Even my children were asking if it was time to finally buy gold and silver.
Readers to my various investment publications? They wanted my head on a silver platter.
They thought that they had already lost their chance — forever — to get in low as gold ultimately works its way to well over $5,000 an ounce over the next few years.
And in the mining sector, everyone pretty much felt the same. They wanted to line me up in front of a firing squad and pull the triggers themselves.
But I stood firm. I told them — in no uncertain terms — that “gold isn’t going to $5,000 an ounce tomorrow.”
And I told them that the precious metals, all of them, were headed toward a major failure instead, and that the next big move would be to the downside.
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And for proof, I also showed them my Artificial Intelligence and neural net models for gold at the time, reprinted here.
As you can clearly see, the forecast called for a virtually straight move down for gold into the end of May, with gold likely to test prior major resistance levels at much lower prices.
So here we are today and gold has given up the ghost, plunging over $65 since its high of $1,306 (June futures contract) on May 2.
Now sitting just above my next sell signal at $1,241 …
If gold can break that level on a closing basis, the precious yellow metal should fall to at least $1,202 … and if that gives way, then down to the major long-term support levels between $1,160 and $1,180 …
Where I will be backing up a fleet of trucks, telling anyone who cares to listen to buy as much gold, silver, platinum, palladium AND mining shares as possible.
My trading readers will be in even better shape.
They are short gold and silver with inverse ETFs and if the metals continue to slide, as I expect they will, my readers will have some pretty hefty profits that they can use to purchase even more precious metals and mining shares, when the bottom does come, early next month.
That will put them way ahead of the likes of George Soros, who lately has become nothing more than a gold promoter trying to save his own neck for buying at the wrong time.
Or Stanley Druckenmiller, another big hedge fund manager who’s talking up gold, all because he loaded up too soon and he figures the publicity he could garner just might help him get out of a bad trade.
Nice try, guys, but you aren’t bigger than the gold market, or any market for that matter.
So don’t try to cover up your mistakes or promote your position to others so they start buying what you want to dump to escape your own mistakes.
Where I come from, that’s a no-no, regardless of how much money you have or who your connections are.
If I sound critical of others, so be it. I’m sick and tired of all the gimmickry and shenanigans that go on in the precious metals markets.
They cost the average investor billions in untold losses.
They steer them the wrong way, like sheep to a slaughterhouse, which is a big part of what Wall Street really is.
Not me. I left Wall Street early in my career and set up my own boutique commodity firm because I despised the unethical behaviors I saw, right in front of my face.
I wanted nothing to do with them.
And today, I’m one happy camper with a beautiful wife and five fantastic children.
I don’t make up stories about why a market is doing this or that.
I tell it like it is, I forecast based on objective, Artificial Intelligence models, I’m not afraid to be wrong, and most of all …
I help my followers get their timing right. And timing is everything.
Keep your eyes on the precious metals. If they continue lower into early June — as I expect they will — then also be sure you’re ready to make a fortune, possibly several.
This article is brought to you courtesy of Larry Edelson.