because I don't trust the SLV trustee JP Morgan to not use the SLV in its possession to mess with the derivatives market, given their positions in the metals derivatives markets.
Yes, silver could pull back perhaps to $25. Wouldn't bother me a bit as I can buy more physical or PSLV in the IRAs.
All of the fundementals for having currencies without counterparties and central banks positions being shown to be closer to what GATA has been suggesting for years rather than what has been on their opaque books in regards to accessible inventories points to investment demand accelerating.
As for silver, the new applications for it continue to grow, including new advanced anti-microbial and anti-bacterial compounds for use in oder free clothing and public and medical faciltity sterile cleaning and other anti odor and public safety related applications as well as accelerating RFID markets, alternative zinc/silver batter designes, alternative nano silver catalysts, etc. along with the fact that above ground available inventories of silver bullion have dropped from around 10 billion ounces in 1940 to around 1 Billion ounces now and the fact that if your theory about a pull back in industrial metals holds true it will impact silver production quite negatively.
Silver mining production isn't keeping pace with industrial and fabrication requirements and only through scrap and some government selling has the gap of around 300 million ounces been able to meet supply. For the most part global government silver inventories are running on empty while US mint sales of Silver Eagles hit a recent record and there are gloabl reports of silver shortages from major dealers and certificate redemption programs.
You might also want to keep in mind one another post here today about short term liquidity by searching for article entitled:
Whispers Of The Inevitable Unwind Of The Fed's SFP Program And The Ensuing $200 Billion Liquidity Injection Commence
When this happens I expect, as does the article, that all commodities and the stock market are going to take off.
Yes, with JP now running the White House Chief of Staff and the proximal concurrent decision by the CTFC to exempt JP from its legacy positions in the position limits rules, it seems they are still doing a fine job capping and knocking it down and COMEX/NYMEX with its recent margine hikes coupled with seasonal commodity ETF sector rebalancing, silver has been under pressure, all I need to do is look at the 10 year chart on gold and silver and I can see where these two forms of real (non-debt encumbered) hard cold cash are going relative to the QE junkied debt encumbered fiat currencies like US dollar and euro.
Its in this environment that one has to have very clear and strong understanding and comittment to the fundementals to be able stand pat in the massive bluff of fiat currency and its creators, the Federal Reserve.
I like what Robert Pretcher wrote recently in regard to the dollar, which is looking weaker by the day and if the Chinese actually let the Yuan float will drop like a rock:
"...Let’s attempt to define what gives the dollar objective value. As we will see in the next section, the dollar is “backed” primarily by government bonds, which are promises to pay dollars. So today, the dollar is a promise backed by a promise to pay an identical promise. What is the nature of each promise? If the Treasury will not give you anything tangible for your dollar, then the dollar is a promise to pay nothing. The Treasury should have no trouble keeping this promise...."
You might find this article interesting: A Decade Of Gaining 18% A Year — "Some Relic" All the talk about QE2 ending as being the catalyst for the algorithms and funds to start selling commodities is pure nonsense and the fact remains that outside of some much needed small interest rate increases to get banks lending to small business, the absolute predicament of unrepayable debt and debt as far as the eye can see means that some form of QE, stealth, public or otherwise will continue. That means the dollar will continue to weaken. On the other hand if the Fed pulled in its QE wings, stopped buying Fannie and Freddie agency debt, the already faltering real estate market would go straight off a thousand foot cliff , the US economy would follow and the US would then hit a revenue crisis so large that national deficits of $2 trillion would be a walk in the park. Besides all that, Wall Street is making a killing in free money with the Bond Churn scheme afforded by QE2 and they are making out like bandits. Why should the party stop at QE2? Duffminster
Duffminister,
+10
As with every other market there is trading position switching going on. IMO, some good opportunities have developed in other materials stocks. Gold has had a good run and has shown an overbough condiiton on some charts. Then there is the excitement in Sudan and Egypt that may may have produced a perdibation as some large holders (In Egypt they can't take it out.) temporarily liquidate their gold positions for other "moneys".
If I look at a weekly chart for GLD I see nothing but a correction within the uptrend channel.
Physical bullion is insurance... not something to panic sell when you start seeing waves and wedges on your ouija board.
Gold hit it's all time high the first trading day of 2011 and my gut told me it was too perfect but my heart wanted to beleive. Everyone just has to me a man and suffer through this correction. I bought silver last week and will buy again next week. This is just a normal correction in my view. Fundamentals still in tact.
I have seen at least a dozen of these shakeouts in the past ten years.
You guys are a little tin-hatted with this paper vs. physical thing. GLD and SLV etc. are cash cows for whomever runs them and they are not going to blow up anytime soon. I own physical for the long-term but I am damn glad I have DGP and AGQ to play with short-term.
Gladdest of all that I learned my lesson and do not trade with margin.
You identify the bull market by performing due diligence. You then proceed to buy dips and sell spikes if you are going to trade it. To sleep better, you trade without margin and ride out the hard hits like what we have now.
That is all ye know on earth and all ye need to know.
+ 100 re avoiding margin.
There are no "fundamentals" in Gold!!!
...in fact there's no fundamentals in any stock, they don't work on any level, it's all about how many are 'in' and how many are 'out' the rest is white noise lost in the stampede
My.views.used.to be fairly mainstream.and these guys sniping at mad hedgie were the trolls. Now I am the minority and resignedly submit to my troll status. Some people hold strong.opinions and are unwilling to consider alternatives. I loved gold too but i started at gold sub 300 and was buying silver like mad at 6.50 way back when. I am fully out of gold and silver now. I am open to the posdibility i am wrong, but i told all of you when i first started posting as the troll that at the minimum an intermediate top was in, but no one can time.it perfectly and i sold early with the last of my silver around 27 or so. Maybe averaged 25. This has become a religion with some of you guys. I hate the banking fuctards that messed things up too. I hate the socialization of losses and moral hazard, but to talk about the ponzi and conspiracy and collapse as if it were a religion, to make investment decisions based on a poor understanding of hayek mises et all will doom you to low returns. Maybe you should consider the possibility that some of you conspiracy doomers are wrong. An investor must have an open mind and look at all the evidence. Maybe foa.and fofoa are one trick ponies. Maybe now is the time to get out of gold. Maybe it is time to look at other despised asset classes. Who knows? I made my troll topping calls. I am willing to get back into.gold and silver but i am also looking at other things.