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Man the Lifeboats

By Ilene
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Courtesy of Michael Panzner of Financial Armageddon

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(Image: source)

Those who’ve read my books know that I am a long-term fan of gold and other precious metals. Nonetheless, I am a trader and a contrarian at heart, and it always makes me nervous when, to paraphrase Jim Rogers, everybody seems to be on one side of the boat. Right now, the list of those who are positive on the sector looks to be growing by the dayhour, including:

  • Wall Street analysts (their pitiful track record as a group speaks for itself)

  • Small investors (including a gaggle of late-to-the-party newbies looking to join the rush)

  • Central banks (a group which has largely been avoiding the metal for years)

  • The media (a number of which are rushing out special reports on gold investing)

  • Overseas investors (including the Chinese, who tend to be trend followers rather than trendsetters)

    • With all those bulls around, I’m wondering who is left to buy (in the short run, at least).

    Man the lifeboats? 

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