Manhattan Adult Entertainment: Gold’s decade-long bull run may vanish
They conclude that “as long as spot prices do not close above $1085 we will maintain our top count shown on the chart. This means gold is in wave (3) down and should be on the verge of falling hard, declining to the $950-$970 area, near the apex of the wave (B) triangle.”
Interestingly, that same $950 number appears elsewhere as well, and in a place where one might not expect it at all; in the words of Marc Faber. Having declared not too long ago that gold will “never fall to under $1000 an ounce again” we find it curious to read on Bloomberg this morning that the Swiss guru (who sees America GDP as consisting of only beer and prostitutes anymore) now says that he: “won’t rule out that gold will go down to $950 or $1,000, but I don’t expect more downside.” Nobody expected the Spanish Inquisition, either, but, which will it be; $950 or $1,000? (Depends on one’s definition of ‘never,’ presumably).