PRECHTER SAYS THE EURO WILL “BREAK UP”, GOLD IS NO SAFE HAVEN
Prechter on Yahoo! Finance: “Even $1 Trillion Can’t Save the Euro, But Gold is No Safe Haven”
The euro’s recent loss has been the dollar’s gain, which means that it’s not the best time to buy the U.S. dollar. Meanwhile, the most popular alternative to currencies, gold, isn’t such a good buy either. Watch the second excerpt from Robert Prechter’s May 20 interview with Yahoo! Finance Tech Ticker host Aaron Task to hear what Prechter thinks is in store for the U.S. currency and gold.
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TA only goes sooooooo far….if it was cut n dried a fact we will all be on some carrribean beach instead of just me.
prechter has been as right about gold as rosie has about the DOW.
they will prop up the Euro for years(gold goes higher),when it does break up(gold goes higher), and the presses run everywhere(gold goes higher)
gold goes higher.
and yes, i will short gold on the way down,too
he was bearish on gold at $950.
friday’s slide dollar and gold BOTH up again…..de-reverse coupling, it now happens everytime the DOW tanks…..bullish for gold.
i guess i will continue to be the lone goldbug round here……don’t argue w/the market.
this is an investment play and maybe people buy it for the wrong reasons…….i don’t care why they buy it…….if there’s fear, there ought to be an investment for it…..there is fear and there is an investment for it.
we’ll sit down in five years and see who’s on the beach and who’s still pounding keys.
Although like everyone else Bob Prechter is not always right I’ve always enjoyed Prechters comments on the markets and he brings up some legitimate issues regarding the non-confirmations in silver and in the gold equities. It’s had me puzzled for a while and I suppose a 20% or 30% selloff wouldn’t be that much of a surprise. One way or another this issue needs to be resolved. But I like to keep things simple and it appears to me that when I look at a weekly chart it’s going from the lower left to the upper right. They tell me thats the definition of a bull market. This along with the continued disdain for gold that I see from the majority of readers comments on sites like this and by the majority of market commentators in the media who continually remind me that gold is just a useless piece of metal only good as a paper weight or door stop leads me to believe this gold bull market has a ways to go.
Heck, even the bulls are just gritten their teeth waiting for the day when they can short it (dreaming of endless riches when that day comes)!! If this is a major top or bubble as so many wish to believe it’s the strangest one I ever saw.
I am with boatman here.
What Prechter fails to mention is that during a recession or deflationary period, gold seems to hold its VALUE better than other investments.
It ain’t about makin’ skin right now – it’s about keepin’ it!
Why can’t people buy gold against other currencies? Oh right – they can. Also, gold has been rising right along with the dollar. Oops.
Precter doesn’t seem to understand gold. Its money pure and simple. But where most money is actually the property of a government, gold is nature’s money: no government, no inflation, no revaluation, no midnight printing parties. It yours free and clear, at least until you die and somebody else gets it. Can you eat it? No. But try eating a bowl quarters. (what the f@#& kind of question is that, anyway?!) When ALL the world’s governments have gone stark raving mad (which is right now), gold starts lookin’ pretty darn good.
Gold is looking good to you at over 1200 dollars a share? JUST NOW? I don’t really care much about gold going up with the dollar…to me that doesn’t signal inflation that just signals people think there will be a monetary collapse or some other disaster. If oil is going down and the dollar is going up that is good for me. Oil matters more to me than gold, same with food prices.
Interesting how he non-chalantly mentions at the end of the interview that we are headed into deflation and depression. I am a Democrat; however, Mitt Romney should have been President.
If everybody is “bearish on gold” then let me ask you this?
Why is each comment here bullish on gold? How about on zerohedge? How about on Faux News? What about CNBC? What about my barber, and my mother?
Nobody is really bearish on gold except for a few “outliers.”
Everybody and their mother seems to be bullish if you ask me.
Plus, look at the chart. TA suggests that a drop will come before August/Septemberish. (ascending wedge)
Prechter is just dead wrong, period. And he has been for some time.
He misunderstands the position we are in.
If you have a stack of one dollar bills, worth $1000, sitting next to a gold coin, worth $1000, which one would you grab first?
Take the coin. It would be purchasing more later, when the de-valued dollar is worth ten cents. The gold coin could buy ou a whole meal or a bag of groceries. The dollar would buy you the bag. Smart choice.