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Tactical Technician
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I struggle daily with not letting my own thought processes get in the way of technical analysis, but I believe if we are going to follow the markets technically, we should devote ourselves to following them in a strict, technical manner and steer clear of sites or writers who can only add to our... More
  • Gold Bugs Have Cost A Lot Of People Money Who Couldn't Afford To Be Wrong 0 comments
    Dec 23, 2013 7:07 PM

    Five years ago, with gold finally reaching a bottom, the gold bugs came out.

    They were everywhere.

    We couldn't log onto a stock or investment site without all the "I told you so" comments coming from people whose only knowledge about gold or silver came from other people whose only knowledge about gold or silver came from other people whose only knowledge about gold or silver came from the internet.

    Suddenly, everyone was an expert on precious metals.

    And when gold peaked on September 6th, 2011, there were more "experts" on gold than at any other time in three decades.

    Many people - who could barely afford rent and food - bought into all the writings of these so-called experts (who came across as both brilliant and believable). What did the gullible masses do? They bought gold at its peak.

    And where do the gullible masses sit today?

    They hang on in the hope that China or India will get them out of the mess they find themselves in.

    Sadly, this kind of thing has gone on for centuries.

    Most people cannot afford to buy gold, at least not to the extent they (or others) would like.

    But the gullible masses buy gold (usually close to the top), anyway, because they are easily persuaded by others who actually think they know what they are doing.

    The rest of the gullible masses buy gold all the way down, convinced that some of the internet experts (who gained their expertise reading other internet experts) will finally be right.

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