Seems everyone is talking about tops the last few days. Who knows if this is the top for equities, but there sure was one top this year, and that was in Gold.
With everyone jumping on the "Gold is going to $1100" bandwagon recently, figured I would point out who called the top in Gold. Not here to toot my horn, as I am sure it was just luck(of the Irish of course). But since hitting $1392 on March 17th, the day of my post, Gold has lost $169, closing at $1223 today.
What I said before getting a Pint at my favorite Irish Pub:
Figured St. Patricks day would be as good a day as ever to start opening some positions to take advantage of a possible move lower on Gold. The precious metal has been up nearly every day since February(sans 6). It has also struggled to break $1400(Sept high) despite all the positive catalyst via global events in Ukraine and elsewhere. It also seems like the Gold Bugs are getting cocky, which leads me to believe we have topped
As for Gold, I still think there are global events that are going to have it under pressure, and think it will test $1050 before the year is it out. Those citing deflationary concerns or a stronger U.S. dollar, haven't been paying attention for the past 6-12 months.
The real question here should be: Would this post get more eyeballs if it was titled , "This XXXX has hit a top." ? I'll let you mull that question - and maybe you can better understand the agenda of some of the Market Guru's...