Wednesday, November 25, 2009

Gold ramps again

Remember Brian Belski telling us that gold was a sale at $1050? How it was overowned? How that trade was as crowded as the tech trade in the go-go years? In fact, gold closed at $1040 that day. And Brian was just, shall we say so "ernest" in his pronouncements.

At least, you had the antidote to Belski. The next day. Here. On this blog, touting gold despite his ernestness!

And once again, ernest doesn't get you jack!

Today gold is at $1180. Now granted, we know Belski doesn't understand the gold market. And he was just a pimp trotted out on CNBC touting the party line--but he was the face of the Wall Street con touting gold down because the Street was short.

And the shorts are getting a little scrambled. Especially with their delivery games!

Remember this piece just three weeks ago? With gold having a $1300 short term target?  I guess it doesn't look so foolish now, does it!

So where did the gold go?

Well, yesterday, the White House had the State dinner, and Michelle looked lovely in her golden dress. I guess some gold went there.

But where is the rest of the gold? I hear only Bo knows--and he ain't talking!


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