CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
I cannot think of a more overrated pundit than Robert Prechter, one of the most well known proponents of Elliot Wave Analysis (a technical market tool WHICH HAS helped numerous people in their trading). Six years ago he and I were on the same speaking tour at a couple of conferences a year. He was mega gold bearish back then with gold below $300.
I will never forget him saying that if the price of gold took out something like $376, he would admit he was wrong and go long … predicting gold would go to $1,000. The guy pulled his long call and is still bearish. ALL his true believer followers have missed the entire gold move, and if they went short, have been buried.
Here is the latest from Prechter's Elliot Wave International on gold:
Gold Bugs: United They Fell?
3/14/2006 5:48:00 PM
On March 3, investors living in the Maple Leaf country of Canada spent their lunch hour huddled around the television waiting to see what should have been the financial Ali/Foreman boxing match of 2006.http://www.elliottwave.com/features/default.aspx?cat=ff&aid=2288