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Doug may be right in the long run but i think there is
some pain coming to gold bugs over the intermediate term.
I'm short NEM after being long other gold mining stocks
off and on for the last year or so. The best you can say
about these charts is that they are weak. If NEM breaks to
a new low it should be very safe to short with a stop at
the current swing high.
regards,
tbr
>
> BACK UP THE TRUCK ON GOLD
> By Doug Casey
>
> Since reaching a recent peak of $427.25 on April 1, gold
> has dropped about 7%, with most of the action happening in
> the last few days. Silver, which peaked at $8.29 on April
> 2, has come down even more, losing about 14% to $7.15 as I
> write. These moves have apparently scared a lot of people
> (mostly latecomers in the market) and they're wondering if
> the steep drop signals an end to the metals bull market.
>
> In my view, the fall shouldn't concern anybody but a
> futures trader who was long and who didn't have a close
> enough stop-loss. Markets fluctuate more or less randomly
> in the short run, which helps account for why 95% of
> futures traders walk away losers. People with such a short
> time frame shouldn't be in the markets; they should go to
> casinos.
>
> .....
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