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August 30, 2018 | Tough Love for Bullion Bulls

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

My latest gold tout amounts to tough love for bullion bulls, since there’s no point wallowing in disappointment when the technical picture is as yucky as it is now. Subscribers know that I can turn on a dime if changing conditions warrant it, but I’ve set the bar higher and higher to avoid getting sucked in by rallies that show just enough promise to make us feel good for a few days. It remains to be seen whether our fire-sale bid for New Gold shares will fill just above 0.50, but I doubt we are passing up a great opportunity to buy it at our original price, 0.94, a penny above today’s decade low

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August 30th, 2018

Posted In: Rick's Picks

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