More Selling Ahead for Streettracks Gold Shares (NYSE: GLD) Says Market Timer Frank Kollar
November 18, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) have lost some 27% since they topped out in March 2008. They are likely to move much lower.
Aside from the fact that we are in the midst of one of the worst financial crunches since the 1930s, gold bullion continues to lose value. Despite the fact that governments are throwing inflation concerns to the wind in their rush to prop up economies with ever lower interest rates, gold continues lower.
But the real nail in the coffin is gold stocks. Gold stocks have now declined 67% since their 2008 highs. This alone is enough to forecast that continued weakness in Gold Shares is ahead.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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