Gold Bugs Suffering As Economy Fails To Collapse
Gold Mining ETF (GDX): -6%
Oh no! Where's the economic collapse? Where's the nationalization of banks? Where's my rioting in the streets? Why isn't the dollar hyperinflating? Oh no! Oh no! Why did Schiff mislead me so?
Just calm down everyone. The world isn't coming to an end, and gold isn't going over 1,000/oz. Now that we have the slightest whiff of relief, the fear index (gold) is collapsing. Get out the miners before it's too late.
For instance, the price targets on GG and KGC remain $7.50/sh for GG and $9/sh for GG which will equal 75% and 50% losses once they are attained later this year. That will be complete distruction for all of you how have been sucked in by the siren song of the shiny rocks.
Disclosure: GMX is short KGC.