Cortopassi wrote: ↑Wed Jun 05, 2019 1:16 pm
I know. Except... it's not a couple hours. It's been years. My average price in my gold holdings is $1349. Started buying in 2008. Beating my chest in 2011. Been 8 years of false hope since. Gold's resistance happens to match my average.
In the PP for 5 years, I have only been able to very minimally sell down gold in early 2019 to buy other assets for rebalancing.
But I care less and less.
Assets go on multi year, sometimes multi decade, cyclical trends. You bought at the tail end of the last cyclical uptrend in gold. That sucks, and I feel for you. But, you are already lumped in and you're doing the right thing by being patient and waiting to rebalance. Gold will break out eventually. When it does, it will likely go on one of the multi year bull market uptrends that it's known for. When that time comes you'll be able to rebalance and take profits. On the long term trend, it's been consolidating in a bullish wedge formation since 2013 and that wedge does not come to a point until around the 2022-2023 time frame. So, in all reality, it could continue to keep consolidating for quite a few years. But eventually it will break, and the longer the consolidation the stronger the break. So, both the short term, and the long term look bullish. I personally am about as bullish gold as I can get. I think that in 2029 when we look back we will see that gold was the asset of the decade vs stocks and bonds (I'm curious to see what crypto does as well). We may not break out this time, the sellers may win again. We will have to see. I think a lot is resting on both stocks and the Fed. If stocks sell and the Fed lowers rates (bringing the dollar down) then that should be enough. Hell, even just the Fed cutting the predicted 50bp and stopping QT might even be enough in itself to do it regardless of what the stock market does.
Either way, all signs are positive in the gold market right now. So this should not be a day to be upset.