Gold Bulls

You know how we have commenting on gold? You can't turn on the TV or radio without being bombarded with some ad to buy gold. Of course the ads all tell us that we need to own gold because it has gone up 200% in the last few months and has lots more room to grow!

That's usually a sure tell sign that the investment it about readly to tank.

Now this headline hit the waves today;

Gold could fall 40 percent from peak: Prechter

(Reuters) - The price of gold could drop 40 percent from its all-time high because of bearish technical momentum and deflation amid a European debt crisis, said Elliott Wave International President Robert Prechter on Monday.

Prechter said at the Reuters Investment Outlook Summit in New York that recent readings of gold market psychology showed a 98 percent bullishness in the metal, the highest ever recorded for any physical commodity.

"In terms of timing, the time to get excited about gold was back in 2001 when no one wanted it, and now everyone seems to want it, so I don't."

See it here; http://www.reuters.com/article/idUSTRE65652L20100607

Did you catch that, "...highest EVER recorded for any physical commodity"? Wow!

It seems that Prechter agrees with us....the fact that everyone now wants gold is a sure sign that we don't want it.

It's funny when you picture greedy little lemmings running around in a state of confusion. First they ran off the cliff of tech stocks in 2000 after hogpiling into them for 6 years, then they ran into real estate for the next 6 years until that fell off a cliff and now they are running into gold....always chasing somplace or something they wished that had bought LAST year!

So logic tells you that gold will be the next thing to fall off a cliff.

It almost becomes comical and sad to watch mankind charging after wealth and money....fully believing that the pursuit of money is the NUMBER ONE GOAL of life on earth.

How surprised millions will be when the trumpet blows....and they realize they have been running the wrong race chasing the wrong prize.

Pray for the harvest...as the workers are few.