To Anyone Who’s Still Bullish on Gold:
It’s time to surrender and let the yellow metal fall to its bear market low
by Howard Gold
Published: July 23, 2015 8:44 a.m. ET
For some years, I have watched with puzzlement as you held on to gold out of deep affection and conviction.
Gold clearly peaked above $1,900 an ounce back in 2011. Since then, its trend has been down, with a few rallies you must have found reassuring.
But on Monday, gold tumbled to around $1,100 an ounce, its lowest price in five years.
When a stock, market, commodity or currency continues to hit lower lows and lower highs, what do you call it? A bear market.
When that happens year after year, for four years, what do you call that? A secular, or long-term, bear market.
The last secular bear market for gold lasted 20 years.
A secular bear is what gold is in now.
The charts tell the story. So do the money flows: Professional and retail investors are fleeing the SPDR Gold Trust GLD, -0.27% like rats from a sinking ship. Its gold holdings have dropped to just above 22 million ounces, the lowest since 2008.
more:
http://www.marketwatch.com/story/an-open-letter-to-investors-who-are-bullish-on-gold-2015-07-23?siteid=nwtam
DO SOMETHING!
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