By Tim Knight
A couple of weeks ago, in a rare moment of self-awareness, I wrote a post called Bullion Buffoon, in which I mentioned my nearly Gartman-like levels of bad timing with respect to bullion, and that…….
This is on my mind for obvious reasons – – gold has been steadily ascending lately. It’s had a good 2017 in general, but the North Korea situation has been particularly good to it, prompting me to have that “I should buy gold” feeling.
The correct conclusion, of course, was that since I was getting that special itch, gold had probably topped for the moment. Of course,I had to overthink the situation and declare that since I was NOT acting on that feeling, then gold would keep going up (e.g. “woe is me”). One is reminded of the scene in Princess Bride and the poison dilemma.
In any case, my bullion buffoon indicator was almost spot-on, as we can see:
Self-effacing self-awareness aside, I will at least mention that the USD/JPY and its shooting star are looking awfully reverse-ish, and if it does head lower, then gold’s bad streak will end.NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.