May

25

At the risk of covering my face with egg, I need to go on the record:

First the first time in years, I am not long gold.  I admit that I feel very naked — like I just got out of the shower and can't find my towel.

And I have no clue what gold will do next. $100 either way is a rounding error.

And I might trade around a tiny bit (until I find my towel.)

But my multi-year structural trade is over. And it won't be re-entered anytime soon.

I've been in this trade for years, and I promised you that I'd tell you when I exited. And I did. I didn't buy the lows. I didn't sell the highs. But it sure beat a poke in the eye with a sharp stick.

If I just correctly called the end of the mega gold bull market, please remember my brilliance. And if gold rips toward 2000++, please remember my stupidity.

Anatoly Veltman hints at future revelations:

Well I have a very interesting pattern that I anticipate in Gold this summer. I'll try to share it as soon as I have time to present it succinct manner.  

But game d'jour is EUR, which touched 1.2500 in the last hour - and bounced high! (knock-out option defense anyone?) I anticipate some shenanigans around this long weekend. Brings to memory EUR's first ever crawl up toward 1.5000 -just to punch thru with a huge gap smack between the NY banking close and Asia's open!!
 


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