In keeping with the original post’s intention of keeping criticism anonymous, we continue with that tack here. Ref. the original post on February 22nd…
Gold Bullhorns Quieted for a Day, at Least
I quoted three golden nuggets from the gold community as the most dynamic part of the rally became obvious. Here is the third of the 3 Golden Bullish Amigos…
“What is going on is that gold is in the early stages of a parabolic slingshot uptrend as shown, that should soon vault it above the key resistance approaching and around $1400. Once it breaks above this resistance it is expected to accelerate dramatically.” (2.19.19)
The Amigo who wrote the above informs us on April 2nd…
“Gold (and silver) now appear to be close to breaking down from Head-and-Shoulders tops, with this pattern shown on the same 8-month gold chart below. If a true H&S top is forming in gold, and the recently bearish volume pattern suggests that it is, then the minimum downside objective following a breakdown is a $70 drop from the neckline of the pattern, which gives us a target at about $1220”
My point is not to criticize anyone for being wrong. I am wrong my fair share of the time and I wear it proudly, because I am just a human. But what I criticize is a dynamic form of writing that stimulates more casual readers into action as if the writer is an authority.
What makes it worse is that I have seen all three writers of those bullhorn quotes proven wrong many times and two out of the three at least have never (to my eye) issued publicly written words like “I was wrong”. It was simply the market.
Fuck man, yes it was the market. But YOU are responsible for the things you write and put out there, not the market. Take some fucking responsibility once in a while. It actually feels good because honesty feels good. Repeat after me boyz… “I. WAS. WRONG.” It’s not hard at all, and it does a soul good.
Funnily enough, the sector rammed #3’s recent bearish analysis right up his ass today. Now, I am not speaking as a bull because as we noted in an update a little while ago, there are positive signs that remain intact, but there is also one significant concern I have about today’s (and possibly tomorrow’s, if applicable) rally.
No matter how bullish this sector may get in the future, I am going to continue to get my stomach turned by some in the community. It’s the surest bet in the markets.
[edit] I think part of the problem is a culture of guruism (AKA shysterism) that afflicts the greater market analysis community. The need to make “calls” in order to prove that you are some sort of seer of things that the average schlep trying to make a buck does not see. Those seers do not exist for fuck’s sake. It’s a tradition, but it’s fake.
