by Pater Tenebrarum, Acting-Man.com:
Barry Ritholtz on the ‘ Gold Narrative’
Presumably alerted by the failure of gold to break to new lows and the non-confirmation delivered by the gold stocks last week, Barry Ritholtz now believes gold could be due for a bounce that might be playable for short term traders. However, Mr. Ritholtz is also convinced that once said bounce is over with, the recent cyclical bear market will resume.
The reality is of course that neither Mr. Ritholtz, nor anyone else actually knows the future. Therefore, he cannot know whether the bear market is or isn’t over. However, judging from the remainder of his post, he actually seems to think that the secular bull market in gold is over. In our opinion there is no evidence for that, and we will explain below why we think that he and others in the long term bear camp are wrong.
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