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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.
For all the latecomers who rushed into precious metals just because it’s what Everyone Was Talking About, they’re probably a bit shocked to see all the red. Gold has sheared off hundreds of dollars in just the past few trading days. Would that equities take a hint and do the same thing!
Yesterday, I came THIS close (holding fingers very closely together) to buying PALL (the palladium ETF) only because I want to own this and figured that it was at least cheaper than it had been a couple of days prior. Luckily, the moment I glanced at the gold and silver charts, I dropped that notion, because it’s going to be a while before precious in general is cheap enough to be appealing. (Indeed, /PA was smacked down about 7% earlier this morning).
Long-term, I think precious is going to absolutely smoke stocks, as it has already been doing for a while. Short-term, I think (and hope!) precious metals gets absolutely bitch-slapped, since it needs a deep and healthy retracement and, selfishly, I’d like to pig out on palladium like a – – like — – like a pig that loves eating palladium.
