It appears that the ultimate low for Gold in this cycle has finally arrived. Two days ago, Gold briefly touched the $1075 level. If you sold at or before that point I believe you can now safely re-enter.
The most widely followed index of Gold and Silver mining stocks, HUI, also touched bottom on Tuesday after a slide of nearly 20%. I may have been wrong as to the ultimate bottom, but I do recall having mentioned that one must be prepared for a wild and woolly ride!
Therefore, IF you are out, it's time to jump back in! I would enter or re-enter immediately.
As to where Gold is headed in the near term, I have one word for you. UP! As I've said in previous updates, the form of the move is quite uncertain, however, we can handicap the possibilities.
Because of the utter shellacking Gold has taken over the prior 2 weeks, it is entirely possible that Gold will slingshot up like a rocket without looking back, but I tend to doubt that will happen. What I do expect is some form of pattern that will be characterized by a series of higher lows, prior to the yellow metal's final maniacal move to all-time highs.
The recent assault in Gold has been a thing of beauty. It has had the necessary impact of scaring the wits out of nearly everyone! The reason that's important is that too many people had been piling in. Now, they've run for the hills. Eventually, those folks will realize the error of their ways and re-invest. Mark Hulbert, who writes about such things, notes that the situation is quite conducive to a rally (http://www.marketwatch.com/story/sentiment-picture-rapidly-improving-for-gold-2009-12-23?reflink=MW_news_stmp).
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Since tomorrow is Christmas, I'll spare you my drivel for ONE DAY. I will resume my assault on your mental faculties immediately thereafter.
"Take me on" in the comments section below.
P.S. I intend to cover the topic of Obamacare on the 26th! Wish me luck!