… with little end in sight to its appreciation. Meanwhile, unsurprisingly after a suckers rally (with the bulk of it computerized HFT algorithms), the stock market casino took a dump again (wash, rinse, repeat churn of computers trading amongst themselves creating wealth for some and destroying it for others). True price discovery in this rigged market has turned into a crap shoot.
Also, a few days before the S&P downgrade, Jim Sinclair was interviewed in London about his prediction of where gold was heading and some of the rationale behind its upwards trend. His $1,764 price target (at which point he says that its price level could grow exponentially) was unsurprisingly breached the other day because there are more than enough people on the outside (myself included) who knew from long ago that the emperor has no clothes.
