Kitco’s monkeys with dartboards again get the call wrong.
Last week 57.1% of the “experts” surveyed said gold would drop (with 33.3% saying it would rise, 9.5% remain unchanged). The result for the week was a 0.55% gain on the price of gold, as measured by our GLD proxy. This means that the running total on our 33 weeks of coverage is that they’ve been right just 13 times. Also (probably more significantly), of the 23 occasions they’ve offered a strong signal (i.e more than 50% in one of the three options) they’ve made the correct call just eight times.
Monkeys. With. Dartboards.
It’s about time Kitco gave us the names of these dumbasses, so we can avoid their other market forecasts like the plague too.
Meanwhile, bad news for the gold price in the week to come: 63.2% of these jokers are calling it higher this time next week. Fear the worst.