Larry: Trapped in hubris.

Larry's latest prognostication came out a couple of days ago. These are his proclamations:

1. The gold price is yet to hit bottom. Why? Because according to his calculations, it should have hit 1150 and instead it hit only 1178.

2. According to his cycle diagrams, the minimum will occur either on Oct 2,3 (if it goes below 1150), or Jan first days.

3. He now tells us the "I'm convinced" number is 1605.50 , instead of the previously ballyhooed 1422 -
this is the number where he is convinced that
gold is back in the Bull Market.

Let's look at the flaws in his arguments.

1. It is stupid hubris to think that one can determine precisely the number of the low in the Market.

2. The gold price exceeded the previous "I'm convinced" number set by Larry at 1422. He now acts as if that did not happen.

3. Note that Larry's cycle prediction numbers are out of phase with the actual gold price:

Let us now look at the actual gold price:

What the graph shows us is a reverse head and shoulders formation. This graph predicts a rapid rise to 1600 just around the corner.

Now, I have no faith in TA vs gold because of the wide-spread manipulation. (See articles on the subject at KWN). But, if the patterns indicate something, it is the coming increase in gold prices.