On February 22, I asked the above questions and gave some evidence that it would run into the 1200s (click here).
So, do we have answers to the above questions? Yes we do:
- Was Gold Overbought? ANSWER: YES
- How Far Will It Run From 2/22/2009? ANSWER: No where, that was an intermediate top.
Time for me to eat a little humble pie. But the article did begin with "I don't know how much credence what I'm about to present". I've been eating a lot of humble pie this week. On Monday I "called' (actually guessed) that the bottom was in. WRONG.
I guess one more thing. When I put the original 2/22/2009 post on a precious metals message board it got 30 "recommendations". This is a good gauge of how much people like to get information that confirms their biases even if it really doesn't have much to back it up.