Loading ...Socrates on Gold
Received this in my inbox today
I thought Socrates was subscription / Private only
https://www.armstrongeconomics.com/markets-by-sector/precious-metals/gold/socrates-on-gold-2/
I have a real question for Armstrong Followers
Do you find this information at all useful for trading ? I don’t get it …I must be too simple minded or something
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“AS OF THE CLOSE OF Tue. Sep. 6, 2016: We should see a trend change come September in NY Gold Nearest Futures so pay attention to events ahead. Last month produced a low at 130690 and so far we are trading neutral within last month’s trading range of 136970 to 130690. We need to breakout of this range to confirm the direction. Therefore, a close above will be bullish and a close below will warn of a possible decline.”
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A trend change in September ?…so not a certain date just sometime in September…and No direction implied
Is the trend now up or down ? By his own words Socrates says its neither ….huh ?
We need to break out of the range to confirm the direction.
…NO KIDDING SOCRATES !
Then there is this for day traders :
“The strongest target in the Daily array is Tue. Sep. 13, 2016 for a turning point ahead. It does appear we have a choppy period starting Wed. 7th until Tue. 13th with each target producing the opposite direction for that 5 day period. There are Daily Directional Change targets from Tue. 6th to Wed. 7th warning of a potential choppy swing period for these few days. Looking at the Array, the key Daily targets on the Turning Point Model, defined as highs or lows on an intraday or closing basis, are the days of Mon. 5th, Wed. 7th, Thu. 8th, Fri. 9th, Mon. 12th, Tue. 13th, Thu. 15th and Mon. 19th. Nonetheless, the main targets are, Wed. 7th, Fri. 9th, Tue. 13th and Mon. 19th.”
Yikes !
I do not get it either, rock on…one of the hardest issues I have playing this game, is avoiding the distractions. This qualifies as ONE HUGE distraction…
Its useless. What I have noticed is his “lovers” defend him to the point that if the information he provides doesn’t pan out like they thought, they blame themselves for not understanding it when in fact it was designed that way to begin with and they’ll never understand it. I believe he is smart enough to talk effectively from both sides of his mouth. After all, he is the man who called the bottom in gold 2 years in advance and then threw his followers on their heads with this cockamamie silver/gold ratio blow out that would likely occur – so in effect the bottom was put off for another year or so. That blowout NEVER occurred at the 1976 or the 2000 bottom. He even went so far as to create a public post instructing his followers to NOT BUY THE MINERS. Many miners are up 5-10 times already. Go ahead lovers, defend him his sidekick at your own peril. Sorry, this guy is a shill.
Thank You Gary
That is new to me.
I applaud you for stepping up with this comment
Hope I didnt upset anyone here. To be fair, I admired the guy. UNTIL he pulled the silver/gold ratio stunt. By then, thankfully, I knew enough to be able to backtest the ratio. And I became totally disgusted quickly thereafter. Thank God I found goldtent/ rambus and figured something out about charting/TA in time to buy. I bought miners right at the bottom. I wonder how many of his subs & followers that didnt know TA, remain on the sidelines waiting for miners to make new lows?
Good for you Gary !
One MUST develop their own Charting and TA skills to make decisions in these markets
Learn to trade , don’t put blind faith in anyone . If after learning how this all works you see a piece of TA that makes sense…use it !
IF you can learn a TA method that you can understand and that suits your persona and stick with it
You will succeed more than you fail. It takes time and effort but for most here it is very fascinating and rewarding
ALSO you will learn to spot the genuine honest analyst and separate them from majority who are Neither.
Way to go Gary.
“IF WE CLOSE ABOVE $2000 by 2017.5 this may indicate bullish conditions for producers of gold who will see the price of their output increase. BEWARE: If they have hedged their future output at prices south of $1200, however, caution should be exercised until these hedges expire, which may possibly be around the dates indicated by our DAILY TURNING MODEL, which can be purchased for $5000”.
Remember too, this jackass said the world economy would fall off the cliff come April and here we are with the BDI at new 2016 highs. But never fear, he’ll somehow spin it and show you how right he was. What a joke. No wonder markets are bullish beyond belief the world over. DUH
http://stockcharts.com/h-sc/ui?s=%24BDI&p=D&yr=3&mn=0&dy=0&id=p94148872457&a=476389527
1) Perhaps you need to purchase a secret decoder ring from Mr Armstrong, Fully.
2) In defense of goldtent people who like him, perhaps this sort of thing has the function of a chanted mantra that gets rid of distractions (of which as EagleSeagle notes there are too many). Staring into the void of these pronouncements, they evoke a calm focus of insights that are actually their own. I am not being sarcastic. They may find this recitation a valuable tool, except that they ascribe value to it that is probably mainly their own.
Secret decoder ring. That’s it, Karl. LOL. Only problem is you have to buy it from MA and I hear it’s quite expensive. 🙂