Updated: Short Term Low in Gold and Stock Indexes and Covered Longs in Inverse Gold ETF – Why Am I STILL So Bearish On Gold, Especially Silver?

August 3, 2022-10:27 am traderscott The Entry Points Market Blog 0

9/2 update – gold sold off as I stated would happen in my bearish 8/3 post and has broken below 1700 to allow me to sell long in DUST ETF (inverse bearish ETF) and also to set up a low for longs – A SPRING SETUP – then AFTER a rally gold is going to head lower again mid month – chart #1 update below – click to view. And there will be a shorter-term stock market rally set for a lower high on bigger time frame (it is still a bear market) after mid-month, but good trading opportunity over next few weeks but first one more pullback to set a #3 type low entry – see chart #2 below –

 

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Original post from 8/3 –

More on all this later but when an asset is the most bearish on the planet – chart #1 below click to view – WHY would I want to buy it? And WHY would anyone EVER listen to the braindead goldbugs? Gold will have its day much later but there is ZERO technical reason to be involved now. I sold a bunch of gold in Aug 20, detailed here, and almost all my silver in Jan 21, and have stayed away since then.

 

 

 

 

In my gold post , and this one, selling right into the all-time high of $2070, in gold and the miners – was my explanation of why I sold a big chunk of my gold holdings – excerpt below –

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 1145 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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