When I was still hosting my "Hard Assets Investor" show every single gold "expert" that I interviewed all said the same thing: that gold would never go below $1100 an ounce. That was the "floor" they assured me.
When I said, as a trader, I could see where the price couild go dip back down and re-test the old high of $850 an ounce, which marked a 25-year top after it was hit in 1980. They all laughed at that.
Oh well, I guess the trader wins. Maybe, anyway, 'cause we're not there yet at $850, but certainly headed there it seems.
1 comment:
Agreed...The gold / crude mean is reverting (and the verdict is that gold was too expensive / crude wasn't).
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