Prechter announced to the world last week that he shorted gold and silver. I don't recall the entry levels, but his stop-loss on silver was set at 38.50. That position was stopped out this morning at a nice loss for his loyal followers. Rest assurred that Prechter, like Gartman, was only issuing a subscription newsletter recommendation and not using his own money.
I remember back in 2002 when Prechter announced to the world that he was shorting gold just below $400, boasting that he would be covering his short at $50. How's that trade looking? In fact, Prechter has been making short calls quite frequently during this entire 10-yr, so far, bull market. We haven't even really started Stage 2, which is when the big institutions finally pile into gold and silver and mining stocks. In fact, John Embry was commenting last week that he was seeing money flowing out of major mining stock funds during March. Thus, not only have we not really started the middle phase of a classic bull market, all signals are pointing to much higher prices in gold and silver before pre-bubble Stage 2 really gets underway.
Prechter and Gartman will continue to lose money for their subscription faithful and a lot of other hacks will come onto CNBC and Bloomberg and Fox Business and make themselves look like idiots with their lack of knowledge of this market. As long as Governments globally continue to print and spend money, gold and silver will continue to move inexorably higher.
Monday, April 4, 2011
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To this amatuer investor - from the Silver chart, things do indeed look 'toppy.'
ReplyDeleteHaving said that, the fundamentals tell me Silver (& Gold) will continue their run-up, and to back up my belief I purchased another stack of 90% Silver Dollars & Halves (from a private individual) last week.
-Mammoth
Alf Fields has been consistent, uncannily prescient and correct using the Elliot Wave analysis for the past couple of decades. Either Bobble Head Prechter is a paid disinformation specialist and shill or he is manifestly insane.
ReplyDeleteThat he maintains any credibility at all puts him in the camp of professional liars like Obama and Bernanke who are beholden to the powerz for their prominent positions of influence at the helm of the Evil Empire.
Like Roubini, Gartman and others, Bobble must be paid handsomely for the misdirection he provides seeing as how his chronic
ill-forecasting has led to nothing but the massive losses of his subscribers.
The sell signal will be on when Prechter, Gartman and Nadler all go long simultaneously.
ReplyDeleteMay never get a sell signal then...LOL.
ReplyDelete...and silver could continue higher based on supply/demand fundamentals alone, even without government printing.
ReplyDeletePrechter is a dangerous and grotesque huckster who is seemingly incapable of admitting his egregiously mistaken-for well over two decades running now- gold calls. To say he fundamentally and deeply misunderstands gold may be an understatement.
ReplyDeletePrechter is also on jpmorgan's payrolls. Gartman,chilton, gensler are also on the payroll.
ReplyDeleteSay what you will about his EWT yet he may be right about deflation.
ReplyDeleteYes, he is right about deflation. But only his long-term forecasts pan out.
ReplyDeleteHe might be wrong right now, but he who laughs last...
ReplyDeleteAlso, there is no "understanding" a commodity or market. You are either lucky or not. The entire market is based around the luck principle.
Prechter is for sure the worst forecaster on this planet. His EWI sucks.
ReplyDeleteWho's the idiot now...idiot?
ReplyDelete"AnonymousWednesday, 04 May, 2011
DeleteWho's the idiot now...idiot?"
Prechter and his followers
Prechter's operation should be shut down and he should be sent to Afghanistan or a similar place and shine shoes for our soldiers. At least he would be useful. I wish I had never heard of this colossal idiot.
ReplyDeleteAgree. Or have him clean toilets for the Syrian army. He is a complete fraud and there should be laws to prevent scam businesses like his from cropping up and flourishing. No fiduciary relationship to a client, then you don't provide financial advice or "research."
DeleteI agree with the comments. I am a member of a good size investment club and we subscribe to 20 newsletters and member present one newsletter per week for general membership consumption. Elliott Wave International analysis is always bearish and keep changing their wave labels so to the unknowing readers would think EWI has been correct all along. They have been calling for a crash since September 2009. Prechter himself has called for 7 times double short of the S&P since only to have Bernanke spank him. His best advice to his readers is fight the Feds despite all the QEs by all the governments the world all over is cutting rates. Unbeknown to his readers he is in cash all the time but he is telling you to short all the time. He makes his living by catering to the fear mongers, the doom and gloomers. Those are the morons that pay for the subscriptions to EWI. And that is how Prechter and Hochberg make their living because they are not in the market they just write ananlysis.
ReplyDeleteIn the week of April 4, 2011 when the initial comment was posted GLD was around 144, and it did went up for a few months reaching in early September, 2011 a value of 183. I guess at that time everybody must have been bullish on gold.
ReplyDeleteIt has been downhill since then and today it stands at 128.
Robert Prechter has been wrong with the timings (who is not) but his sense of general direction of price movements seem to be quite good. He has been singing the song of deflation while others have been in the hyperinflation camp and the recent evidence points more towards what he has been saying.
Signed
Not a follower but somebody with an open mind.
You IDIOTS.
ReplyDeletePrechter called it. Gold and silver have been taking the staircase down ever since he called it.
Guess what? Gold and silver are still going down....
Buy gold? Sure, but not now... I'll buy more when all you guys are throwing it out the window because you hate it so much.