I could never figure out why market analysts or advisors feel compelled to make statements about tops or bottoms in markets. 99% of the time, they're dead wrong. Dennis Gartman recently told his "clients" to sell all of their Gold. I looked at the charts, the moving averages, Fibonacci numbers, just about everything I could think of, and I couldn't find any justification for Mr. Gartman's statement. So, I told my clients to ignore this nonsense and stay the course. Now, Dennis was right short-term because Gold did see a retracement to close to the 200-day MA. But the closer Gold got to that support area, the more I recommended that Gold be BOUGHT. The market is currently trading at 1229.1 and is about $35 below the all-time high. I don't make predictions about markets or prices but, after being bullish on Gold for over 6 years, I see no reason to change my position now. How high can Gold go? $1350? $1500? 2000? Higher? I don't know. Only time will tell.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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