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-- Posted Thursday, 1 October 2009 | Digg This Article | | Source: GoldSeek.com
Rick’s Picks Thurday, October 1, 2009 “Phenomenally accurate forecasts” Gold lurched back into bullish gear yesterday, lifting the spirits of those who may have read too much into last week’s apparently gratuitous decline. Before lapsing into despair whenever gold corrects, as it is bound to do from time to time, we should consider the big picture and ask, Is this the way a top would look? Here are some of the signs we might expect to accompany a real top in bullion, courtesy of our friend Chuck Cohen. No sane gold bug, if there really is one, would dare to pinpoint an ultimate top both in distance and price in gold, but I believe that when it approaches, there will be definite signs to the discerning and pure of heart. The following are some of the signposts I envision as we near the great, final high. They are listed in no order of significance or chronology.  Things to look for when gold is making its ultimate top: · Bill Murphy, minus any censoring, is a regular guest on CNBC· Barron's has an issue with two articles on gold· Abbe Joseph Cohen turns bearish and announces that 50% of her money is now in gold-related assets· A CNBC host is heard recommending gold· The New York Times runs a major front page headline highlighting the price of gold and its price chart· Jim Sinclair is chosen "Man of the Year" by Time magazine· Gold is the lead item on the national news every night for a week· Wal-Mart announces they will begin to sell tiny amounts of gold· Jon Nadler starts a fashion craze wearing gold lamé suits, and, in an announcement that shocks the financial world, reveals that he is starting a round-the-clock precious metals channel. Another coup is that Dennis Gartman and Leonard Kaplan will be his featured analysts.· Your local jewelry store takes down its Cash For Gold sign and replaces it with "We Sell Gold"· In a recent poll, Yale and Princeton grads reveal that their top career choice is to start a gold exploration company· Goldman Krupp, correction, Sachs, changes its name to Gold and Silver Sachs· An enterprising young Gold and Silver Sachs executive comes up with an idea of franchising gold coin shops· Bill Murphy is frequently seen dining with mainstream Wall Street executives, and "Midas" sightings -- as he is known throughout the world -- become commonplace in the gossip columns· Brokerage houses and banks fire their financial analysts and frantically start gold research departments to cash in on gold mania · Some of your friends or relatives call you to recommend some gold stock that you must buy, and inform you that they are now up 50% in their gold stocks· All mainstream gold forecasters raise their gold price target by $500 for the year · The "Association of Gold Trading Advisory Services" formed in March 2010, publishes a 15-page apology on the internet. In brief, the document apologizes for the years of predicting near term tops and missing 90% of the entire move in gold and silver. They are now long-term investors and predict that a tradable top is not in sight· The Donald builds a series of "Trump Oros" in the Sierra Madres for Mexican miners · In one week, 15 new movies connected with gold are announced to be ready for production· A remake of the movie Goldfinger features Sean Connery's grandson as Bond and Jon Nadler as Auric Goldfinger. This time, the villain gets away with the gold and Bond is accused of the theft. Goldfinger is actually filmed inside Fort Knox, which, since it was discovered to be empty of gold, becomes the world's largest production set. As an aside, the guards at Fort Knox were falsely accused of the gold theft but convicted anyway in a secret trial. During their defense, the guards claimed that there hadn't been any gold there for over 30 years.· Golden Fleece, current market cap $7.6 million, tenders a friendly offer for Barrick Gold, which immediately snaps it up as it tries to pare down its still-monster hedge book. *** Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not b 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 © 2009, Rick Ackerman. All Rights Reserved. www.rickackerman.com
-- Posted Thursday, 1 October 2009 | Digg This Article | Source: GoldSeek.com
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