|
-- Posted Tuesday, 11 April 2006 | Digg This Article | Source: GoldSeek.com
Rick’s Picks Tuesday, April 11, 2005 For investors who’d rather be smart than lucky So, the G-Men supposedly are at it again. Yesterday, they allegedly played whack-a-mole with Comex gold when it poked its ugly little head above $600. Hey, give me a break! Where on earth do these conspiracy theories come from? Here’s an e-mail message I received around mid-morning: “I find it strange that on both Friday and today, as the spot price approached $600, a selling wave hit the market -- and during COMEX hours, too. I've seen too much evidence from GATA about the gold-rigging schemes not to believe it. Seems to me this is another. The government has decided to ‘make a stand’ at the $600 price, and they'll be selling every time the spot price approaches this level. Wonder how long it'll take for them to ‘throw in the towel?’”
And here I thought ‘They’ threw in the towel at $300? If there was a good spot for covert agents of the world’s bankrupt currency system to take a stand, $300 (or $400, perhaps) would have been it, don’t ya think? But $600? That’s a little late in the game, especially considering that gold has just started to get noticed by the financial press. Even that troubadour of the status quo, James Cramer, has been touting the stuff on his daily vaudeville show.
To me, at least, it feels like there is much, much more still to come, and that gold seems destined to break the $1,000 mark. When it finally happens, you can bet we won’t be reading about a government plot to hold prices down. Rather, we’ll see mining company CEOs on the cover of Forbes, Fortune, Business Week. And even then, it’ll still be a few more years before we see the same guys in Vanity Fair, GQ and…Maxim. That’ll be the top. But at $600 an ounce, the bull market feels like it’s only just starting to rev up. So why get all het up about “manipulation”? In case you hadn’t noticed, anyone who has been trying to impede this bull market has been getting his ass whipped nine days out of ten. Heck, if just a few Saudi oil princes had a mind to buy gold aggressively, all the governments in the world couldn’t hold its price down.
Isn’t that exactly what’s been happening?
*** Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers’ initials will be used unless express written permission has been granted to the contrary. All Contents © 2006, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Tuesday, 11 April 2006 | Digg This Article | Source: GoldSeek.com
Previous Articles by Rick Ackerman
|
