{"id":7890,"date":"2010-03-24T09:04:36","date_gmt":"2010-03-24T13:04:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=7890"},"modified":"2010-03-24T09:04:36","modified_gmt":"2010-03-24T13:04:36","slug":"bob-prechter-reveals-the-most-dangerous-gold-silver-myths","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/24\/bob-prechter-reveals-the-most-dangerous-gold-silver-myths\/","title":{"rendered":"Bob Prechter Reveals the Most Dangerous Gold &#038; Silver Myths"},"content":{"rendered":"<h3><span>A FREE report keeps you on  the right side of precious metals<\/span><\/h3>\n<h3><span style=\"font-size: x-small;\">By Nico Isaac<\/span><\/h3>\n<p>Right now, the gold BULL-ion bandwagon is more crowded than a  New York \t\t\t\t\t  subway train during rush hour. But before you squeeze your way  into the \t\t\t\t\t  crowd of passengers, you should know one thing: Those steering  the course \t\t\t\t\t  are using outdated maps based on ill-conceived notions and  illusory hopes.<\/p>\n<p>Where can you get better information about gold and silver? Take  a look \t\t\t\t\t  at the latest <strong>FREE <\/strong>resource from Club EWI, the <span style=\"text-decoration: underline;\"><strong><em><a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=9cp&amp;rcn=aa85&amp;dy=aa032310&amp;url=\/club\/gold-silver\/default.aspx?code=32541%26ARTICLEID=1330\">Gold  \t\t\t\t\t    and Silver eBook<\/a><\/em><\/strong><\/span>. This riveting, 40-page eBook pools  the recent \t\t\t\t\t    and archived writings on the precious metals by EWI president  Bob Prechter \t\t\t\t\t    himself. The result is a comprehensive collection that spans  the last \t\t\t\t\t    four decades of gold and silver history to expose the most  dangerous \t\t\t\t      market myths. Off the top is this familiar bit of &#8220;wisdom&#8221;  from the school of Alan Greenspan:<\/p>\n<p>It is impossible to foresee the end of major trends in \t\t\t\t\t  precious metals<\/p>\n<p>BEFORE they occur. Hindsight is foresight.<\/p>\n<p>NOT SO, says Prechter. Since gold and silver established \t\t\t\t\t  their all-time record peaks in 1979-80, he has stayed one \t\t\t\t\t  step ahead of the metals&#8217; history-making turns. Here, Chapters \t\t\t\t\t  2 and 3 of the <span style=\"text-decoration: underline;\"><strong><em><a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=9cp&amp;rcn=aa85&amp;dy=aa032310&amp;url=\/club\/gold-silver\/default.aspx?code=32541%26ARTICLEID=1330\">Gold   &amp; Silver \t\t\t\t      eBook<\/a><\/em><\/strong><\/span> offer up the following excerpts from Bob&#8217;s  earliest writings:<\/p>\n<p><em><strong>Silver<\/strong><\/em><\/p>\n<ul type=\"disc\">\n<li>November 18, 1979, <em>Elliott Wave Theorist <\/em>(<em>EWT<\/em>)<em>: <\/em>With                         silver prices hovering near $20\/ounce, Bob  wrote: \u201cIf                         my wave count is valid, silver can be expected  to drop                         back down to between $4 and $6, $3.20-$3.49 some  time                       in the next decade.\u201d<\/li>\n<\/ul>\n<blockquote><p><strong>What actually happened:<\/strong> From  there, silver                         prices embarked on a 13-year bear market that  saw prices                         plunge into the $3.50-per-ounce area.<\/p><\/blockquote>\n<ul type=\"disc\">\n<li>March 26, 1993, <em>EWT<\/em>: \u201cSilver is  approaching                         a major bottom&#8221; of its decades-plus long  downtrend.<\/li>\n<\/ul>\n<blockquote><p><strong>What actually happened:<\/strong> Silver  found                         its low in 1993.<\/p><\/blockquote>\n<p><em><strong>Gold<\/strong><\/em><\/p>\n<ul type=\"disc\">\n<li>December 9, 1979, <em>EWT: <\/em>&#8220;After 13  years                         of rise, Elliott counts now suggest an important  top                       is near in gold. The downside target is at least  $282.50.&#8221;<\/li>\n<\/ul>\n<blockquote><p><strong>What actually happened:<\/strong> While  the price                         projection for gold&#8217;s peak was far off the mark  (the <em>Theorist <\/em>cited                         the upper $480\/ounce range), the time target of  early 1980                         was met with accuracy. From its 1980 peak, gold  prices                         plummeted nearly 70% before hitting bottom in  2001.<\/p><\/blockquote>\n<ul type=\"disc\">\n<li>At the Crest of the Tidal Wave, 1995: \u201cOne  attractive                         termination date for the gold bottom is New  Year\u2019s                         Day of 2001 (plus\/minus a month). That way, it  will have                         lasted a &#8230; a lean 21 years from the 1980  peak.&#8221;<\/li>\n<\/ul>\n<blockquote><p><strong>What actually happened:<\/strong> Gold  registered                         its low at $255 on February 20, 2001.<\/p><\/blockquote>\n<p>Now that we can see that it is possible to  benefit from                       foresight about the end of major trends in  precious metals,                       what about these other popular notions &#8212;<\/p>\n<ul type=\"disc\">\n<li>Gold always goes up in recession and  depressions.<\/li>\n<li>Gold always performs better than stocks in  economic                         downturns.<\/li>\n<li>Gold and Silver are just beginning (as in the  year                         2010) their biggest bull market runs ever.<\/li>\n<\/ul>\n<p><strong><a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=9cp&amp;rcn=aa85&amp;dy=aa032310&amp;url=\/club\/gold-silver\/default.aspx?code=32541%26ARTICLEID=1330\">Download                              Robert Prechter&#8217;s FREE 40-Page Gold and  Silver eBook.<\/a><\/strong> Is                             gold a simple buy-and-hold at today&#8217;s  prices? The                             independent insights in this valuable ebook  deliver                             Prechter&#8217;s complete analysis and help you  decide                             how to \u2013 and <em>how<\/em> <em>not to<\/em> \u2013  incorporate                             gold and silver successfully into your own  investment                             strategy. <strong><a href=\"http:\/\/www.elliottwave.com\/r.asp?acn=9cp&amp;rcn=aa85&amp;dy=aa032310&amp;url=\/club\/gold-silver\/default.aspx?code=32541%26ARTICLEID=1330\">Learn                              more, and download your Gold and Silver  eBook here.<\/a><\/strong><\/p>\n<hr size=\"1\" \/><strong><em>Nico Isaac<\/em><\/strong><em> writes for Elliott \t\t\t\t\t      Wave International, a market forecasting and technical  analysis \t\t\t\t      firm.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Nico Isaac &#8211; Right now, the gold BULL-ion bandwagon is more crowded than a New York subway train during rush hour. But before you squeeze your way into the crowd of passengers, you should know one thing&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7890","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=7890"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/7890\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=7890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=7890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=7890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}