Gold Bugs – DOUBLE TOP IN GOLD CHARTS!
I’m typing this from the my car so I hope this is able to get through to my blog. I will try to be brief and to the point!!
It is obvious from the chart below, that every man and his dog is going nuts over gold. And if you are a subscriber to our newsletter you would probably realize why. YES there are many economic problems that are continuing and they will not go away quickly like the governments around the world keep saying. Last time a similar event occurred, many people flocked to gold. Those people made a great money, and others learnt a valuable lesson. Now we are just seeing history repeat itself.
Have a look at the chart below.
I have been holding gold for a long time, and have been buying on the big dips so it has been paying off big time. I am also a buyer of bullion and gold coins, which has sort of become a little bit of a hobby now. BUT I MUST TELL YOU SOMETHING VERY IMPORTANT! The way I have been making money on gold is on BUYING the big pullbacks. I feel that this massive move up in gold prices has happened to quickly and caught people in a panic, not to GET OUT OF GOLD, but to GET IN!!!! and quickly. And now we are back at previous highs, and what I would call in a double top area. This can sometimes sound the alarm bells, for a down move.
We are now seeing a double top in gold here and there is a bit of resistance. If you own gold, good for you! but if you are intrested to buy gold for the long term, it is probably better off to wait, as I have been. If commodities come under a little bit of pressure, due to continuing deflation, we could see prices come WAYYY down. But if that occurs, it will be time for you to become a gold shark, and put your money down on the table, as I have described above.
BUYING HIGH AND SELLING LOW, is the quickest way to go broke as an investor. SO remember BUY LOW, SELL HIGH and you cant go wrong. If gold starts falling…say 100 pts or so, we could see more of a significant sell off after. So, BUYER – BEWARE!!! In no way am I saying dont buy gold, but just be careful at these current levels.
Happy investing.
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