Gold Going Down – Snake Oil Salesmen As Well

How is it that you continue to flush your money down the toilet?

It’s been pointed out here time and time again that “gold is not a trade” yet you continue to “buy the snake oil” these chicken shit / bullshit / con artist / “financial bloggers” keep selling you.

Perhaps you’ve gotten lazy, and have put your trust in others to “navigate the mine field for you” well……..

That’s just plain stupid.

Gold is going lower because ( big fat light bulb above your head )……Gold is going lower.

I’m not “selling you the reason”. I don’t need a chart.

You’ve got to stop looking for the “freebie” ( as you lose your ass ) and start looking at some of this stuff for yourselves.

What could some “clown in a desert” possibly know about the future of Gold – that you can’t just as easily figure out for yourself?

Blank stare…head scratch….akward silence…..dead air…….

……….

Exactly.

 

 

 

26 Responses

  1. Dress June 18, 2014 / 8:55 pm

    I marked this post!

  2. Joe June 18, 2014 / 10:20 pm

    Amazing isn’t it, Kong… such a con man still has people paying money to following him.
    Although It is a small bit ironic now that you are running your own sub service yourself. But I do think that you trade your own calls and money, which is the major difference.

    • Forex Kong June 19, 2014 / 8:14 am

      You don’t think I trade my own calls and money?

      Perhaps I’ve misunderstood.

      I’m likely one of the only clowns out here that DOES!

      The day I post / suggest a trade / analysis I’m not already “in” or “considering” is the day I move to Vegas, pierce my ears, buy a little “girly dog”,and start climbing the same rock – over and over again.

      Never going to happen.

      • Homer June 21, 2014 / 9:35 pm

        He said you DO trade your own money..

  3. Anon June 19, 2014 / 3:09 am

    Couldn’t agree more. I stopped following certain people a few years back. Occasionally I check in to see what they are saying, and I could cry listening to some of the advice and reasoning for movements in gold that are given. I remember one day it was screamed “manipulation” when gold went down. Was it manipulation? or was it that one of the largest commodity hedge funds was closing down and they had to unwind their gold position, others knew this and joined the selling? or was it manipulation ? ha … clueless.
    Professional gold traders with all the intel and resources of institutions can’t make money in this market (and their banks probably have a book full of orders so can see if a level is hit a wave of selling or buying is coming in). How do people think some blogger knows all about the price of gold? But it’s OK just like a model portfolio that can be cancelled when down and restarted at flat i’m sure your broker will allow you to do that to. Just ring him up and say you are sorry but you lost $100k but you want to start again as losses don’t look good so can you put it all back in and start from flat. If it’s allowed on blogs surely brokers allow it? (please note the sarcasm in my voice as I type!)

  4. AD June 19, 2014 / 9:10 am

    Morning Kong,

    I’ve have considered joining your site to learn more about trading (technical signals), but what has held me back is that I don’t trade currencies (I don’t have forex account). What I do watch and trade, but have not been that successful at is the S&P and Gold/Gold miners. Gold is having a pretty strong move here along with the miners. Having said that – last time you said Gold was going to take it on the chin soon, it did.

    Would membership make sense for a guy like me?
    I know you say gold is not a trade, but.. when do you suspect that gold will turn?
    Why the hell do I follow your site if I don’t trade currencies? It seems clear you know how to make money trading and I enjoy your commentary.

    Please feel free to shoot me an email instead of replying here.

    • Forex Kong June 19, 2014 / 9:34 am

      Currency markets lead so……regardless of you “not trading currency” – we get a bead on all markets ( generally “before” the general masses ) so I’d like to think the service helps everyone.

      I track gold along with stocks as well currencies, just not alot to “talk about” with respect to gold day to day.

      I’m not much of a “pitch man” but can’t imagine anyone NOT making good on the dollar a day considering we’re up over a 1000 pips in the last month or so.

      Currencies take time, and there is an obvious learning curve, but I’m doing what I can to keep members onside.

      We’ve hit this latest turn ( with expected USD weakness ) pretty much spot on so I “hope” members are making good.

  5. JG June 19, 2014 / 11:15 am

    Kong jumped the Shark with this post.

    As I write gold is up $22.60 on the day and Gary’s Sept GDX Calls are up nearly 200%.

    No doubt the climber has created mass portfolio destruction over the last 3 years but he definitely nailed this reversal in gold and miners. Might be time to lay off the bashing and just watch and see if the GMan has his mojo back.

