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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Sunday, April 14, 2013

Buying gold and Gold miners on hold

I am not selling here, the long term trend shows that 'someday' gold miners should trend above here.
Be that next month or 3 years from now.....

Most pro gold people, like Gary of Smart Money Tracker, are calling this to be temporary decline.
I am not so sure.

There is a fact missing from many, that Greece is being FORCED to sell it's gold reserves.  This is likely a first of a string of countries that will dump their gold in the debt pinch that is approaching.
With economy trending sideways at best, I am not sure who is going to buy up all the gold.

The same conspiracy theorists that say gold is being artificially depressed are DEPENDING that the same big political and money powers WANT to buy gold.  That second assumption is a farce if you can believe that the same people are depressing the price.

I believe Gold is not money.  I believe that Gold becomes money again it will set back humanity a century and further enslave the common person.   Gold is a collectible.  I also believe the current framework for the financial system is headed for very rough waters.   We have seen Bitcoin emerge (its not a valid currency), and other contenters.
My thesis on gold is China and india have 2.5 Billion people, they are getting richer over time, and those cultures LOVE gold.  China encourages gold purchasing to boot.

But we have seen India taking a stance to CURB gold purchases, combined with countries dumping gold, and economy flat lining, I am not buying the mantra that gold must rise in the next 6 months.

I still am a believer in the year(s) ahead, but there are MASSIVE deflationary pressures everywhere, I can't auto-buy into gold will recover and soar to new heights in near future.

I am not selling here, nor am I buying, and I cannot see buying more until we clear the levels we set earlier this year.

Good, luck, chart below.

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