Meltdown of Weiss Research recs.

If you followed the recs of Weiss Research, you had a tuff time. Going back to the Million Dollar Portfolio, and recently the $159/bbl oil shock (which did not happen), the breakup of the EU and the BUY signal on Larry Edelson's gold chart, You wonder how an organization can get so many things wrong. Perhaps the reason lies in the skepticism expressed by Larry that the Gold Market is manipulated. The FED is printing money and part of the money they create is used to control the price of gold.

This bring us to the latest call from Larry: that the sky is falling. Larry now claims that his BUY signal on gold was not really strong and now declares that gold might hit $930 by January of next year. Let's look at the graph!

There is no doubt that this is as severe of a takedown as we have seen. Let's now look at gold prices in a more extended basis:

What we see is that gold is heading to a triple bottom and it is almost there. We would have a triple bottom if gold got to something like 1,150/oz. In any case, the chart signals a turnaround in gold price. While, Larry admits that, he now says that gold is back in the Bear Market and will continue to fall. Whatever is your reading from the charts, Larry's recs have turned uncertain.