As I have said many times (ad naseum in fact), I hate talking about Gold when it is a hot topic on the breakout. When it is breaking out with huge momentum it conjures up all kinds of debates / advice / pronostications / arguments / name-calling , etc. Gold is emotional and when Gold gets frothy, all kinds of crazy emotions pop up. I have stated exactly this same sentiment in my last few posts on Gold.
I simply desire to avoid the fray during those times.
I have repeately posted my thoughts about Gold when it was boring, when it was consoldating, when (relatively) fewer people were talking about it.
My last post on Caps regarding Gold was several months ago on Feb 11 (see here) with a near term target of $1540 (when Gold was at $1360). It was after a large pullback and everybody was calling the "Triple Top" on Gold.
But while I make my thoughts known when Gold is relatively quiet, I know that time is not now. Gold is still being talked about vigorously (much less so than Silver however).
So why am I talking about Gold now? To say one thing: ... Relax.
Gold peaked this week at $1575, so my target was met. What did I do? I took a little profit. Nice and quietly. On Monday, in my binve portfolio I closed several profitable Gold longs. I closed absolutely nothing in my very long term binv271828 portfolio. And in real life I trimmed my total Precious Metal positions by maybe 10%. Nothing huge. But when Gold reached my target on an almost short term parabolic move, that was a nice sell signal.
Will Gold give us another entry? Yep!
Is it right now? I doubt it.
How will you know it is the right time to buy again? Because the chatter will diminish and there won't be 20 posts a day on it. Personally I think Gold is likely to test the massive support base around 1200 before it builds its next big move up (which I believe is coming).
Most of you know that I am a Gold investor, not a Gold trader. And if you are, you need to learn how to tune out the noise. Buy Gold when it is quiet. Better yet, buy Gold when it scares the sh** out of you (like I did in 2008, I added most of my positions when my stomach was lurching). Whatever you do, never buy Gold when it is 'hot' and everyone loves it (which is precisely why I don't post on Gold during those times, I don't want to add to the hype on momentum breakouts). If you are a good Gold investor, you will use the momentum breakouts to trim positions. Not exit, trim.
If you are an investor, stop looking at daily moves. Who cares! Do yourself a favor and calm down and look at a Monthly chart.
See that, nice bull market, still completely intact.
Just relax dude.