I plan on writing an in-depth article with this title when gold takes out $2,000 and silver $50.
After a while I just get sick and tired of reading the same garbage coming from so-called precious metal analysts that are intentionally confusing and misleading the would be gold and silver investor.
The three bears I am referring to are the following:
1) Jeff Christian
2) Jon Nadler
3) Ned Schmidt
Last week when the bullion banks took down gold and silver big time on Friday, Ned Schmidt wrote this from his newest article BLACK HOLE FRIDAY:
On Friday Gold seemed to have no bottom. This reaction is both typical of the breakdown of a parabolic formation, and is rarely reversed in a matter of days. Gold is going to be very vulnerable to selling, and buyers may be few.
Gold broke down in the charts on Friday morning, and that damage may not be repaired for some time. Though we remind that markets never move in straight line and that some bounce off an extremely oversold condition is always possible.
As a discontinuity, we can almost throw out that part of the chart before Friday. And contrary to the suggestions of some, chart damage did occur. The break below $1,700 is readily apparent in the chart. All the trading above that level in recent times is now over heard supply that must be cleared. A complete rebuilding of the chart is necessary, quite possibly from lower levels.
I wrote Ned today to tell him that again he probably should have waited a few days before publishing that article so he could save face with his subscribers. I also let Ned know that when silver hits $50 and gold $2,000, that I plan on publishing an article crucifying those who got it so wrong. This was Ned’s reply:
Silver at $50. When the Easter Bunny arrives. You had better wake up!!
Furthermore, on Nov 6th, Jon Nadler came out with another one of his IN THE LEAD articles and you are never going to believe what he had in the body of the text:
Last Friday’s near-$40 plunge (it was the largest one since June) in gold prices resulted in a dramatic reassessment of the bullishness that had pervaded the speculative crowd’s mindset since before the advent of the Fed’s QE3 program.
Veteran gold market analyst Ned Schmidt was a tad more…blunt with his take on Friday’s events and where they might now lead. He wrote that “Until this [Friday] morning the [gold] market was assuming that the Federal Reserve would keep making QE-3 bigger and bigger. That belief was supporting gold, even though it had already rolled over. Note our past comments on how the mini parabolic had already been broken. We have noted several times that the failure of this pattern is always associated with pain. Friday was that pain.”
Mr. Schmidt then went on to assert that “As is evident to today, Gold seems to have no bottom. This reaction is not going to be reversed in a matter of days. Gold is going to be very vulnerable to selling, and buyers will be few.
I know I am a broken record, but I get amazingly frustrated by these CLOWNS who are only writing articles on the metals to intentionally mislead the investor and not to give FAIR AND BALANCED writing.
I can’t wait until gold hits $2,000 and silver $50 so they can eat crow.
IT WILL MAKE MY DAY…