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Golden Dreams & Delusions: (PART 6)

Continuing from PART 5
It seems like every day we hear about some guy making gold and silver price forecasts, and these forecasts are invariably ridiculously high.
 
Some of these hacks insist that gold is headed to $5000; others say $10,000; some even say $20,000. I’ve even heard one clown “predict” $57,000!
How about $1500 silver? Sure! Why not!?
 
Maybe if I “forecast” $100,000 gold the media will line up to interview me. Because it is impossible to know in advance whether gold has peaked during its current bull market cycle, we advise gold investors to wait for conservative entry points and take profits according to the technicals, adjusted for fundamental events which are likely to affect gold pricing.
 
...This point is well-illustrated by the ironic and fitting consequence of the losses suffered by the moron, Gerald Celente from his gold futures trading account held at MF Global. If you are a gold bug then you probably know of Celente. Some of you probably heard about his losses from MF Global because he used the situation as a way to generate more PR for himself.
 
But apparently, the guy is such an idiot that he didn’t realize that this stunt caused him to loss what credibility he had among sheep. Others new he had no credibility to begin with.
 
Despite his claims of being a “trend forecaster,” (which in my opinion as a professional research analyst is a bogus designation) he has been pumped all over the media.
 
 

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