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"As a technician, I feel that there are few analysts that offer value for me, but you do. Your work on Gold ratios has helped my analysis greatly." --Jordan Roy-Byrne, CMT (The Daily Gold) 4.9.10
Wednesday, December 14, 2011
Gold proxy GLD
With the drop below 1590, lower possibilities for gold's ultimate bottom are in play. But it is getting quite over sold and all I can tell you is that you get bullish gold when it is hated, despised, cursed. They hate it now and are probably swearing off from every buying it again. This destruction is the source of the noxious attitude I tend to exhibit every time gold gets the dumb money momo bid.