-- Posted Thursday, 21 February 2008 | Digg This Article
| Source: GoldSeek.com
Rick’s Picks
Thursday, February 21, 2008
“Phenomenally accurate forecasts”
Whenever bullion swoons $20 or more, as it did yesterday for the umpteenth time, we need to remind ourselves that it’s only a game, one who’s sole purpose is to keep gold bulls from making easy money on the most one-sided bet since Secratariat all but lapped the field in the ’73 Derby. Who on earth could possibly think gold is a sale here? (other than Kudlow, of course. Some may recall that, years ago, he went on record in the Wall Street Journal with an op-ed piece purporting to explain why $300 was the “correct” equilibrium price for bullion.)
Anyone eager to unload gold at these levels -- or even more stupidly, to short it -- must necessarily believe that currencies are about to strengthen. Besides Kudlow, how many such fools could there be? In reality, any investor or sovereign government with significant exposure to fiat money is poised to hit the panic button. China, India, Russia, the Caliphate – indeed, the entire world – appear to be diving into hard assets with abandon, even if said assets are just corn on the stalk.
The Alchemists
And yet, when Comex bullion contracts sell off hard for an hour or two, doubt metastasizes even among the hard-money faithful. Gurus who have been wildly bullish on metals since the 1980s start warning of a nasty correction, one that supposedly is long overdue. Conspiracy buffs curse the satanic lords of the House of Goldman. And the Alchemists lick their chops in anticipation of a Golden Age of Hoarding.
Meanwhile, we see no evidence that gold is about to accommodate laggards with a prolonged selloff. Comex futures have been routinely hitting their rally targets, and we have every confidence that they will continue to do so, racking up yet one more conquest today or Friday when they hit a 975.60 target we are projecting for the April contract. Exactly what to expect thereafter depends on how the futures interact with the target, a Hidden Pivot derived from the hourly chart. The details that might enable us to see a bit further ahead, and to shrug off any retracement that follows the predicted minor-cycle top, are laid out explicitly in Thursday’s touts. Check it out!
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Who Needs a Guru?
When the Hidden Pivot seminar that was held earlier this month sold out, I added an additional session on March 8-9. If you’d like to attend, click here for further details and instructions on how to register. The class will be held on Saturday/Sunday from 9:00 a.m. to 12:30 p.m. Mountain Time. If you want to learn how to forecast stocks and commodities as confidently and precisely as top pros, this is an opportunity you should not pass up.
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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 © 2008, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Thursday, 21 February 2008 | Digg This Article | Source: GoldSeek.com
