Gold to reach $682 soon: + $110 from current levels

From: http://www.jsmineset.com/

The burnt to a crisp naked shorts are all that remains after today’s rise in the gold price directly off $529 plus 3% or $544.87.

It is a compliment of sorts to know that the opposition reads this site which is one of the greatest risks of being too specific.

This is the same kind of action that has existed at every key bull point in my gold trading experience. I am now even more convinced that gold is in the process of going to $682 very soon regardless of anyone who has not given their blessing and permission to the market to achieve that milestone.

You talk about gloaters. The top callers were ecstatic yesterday. Now look at today as these egocentric goofballs have once again made fools of themselves.

Monty and I reviewed an excellent discussion that was in the publication “Market Intelligence Report.” This publication is an institutional strategy report and a "must subscribe" if you can afford it. This one is not a give away.

They have correctly given us the next major HAMMER to hit the US dollar squarely on head even thought that is my conclusion, not theirs. They do not argue against it but focus their comments elsewhere.

The ultimate straw that will break the camel’s back is the outrageous increase of 331/3 percent in the last fiscal quarter for the cost of interest on the national debt!

Fiscal mismanagement has finally reached the level of no return. The US can simply NOT afford either higher interest rates or any turndown in business activity that would kill US Federal tax receipts. Anyone that entertains the theory that Professor Bernanke is going to be a real inflation fighter is bonkers in my opinion.

Gold has $682 written all over it. I reiterate that once gold has risen above $529 you hold your position and cease your trading activities. The key number after that becomes $544.87. Now that we have had two manipulative assaults on that price fail miserably, the naked shorts will be running for cover given any opportunity.

Turn off your Financial TV channel or approach it as if it was on the comedy channel were gold is concerned - maybe where everything is concerned these days.

I love to hear the gravel voiced traders that are dragged out of the trading pit by Financial TV to interpret every market event. The amazing thing is that some of you really listen to these knuckle draggers and believe they known anything. They are geniuses in knowing what markets will do in the next 30 seconds but "economic experts" - give me a break!

The only rational voice on Financial TV is my former partner, Ira Harris. Listen to him. His favorite saying concerning a market is not to oppose its natural direction. That means that standing in front of a financial locomotive is dangerous to your material wealth.

As I see it, gold is locomotive ..682 coming down the track at the naked shorts.

Click here for today’s action in the gold and the US dollar.