I turned on Fast Money tonight and the first thing out of their mouths was of course the monster rally in gold. But did they think this could be a real rally? Of course not! Immediately all 3 traders dismissed it as a fake rally, and that gold was going back to $1200. Now remember this is the same network that was pumping out negativity on gold last December, including attacking Frank Holmes for recommending gold, when gold was making one of its major bottoms in this bear market. This is the same network that in November of last year started pumping Bitcoin as a good buy when it was making a major top and was going to be cut in half in the next few months. This is also the same network that for a month straight in December 2012 had a fiscal cliff countdown that was supposed to spell doom for the stock market, but instead stocks went on to a historic run in 2013.
Now if you tune out the noise and pay attention to the price action, you’d know that gold mining stocks have been making big moves on volume for the past 2 weeks, ever since the gold breakdown failed to follow through. I’ve been covering that daily on this blog. Failed moves often produced fast moves in the other direction especially at the end of bear markets. If this is the end of the gold bear market, which it looks like it is, then you want to be on board and ignore the naysayers. And there are plenty of naysayers after this devastating gold bear.