OK, I’m going to throw some shade directly at myself. Tim Always Chickens Out. There’s your TACO right there. Because early today, I took four-figure profits on PALL and am done with it for now. Why? What about the amazing long-term pattern?
As always, I’ll level with you. I look at this chart of gold, and nothing about it says oversold, beaten to smithereens, or any other expression which indicates it is at a safe price.
I look at silver and draw the same conclusions. I wouldn’t want to own EITHER of these right now.
Having said that, I cannot picture a situation in which gold and silver get pummeled, and palladium just watches from a safe distance and is unaffected. I want to buy PALL at a great price, even though, long-term, it probably doesn’t make much difference whether I just held on to it and endured any dip or, as I’m doing now, decide to be patient and strap in and wait.
What would a great price be? I’d say around that $115 gap. Support is much more solid there than at these levels. Maybe I’m wrong, and maybe PALL will once again shoot into the sky without me. However, I wanted to take my profits and try to dig up any morsels of patience that are buried within my personality. I got lucky with this profit, I think, and the risk right now is just too high.