    • Forex Kong June 19, 2014 / 12:02 pm

      Tough times…..tough times indeed.

      It’s gonna be tough watching gold “reverse the reversal” but hey….what’s that old saying??

      Something about a stopped clock being right at least two times a day?

      • Dress June 19, 2014 / 3:13 pm

        Are we talking about frigging Gary Savage alias Toby fucking Connor? You guys can’t be serious. Gary is a frigging asswipe.

        BTW and for the record: Gary was saying gold would go down to $1000. He’s always takes all sides (by using different time scales) and so he can pretend he is right. He’s just a fucking idiot.

        I hope I didn’t insult anybody with my comment. Except of course that bloody headcrack of Toby Connor or whatever his fucking name is.

  6. Anonymous June 19, 2014 / 10:35 pm

    Kong, for some reason I thought you were a gold bull last year?

    • Forex Kong June 20, 2014 / 6:48 am

      I am a gold bull, and I will always be a gold bull.

      But can’t you be a gold bull and still think the price is going down?

  7. mike June 19, 2014 / 11:18 pm

    kong, I thought you were a Gold bull and major USD bear? What am I missing?

    • Forex Kong June 20, 2014 / 6:52 am

      I can only assume you’ve not stopped in and read here as often as….USD bearish trade ideas went by the way side some time ago, or at least “trade wise” I’ve been trading more aggressively in other pairs.

      Moving towards a time of rising interest rates ( sooner than most people think ) USD has kicked around ( as most forex pairs ) in range for sometime now.

      I’ve avoided trading it ( as have I paired down position sizes / tinkered with plans ) to get thru this difficult market environment.

      Forex markets are dead a door nail these days.

  8. knight June 20, 2014 / 1:35 am

    That clown called the exact bottom almost to the day and was in miners and silver. Take a look at their charts! Years worth of gain in a week. How’s that gold call working for you.

    • Forex Kong June 20, 2014 / 6:56 am

      Facinating stuff.

      You’ve achieved years worth of gains in a single week? Awesome.

      Sounds like someone likes to “gamble” if you’re able/willing to trade so large as to achieve that. And based on someone else’s call on the Internet? Sounds like you’ve really got this all worked out.

      Keep up the great work.

      We don’t trade like that around here.

      • knight June 20, 2014 / 8:04 am

        You probably wont let this out of moderation but you are like school on sunday “no class”. Lay of the roids for a bit. That snake oil sales man I think has done admirable job with his service and puts his money where his mouth is. Everyone has to take responsibility for their own trades. Bottom line

        • Forex Kong June 20, 2014 / 8:10 am

          Very well said.

          And forgive me ( as I read back over “comment after comment” ) as I’m really not sure what “we” are even talking about?

          I see no reference ( at least in my writings ) to “anyone” in particular.

          Snake oil salesman lurk in all corners of the Internet, and I imagine “clowns” can found planet wide.

  9. Anonymous June 20, 2014 / 1:30 pm

    I smell snake oil in this little corner of the internet too

  10. Alastair June 20, 2014 / 2:27 pm

    Anybody else short the SP 500 here?
    I am getting killed at the moment.

    • David June 21, 2014 / 7:40 pm

      How long ago did you short and at what level? I have August Puts.

      • Forex Kong June 22, 2014 / 1:35 pm

        I’m averaging in ( with small orders over time ) currently at 1910 via Sept puts.

        Depending how things play out over the next few days..maybe even week and a half – I’ll either scrap the trade or just add another lot.

        I think most people “still” look for an “exact level” and likely trade too large. That just won’t work in this market.

        Aug puts?…Depending on your entry……I still think you’ll be O.K…but would be prepared to average in perhaps “one more time”.

        Time is the killer with these damn options so…in this market…as things continue to “churn” – attempts to “nail anything exactly” is tough…..real tough.

    • Alastair June 23, 2014 / 9:12 am

      I went short at 1885 in the June S&P (about 1895 in the September) and obviously the trade is going way against me. I am worried that this market spikes to 2000!

      • Forex Kong June 23, 2014 / 9:24 am

        Youch…ya that’s in there pretty deep.

        Things look pretty weak here this a.m.

        I’m expecting lower over coming days and am averaged in around 1910 via Sept puts.

        Keep you eyes peeled today/ tomorrow and “eeek” “maybe” consider “one small add” in order to get yourself closer to break even?

  11. Anonymous June 21, 2014 / 3:40 pm

    Thank God

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