This post by Goldtadise’s very own Matrix at Trader Dan’s Beehive Forum and Subsequent Reply from Dan is a straight shot
I know both sides of this story as 5 years ago I was one of these zealots .
Note : The beehive is only available with a Trader Dan’s World Subscription
this post was stolen :
Time to vent!
January 24, 2015,2:11 pm
Just read the comments section off Dan’s “Gold due for a setback” at Safehaven and Goldseek
I apologize for mentioning yet again my reference of 22+ years within the currency business but it does give me the right of experience to post a Shout over some of the comments regarding Dan’s article.
Reminds me of those that yell at the professional athlete “you bum” as you order another hot dog sitting in the bleachers!
I don’t think, in fact I know of no other investment that brings out the deaf, dumb and blind that gold followers highlight to perfection.
Just The Facts, just the support resistance zones of gold, just the technical reaction when X fails Y suggesting Z is the results.
It absolutely blows me away how so many follow those that have been wrong for sooooo many years regarding golds action…..we had a saying in the office, you’ve been wrong for 3 months come back to me when you’ve been correct for 3 months, well make that going on 4 years now since gold has rolled over off its highs.
I’m not going to name names as the list is too long! of self proclaimed gold gurus who have been incorrect for years suggesting every 10%+ pop in gold is THE bottom….14 bottoms later @#$!!
TRADE off whats in front of you NOT the claims of $50grand gold OR $500 so when Mr Market takes a breather and retraces only complete morons label those that highlight the correct action as a Traitor!
Even a 1 eyed retarded monkey can call a bull market, its those that have correctly called the action while gold has been clearly in a Bear market that one needs to follow….Norcini is clearly in that rare camp, never suggesting to da moon or to dust…..just highlighting one chart zone at a time.
I can tell you while sitting on the currency desk, never, ever, ever did I suggest anyone look on the web for so and so’s opinion as to whether my position was correct…..its ALL ON THE CHART…I’m not a Bull or a Bear…I’M A TRADER
Follow The Best, Forget The Rest
January 24, 2015,2:28 pm at 2:28 pm Edit
Thanks for the outstanding post; it is full of wisdom gained from experience.
The reason that the gold bugs are held in such contempt and scorn by those who actually make their livings in the market is for the very reasons that you site. They know ONE DIRECTION for gold – UP. Every single last one of them would starve to death if their livelihood depended upon actually reading what the market has to say because they are too blinded by their own opinions.
Like I have said repeatedly over the years – opinions are like armpits – everyone has them and they all stink!
The mark of a good trader or investor, is that of being able to correctly read what a market is saying and placing their trade accordingly. Sometimes that means being long; sometimes that means being short; sometimes it means having NO position at all.
This is the reason I penned that commentary a while back which I entitled. “THE GOLD CULT”.
Make no mistake about it – for most, if not all of the gold bugs, gold is a RELIGION. It cannot be questioned; it cannot be denigrated; it cannot be spoken against for that is heresy.
These people actually scare me because in many cases, they are like rabid dogs – lashing out at anyone who dares to call their yellow metal god into question. I find their attitude towards those who disagree with their perpetual calls for “moon shots” in gold very much akin to those who dare to criticize the prophet of Islam. It provokes a fanatical response filled with vitriol, wrath, vile insults, denigration, etc.
That is all the proof one needs to understand that for the majority of gold bugs, gold is a cult. That will never change.
For those of us who actually take a rational, seasoned, objective approach to the markets, gold is merely another asset class that fills into and out of favor depending on where we are in the business cycle.
I have watched the gold cult members follow their blind gurus into the toilet and lose the vast majority of their life’s savings, and yet remain as blindly devoted to their deceiving hucksters, shills and charlatans as ever. It really is quite astonishing to see how dense and naïve some people can be.