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Joined Apr 1, 2010
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In Which I Rate Today’s Gold Breakdown


I’m going to go with “FIRE.”

Last Tuesday I wrote about resisting the revenge trade in gold, for stubborn gold longs. While today’s plunge might be a washout bottom, a weekly close below $148 on GLD sets up the nasty potential for a sustained move much, much lower. Given how many bulls in recent years have staked their gold claim at $148, you can imagine how much pent-up supply there is should that level be definitively lost. Let’s see how they close it.

Also, thank you for all of the chart requests and feedback last night. I enjoyed doing the seven-part video series. If you missed it, feel free to start here with the first video and work your way up.



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  1. chivo

    can i get a shout out my dude? 😀

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  2. chivo

    appreciate it fellas!

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