waldipup

Why I'm Still Holding Onto Gold

I'm holding GG since 5 Doc - have never sold one share.

I'm not smart enough to time/trade the market , so I just have to do the best I can with my limited capabilities.


GG has just broken not only its previous high , but a reverse H&S pointing to an initial goal of 55 .

Since 45 is the breakout point , it woulde be a fortuitous spot to take a shot , either now or on a later retracement back there ( to test the neckline ).

Gold itself has also broken out of a H&S bottom on Friday , with an initial goal of -

Around the all-time highs.

Buying around 920 or so is a conservative play because if the H&S breakout fails , you can exit below the neckline and consider it a conservative , low risk , low cost trade.

If the neckline holds , the breakout is valid , and the price moves up towards its tech goals , (or eventually much higher!) , you've hit a home run.

Ditto for GG.

John -

I actually understand your comment and view it less harshly than the other guys do , because your premise in general is a good one to follow.

But I believe you are underestimating the stage of the market which we are in.

EVERY bull market moves up " a lot" , but then moves up "a lot more".

You are picking a top , but it may just be a resting/correction point.

This move exceeded the 79-80 high of 800's for the first time.

So far , all it has done is continued on up from that historic breakout to 1030 , and corrected to test the 79-80 peak.

Now it has turned , to a large probability , technically bullish again.

Granted it ain't 250 anymore , but Berkshire Hathaway ain't two bucks a share anymore either , and it's been rising and rising anyway!

Ditto oil from its first peak at 80 , down to 50 -

And if you insert your comments there , guess what happened next?

Anyway , as John Fogerty said ,

It's just a thought.