Calling Tops and Bottoms
I started buying gold in 1969 while I was in Vietnam. I looked around at the cost of the war and said to myself that we weren’t paying for it and that had to end poorly. I sold way too early, about mid-January of 1980. The top of course was January 21st, a week later with gold at $875 and silver at $50.25. I did say we were at a top on the 18th.
I became a commodities broker in 1984. The company handed me a box of contact cards from former customers. I went through them and found all the cards for the people who invested in the November of 1979 to January 1980 timeframe. Without exception, all of them were up with tremendous profits and lost it all by never selling. It wasn’t the bears who lost money in the 1979-1980-bull market in silver and gold, it was the bulls. Because they listened to the cheerleaders who told them to buy at the top.
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