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Tuesday, January 28, 2014

Could Wall Street Be Wrong On Gold Again? | Precious Metals | Minyanville's Wall Street

Could Wall Street Be Wrong On Gold Again? | Precious Metals | Minyanville's Wall Street
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1 comment:

  1. RAYLOKEJanuary 28, 2014 at 9:12 AM

    UP or DOWN ? ....So the major banks that turned bearish on gold in early 2013 did get the final crash right. But what’s interesting to note is by the time everyone got bearish on gold and dumped their SPDR Gold Trust (NYSEARCA:GLD) positions, gold was getting very close to its bottom.

    Even after the final crash, most Wall Street banks have held onto their bearishness in gold, forecasting lower prices for 2014. In the meantime, gold has formed a six-month base and potential double bottom from June 2013 to January 2014. Only time will tell if this base holds, but as the saying goes “the bigger the base, the stronger the case.” Will the major Wall Street banks be wrong early in a new gold bull market just as they were wrong early in the last gold bear market?

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