Sentiment is now so depressed that even the most ardent believers in the gold bull market are starting to waver. The gold shares have been a bloody massacre. Gold traders are getting ready to jump from tall buildings.
I’m calling a bottom, around here. I found myself thinking “Well, maybe this is it. maybe gold will now tank, and that’s that.”. Knowing that I am what one would call a very dedicated gold bug, and knowing the psychology of trading, I’m going to have to assume that the bottom is around here somewhere. Not EXACTLY here. And I know, bottom-calling is HOPELESS. So don’t take my word for it.
Here’s something interesting though :
It’s like they say about bull markets. If its going to continue, its first going to throw everyone off. No “traders” nor amateur investors will remain when this train takes off again. And that’s just how it works. You can either stay on, with a big hole in your stomach every time you check your account, constantly questioning if you should have sold long ago. Or, you can get off the train, and miss it. There is no “easy investing”.
Sounds like I’m a bit tired of the whole thing? Yeah. At the same time, I understand that it HAS to work like this. If investing was easy, everyone would be rich. So, we keep watching. At least, if this train derails I will be the last one on it, screaming “Up! Soon! I promise! We’re going up!”. Then again, if fundamentals no longer matter, and printing money works, I guess we’re all going to be rich anyways.
I’m hedging central bankirs.