Posted on 08/30/2011 5:54:20 AM PDT by blam
Gerald Celente Disses Roubini After Moving 100% Into Gold
Gus Lubin
Aug. 30, 2011, 6:21 AM
Image: KWN
Notorious trend forecaster Gerald Celente has been fairly accurate of late, predicting a double dip and revolutions around the world.
He drops some more wisdom in an interview with King World News:
“What did Roubini say? Gold would be lucky to go to $1,100 an ounce. Where is it now? Flirting between the high $1,780s and $1,900s. There are a number of people like myself and others that believe it’s going much higher. You know I used to be in Swiss Francs (along with gold), I am not in Swiss Francs anymore. I got in (Swiss Francs) about a year and a half ago and did very well, but I’ve transferred everything I own into gold, I’m now totally invested in gold.”
More at KWN.
(Excerpt) Read more at businessinsider.com ...
Gus Lubin
Aug. 30, 2011, 8:28 AM
A sharp move higher in gold in the past hour. Still down from Friday, however, and a long way from $1900.
This was around the time Charles Evans of the Chicago Fed told CNBC that the economic data had been soft. He sounds like he favors more QE.
FOMC minutes will be released at 14:00 ET.
Almost never mentioned is the fact that the players on the field are the second or third teams.
Come September, the first strings will return tho the game.
You know, one of the things about financial reporting is the failure to differentiate between fundamental market moves and trading fluctuations. A $70 drop out of $1900 is less than 4%. This is a daily price fluctuaion, not a market reversal.
The problem with everyone predicting market moves is that everyone grossly underestimates just how much money the FED will print and pass around. They have been supporting markets for years. The more they print in excess of actual GDP growth, the more the price of gold has to go up. You cannot blame Roubini for failing to predict how fast they would print. Of course, since there is no real limitation on the number of computer bits they can generate these days, there is not limit on how far up the value of gold can go in US$ terms.
Dear Ben,
Please print us more money. We want you to prop up the stock market.
Everybody knows it's a Ponzi scheme that will collapse without your support.
a long way from $1900.
I’m not predicting, just noting that being 3% off the peak isn’t that far down.
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