This is an excerpt from ‘Graceland Updates’, a daily newsletter that I am subscribed to by Stuart Thompson.
When gold was $500, did you think you would feel this horrible at $1600 gold? Well, please throw your pipedream of how you will feel at gold $3000 into the garbage can. This gold bull will only get tougher, not easier. The feelings of horror will intensify many-fold. Embrace the coming horror, so you get richer, rather than stupider.
Pete Grandwich took on 3 gold bears, but he made an error. He bet three dollar bugs a million dollars, rather than a block of gold. The bugs responded with blab because that is their world. Don’t operate in their world. Operate in the punisher’s world.
I told you the gold punisher is on the offensive now. You need to follow that offensive position in action and thought. Don’t answer to dollar bugs. Order them around. Don’t bet dollars with a dollar bug. Bet ounces. Don’t give one inch of ground to the maggots. Do the banksters give you anything? No. So don’t you give any ground to any dollar bug. None.
Let the dollar bugs know it is a battle and they are going to the breadline. There is no ‘unless you buy gold, you get poorer‘ story to be told to them. There is only beating them up. Once they realize you only laugh in their face, they will start to listen. Beat them into the dirt. So they learn.
You need to show your opponents strength and dominance, or they will continue to dominate you. Do not defend gold. Never answer any question if it involves defending gold. You don’t defend. You destroy.
Sorry, but the age of analysis is long over. Do not analyse the grid, or your fears. Turn your mind off, and your vacuum on.
It is battle time in the oil market. Oil is down about $6 from the highs. That is a microscopic price sale. You have watched the gold triangle broken and so it is tempting to think that the oil h&s will therefore be destroyed too.
Try not to make guesses about what may or may not happen. The h&s suggests oil is going higher. It does not suggest you should buy it because of that h&s.
You buy triangle failures, analysis failures, and massive price weakness. If you cannot buy it, you endure it.
Gold is surging towards $1600. The banksters are already booking profits on what they bought into $1570, but lightly so. Still, the mindset must change from buy to sell, on the first tick up in price. That is the mindset of the banksters, and it must be your mindset. Likewise, on the first downtick, your mind must go back into buy mode.
When you move from a mindset of active trading, to one that will see you survive the coming increase in volatility, trading less, and holding out for bigger gains, you are going to have to put aside the news a little more strongly.
Price will continue to gyrate, and news will continue to issue reasons why that is. Gold lease rates are interesting, but they do not rule what gold is.