by David Schectman, MilesFranklin.com:
It reminds me of an arm-wrestling contest: one participant nearly wins, then it reverses and the other one nearly wins then they end up back with neither one in control. Sooner or later, one of the two will prevail. That’s what the gold market looks like lately. The neutral point and the battleground is $1,600. It’s above, it’s below. Which way will it move? If Sinclair is right, it will move UP, although it could, for a very short period, touch the $1,580 range. If Larry Edelson is right, it will collapse down to the low $1,500s or lower. Stay tuned. Tuesday gold closed at $1,599.50. That’s a classic example of “painting the charts.” They do it because the CLOSE is the only price that matters. Meanwhile, silver is along for the ride.
Yesterday, I was talking to a buddy who is in our industry. He lives in an exclusive community and most of the people there are very, very wealthy. He was at a cocktail party and one of the people he met asked him what he did for a living. He said he was in the precious metals business
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