"In the Valley of the Blind, the One-Eyed Man Is King." Market charts, analysis and links
Thursday, March 23, 2017
Getting Religion on Gold
Lawyer Clarence Darrow was famously a religious skeptic. Someone asked him: "Suppose you die and go to heaven. And it turns out the conventional story is true?" Darrow replied that he would walk up to the divine judges’ bench, bow low and say: "Gentlemen, I was wrong."
Now it’s time for my true confession. I may have been wrong. On March 16, I laid out my case for gold being in a big bull market in my article, "Your Golden Opportunity."
I was bullish, sure. I said gold made a major bottom in January 2016. And the correction since July was just that — a correction to the new bullish trend.
However, I also said we probably hadn’t seen the bottom of the correction … yet.
Gentlemen, I may have been wrong.
Gold may not wait for March to end.
Here’s what I was thinking: March is usually a terrible month for gold. Look at a monthly chart of the metal. March usually sees gold stumble.