Robert Prechter is at it again …
The price of gold could drop 40 percent from its all-time high because of bearish technical momentum and deflation amid a European debt crisis, said Elliott Wave International President Robert Prechter on Monday.
Prechter said at the Reuters Investment Outlook Summit in New York that recent readings of gold market psychology showed a 98 percent bullishness in the metal, the highest ever recorded for any physical commodity.
XX Sean’s note UPDATE – On second reading, I see that Robert Prechter is just restating his view from January for a 40% correction in gold. He was wrong then, and the odds are he’s wrong now. In fact, it’s a bullish indicator when he makes these statements.
While I’ve been expecting a brief pullback in gold — indeed I was hoping for one as a set-up for my brand-spankin’ new gold report that is coming out Friday – I’m okay if we don’t get one soon. I’m happy to follow the big trend in gold, which is up.
Related Posts
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- Transcript for 4 Bullish Fundamentals on Gold (05/25/10)
- Bullish Dollar has Stocks and Commodities on the Run (06/15/09)
{ 5 comments… read them below or add one }
I agree with John.S , me too got disappointed over the analysis. Your title looks so informative but the analysis is mere a comment on another expert opinion.
What a weak piece of analysis, useless in fact, just because you disagree with one commentator’s view you feel that constitutes one of the most bullish indicator you have ever seen?? Inane view points like that marketed with such a strong lead title totally undermines any credibility you might have as an analyst.
Just my view but I won’t bother visiting your site again or read your ’spanking new gold report’ as I would now have the expectation that your views are likely to be pretty shallow
Goodbye, S John. You’ll be missed. LOL!
Great work Sean! Prechter has been wrong for a while and has cost his subscribers a lot of money. I respect his work but his application of elliot wave to the real market is ineffective. I got similar comments on my blog when I wrote about the bullish gold cup and handle. Keep the faith Sean.
Hi, TRL NARASIMHAM, A) I never said it was analysis B) I have analysis about gold elsewhere on this blog C) my paying subscribers get a LOT more of my analysis of gold and why I think it is moving the way is is and D) you’ll have to admit, Prechter appears to be wrong on gold — again. Have a good Sunday. Vamos, Argentina! (we have friends from there). SB