The Kitco gold survey got replies from 27 of the monkeys with dartboards yesterday and the good news is that 2/3rds of them think gold is going to drop next week.
That’s good news for longs, because aside the fact they have a bad overall record in a normal week (e.g. let’s take last week, where 40.9% called gold higher, 31.8% and 27.8% called gold as tracking sideways, with the result a -3.28% drop for our benchmark GLD) , the contrarian aspect to their stupidities cranks into overdrive when they give out a strong signal (i.e. 50% or more of them choose either up, down or sideways). When it’s a strong signal, their record is just 9 weeks correct from the last 25. Yes, that says nine out of 25. Self-appointed, self-qualified, self-named experts have a 36% score rate when adamant about their call about the single thing they base their professional life around.
Monkeys. With. Dartboards.
So, bottom line is that things look better for the gold price next week.