Warren Buffett buys a gold stock, the media bullhorn it far and wide and out come the worst of the bugs, taking the bait and spreading the word across the land. Schiff, Keiser and some guy I don’t know but with a familiar name.
When these bugs are touting with sweet vindication their authoritative victory speeches, you run the other way, mentally if not functionally. The link includes Huey, Dooey and Louie tweet-thumping their chests. Yeah, Warren’s listening to your podcast, Peter.
And the gold stock in question? I took my profit on it after the Buffett pump as it has been time to reluctantly take some profits in general, although I’d been hesitant on some, like this one, due to the tax man’s thug-like goonery upon one of my accounts.
You will note, however, that GOLD is in a pure uptrend. That would remain the case even with a painful drop to 24. But from time to time these bugs need to be cleaned out; “sanitized” to use Ben Bernanke’s word. Especially when the worst of them started chest thumping as HUI hit a target (375) that we’ve had loaded for a year.