David Bensimon January 2013 Predicts $2600 Gold by 2014
posted on
Nov 02, 2013 04:49AM
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He was definite and sure about this then. But now in his latest Kitco interview, posted by Baires a couple of days ago, he's changed his mind and says $2600 gold won't happen until 2016. His latest rationale is that $1360 a few days ago was the fulcrum of the teeter totter and whatever direction the pog went from there would continue either up or down. Since the price dropped from $1360 in the past few days the target is now $1090. In the interview posted by Baires he said he couldn't predict the direction price would go, but he could predict the target point, which now is $1090 on the downside.
He does make some sense but for me the misses of these guys in their longer term charting (more than a few weeks) reinforce the idea that the markets are manipulated; and the charting that he does over the medium and long term is pretty much irrelevant since he basically can't capture the big picture. Last January he was not very confident about his predictions when challenged by the interviewer (who was very good), so I'm not sure what makes him more confident now, he certainly completely missed the big drop in April by a big margin. Maybe short term charting is more accurate? if you think so, check this out by Morris Hubbart.
http://www.321gold.com/editorials/sfs/hubbartt110113.html
If not, here is David Bensimon in January 2013 - 9 months ago. This will confirm the view that he is just flailing like everybody else, though I think at least he is honest, unlike most.
http://www.youtube.com/watch?v=J_M9ywUBGTU
I have had a lot of respect for David Bensimon and Polar Pacific, which is why I looked into this, but as I say, now not so sure about his accuracy, but like his integrity from what I can see ... Ike