Hero or Goat
John MackenzieI suppose one could hang enough wallpaper on a condemned house to make structurally sound for awhile. Unfortunately, our house is falling down having been papered over far too often.
The United States Dollar aka. Federal Reserve Note has ended its bull market. It has done so convincingly. 82.48 - 82.52 should not be exceeded again for more than a few days at most.
The Dollar is Dead on Arrival. The above 240 month simple moving average will serve as resistance and a cap on any further Dollar fraud by Global Central Pranksters.
Gold is going to reverse and quickly assault the 50% retracement level of the entire bear market @ $556 - $558. Jim Sinclair's got it spot on this time, although were it not for overt intervention, I suspect he would have been proved correct a very long time ago.
I must apologize for any confusion surrounding my previous missive. Judging by the amount of email received, it was confusing to many. Again, my sincerest apologies and I will certainly do a much better job of effectively communicating my opinions in the future. I have done my best to answer each and every email in the most clear and concise manner my time would allow, again, please accept my apologies for any confusion.
Gold has hit my retracement targets prior to reversal; 424.40 - 433.30 are effectively still open, but not much longer.
Tomorrow (Thursday, 9 December) is Z day…and my 72 hours are up!
Choose to believe or not, a healthy degree of skepticism is always prudent and healthy.
We are setting up to run and run very hard. But please do remember to sell the public's entry into gold and gold shares. I suspect we will begin a dramatic collapse in all equities once this last hurrah has concluded with a frenetic blow-off.
We are heading up the "Domed House" and it's going to be a very long slide back down.
It will then be time to sit back, having moved safely aside, and wait for Gold equities to begin a massive sell-off. I project this to be in excess of 90% losses to those holding Gold Shares. Protecting your hard earned capital will likely require preservation through Hard Assets. Precious Metals would be my choice.
Prepare for more volatility in our favor.
December 8, 2004
John Mackenzie manages private capital and hosts a gold forum/investors exchange on Yahoo! groups.
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