Gold 50,000? Seriously? Did You Sell Gold At the All-Time Highs ($2075) On Aug 7, 2020? – Before the $400 Selloff?

January 1, 2022-10:00 am traderscott The Entry Points Market Blog 0

It has been a while since I have put up posts on the (free) front page of the website. I’ve moved to FL among other distractions the last few years. Over the next few months I will be releasing my private posts and real-time work done since my last free postings, and will attempt to keep them chronologically relevant:

Gold hit its all-time high on Aug 7, 2020 at $2075 – I did a good amount of selling at that time. Gold then fell to $1670. As my readers know, I despise people who claim they make money but provide no proof. Below is a position in NEM which I sold at around 8AM in the premarket, that caused all the partial fills to sell the 560 shares, the broker fills are included, along with the original chart plus updated charts. Click on images to see clearer.

NEM fell around 30% from the all time high where I sold into, $71.50. Would that have been worth me holding onto, as the idiot goldbugs would have wanted me to do. Because, you know, gold is going straight to the moon. Which of course it is NOT. It is only a market, there is no magic to gold, NOR to any market. NEM did rally to another high, but again a deep selloff followed.

I turned, CORRECTLY, very bearish on gold last year after the highs were hit. Those real time comments back then, with charts, will be posted soon. So what are my thoughts on gold now? I have a good feel for the overall technical situation, and where we are headed, along with when.

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About traderscott 1146 Articles
Trader Scott has been involved with markets for over twenty years. Initially he was an individual floor trader and member of the Midwest Stock Exchange, which then led to a much better opportunity at the Chicago Board Options Exchange. By his early 30’s, he had become very successful in markets, but a health situation caused him to back away from the grind of being a full time floor trader. During this time away from markets, Scott was completely focused on educating himself about true overall health and natural healing which remains a passion to this day. Scott returned to markets over fifteen years ago where he continues as an independent trader.

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