This is not investment advice, only rambling thoughts from a economic ignoramus.
I wanted to buy in to the gold rush. I kept reading it on all of the doomer websites, and from other conspiracy theorists. I just never made the call to my broker or joined an online gold purchasing site. I pictured having physical gold on hand (for emergencies).
The goldbugs got screwed over the past few weeks. The market is buying dollars again, after the Euro zone has started to contract. Some kind of intervention may or may not be taking place. Regardless, this chart gave me pause.
Looks very bubblicious to me! I am no economist (believe me, other than listening to CNBC on Sirius, and reading Mish, I have absolutely no training in economics), this is not investment advice. I do know what a "double top" in a market is, and I think that that is a picture perfect version of it.
Like the X-Files, I still want to believe. Perhaps there is a magic number on that chart that will start to look attractive to me and to other investors. I'll let you know if I hop on the gold bandwagon. I just feel bad for the few doomers out there that might have been suckered into dumping a fair bit of their life savings in gold, only to watch 21% of it evaporate since March.