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:
Before:
And After:
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...
Happy Trading!
- JB