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Re: Triple Tops

By: Decomposed in 6TH POPE | Recommend this post (0)
Thu, 04 May 23 12:20 PM | 37 view(s)
Boardmark this board | 6th Edition Pope Board 		Msg. 42241 of 58534
(This msg. is a reply to 41618 by Decomposed)
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Re: “We are either going to see a triple top in gold in the coming two weeks... or we won't.”
- Decomposed, April 6th  

That was more than three weeks ago, and we still don't know if a [rare] triple top has formed. Gold can only hang around $2,000 for so long. It'll eventually decide what it wants to do and move one way or the other.

My take on yesterday's comments by Fed chair Powell is that the Fed would like to continue raising rates, but doesn't dare... probably due to the risk of more bank failures. So, the Fed won't respond to further inflation. That's an argument for owning gold. Its price should rise with further inflation. You can see from the chart below that it already has - in anticipation of what's to come. But until we see $2,100 (or $1,900), I don't think the 'triple top' verdict will come in.







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Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months

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The above is a reply to the following message:
Triple Tops
By: Decomposed in 6TH POPE
Thu, 06 Apr 23 2:19 PM 		Msg. 41618 of 58534

Every trader worth his salt knows that 'triple tops' are exceedingly rare. We are either going to see a triple top in gold in the coming two weeks... or we won't.

I know which way I'm betting.


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