Things got whipped up here recently with my comments about gold. I thought $540 was too much too soon, I thought $503-ish might be a decent entry point.
Today gold is up a lot at $518. What is important is that at $540 there was a lot of media attention. As par for the course the media cared at the wrong time. When gold bottomed out at around $488 and as it has moved up $30 from the low there is been almost no media attention.
The time to buy was when the media stopped caring. I am less confident about $518 than I was at $503-ish but I do know the media doesn't seem to care yet.
This is just a reiteration of a truism that repeats over and over.
Wikinvest Wire
1 comments:
I would expect a lot of focus on gold in 2006 as gold moves through 600 and closes in on 700. Of course Joe Kernen, CNBC, will continue to act as if all gold and gold stock investors bought at the 1980 top and have held ever since. Probably, big media will be negative on gold, telling their viewers/readers that it is too late to buy gold. Later, 2007-2008, big media will be positive as a gold mania developes. Gold will trade for more than 1000 by then.
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