Gold made It to Non-Financial News Headline
As Gold is making it to even non-financial news headline today, allow me to recap for you some of the erroneous and misleading views expressed by some of the legendary investors, economists, and technicians in the past.
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I have no views as to where it will be, but the one thing I can tell you is it won't do anything between now and then except look at you. Whereas, you know, Coca-Cola will be making money, and I think Wells Fargo will be making a lot of money and there will be a lot – and it's a lot – it's a lot better to have a goose that keeps laying eggs than a goose that just sits there and eats insurance and storage and a few things like that. The idea of digging something up out of the ground, you know, in South Africa or someplace and then transporting it to the United States and putting into the ground, you know, in the Federal Reserve of New York, does not strike me as a terrific asset.
-- Warren Buffett [1]
FACT: Gold has been nothing but a terrific asset outperforming even Warren Buffett's Berkshire Hataway!
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On the way toward $600, gold may pause at $800, which is an apex of a smaller degree triangle. Whether or not prices do indeed pause, the main target ($600) remains firmly in place. Thus, our stance remains bearish.
FACT: Gold never made it to $600 even during the global deleveraging in 2008. In hindsight, it was a great opportunity to buy it cheap when the herds were panic selling [3]! Prechter has recently flipped his forecast on Gold [4].
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Following last week's massive, $130 collapse [in June/July 2008], Gold has given us EXACTLY the move required to confirm the bull market is OVER!
-- Glenn Neely [5]
FACT: NEoWave's Gleen Neely was making the same mistake as Prechter's. We believe Neely too would have flipped his forecast on Gold [6].
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Those not out of gold should use any bounce back toward $894 to exit the trade and focus their energies elsewhere.
-- Dennis Gartman [7]
FACT: Gartman has been a flip-flop on Gold for so many times that we lost track [3]!
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