[quote=Eugene
Gold should have crashed below $600 last winter, in proportion with other metals, but the fact that there’s virtually no industrial demand for the metal, and the fact that the existence of GLD allowed gold bugs to scoop up the excess gold on the market (absorbing 500 tons in 6 months), postponed the inevitable crash.[/quote]
I love it. Gold “should have fallen” last winter. Or rather, you THINK it should have fallen. The Plunge Protection team has clearly lost control of the metals markets now. Their manipulation efforts are seriously unraveling. I always knew this day would come – just wasn’t sure when. Eugene, I bid you good luck with your gold short positions. In about 6-12 mos, you are really going to take it in the shorts 😉 COMEX has sold more paper metal than it can possibly keep track of, and when deliveries are called for en masse that can’t possibly be accommodated – when the numbnuts on CNBC finally realize that the dollar is dying and it ain’t coming back – you will see metals rise to new highs. Frightening highs.
I didn’t think you’d take my bet, BTW. That is telling, IMO. I, on the other hand, was willing to put $300 down via PayPal, and am still willing to do so. We can talk and talk to till the cows come home, but the strength of your conviction (or lack thereof) in a coming gold crash is belied by your unwillingness to put any money on the line with me.
