Andrew Maguire – We Almost Witnessed A Commercial Signal Failure In The Gold Market
Trader Scott’s Market Blog
I find most of the interviews on King World News to be completely useless or worse. But I thought that I’d pass along this one, as some of you might find it interesting. While I honestly have no ideawhat a “commercial signal failure” even is, (if someone wants to enlighten me that’s fine), I do agree with the conclusion. As most of you know, I have a big position in PMs, mostly via miner
ETFs, therefore I agree that they’re going much higher (on an investment basis, trading time frame is another matter).
But I’m not concerned with what a commercial signal failure is because as the old Wall Street saying goes: “Don’t confuse brains with a bull market”. If the TREND is up (bull market), I want to be long and adding on to my position into price weakness at SUPPORT. That’s the gist of it. Don’t overthink it.
But I want all of you to understand and accept what a TREND truly is, so that you can then appreciate the true magic of being long and patiently sitting in a bull market. As possibly the greatest trader of all time once said,
“Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money.” – JESSE LIVERMORE
So commercial signal failures, wars, currency problems, banking disasters,etc. – there’s a myriad of “reasons” that will push gold higher over the next several years. But you don’t need to know all of the “excuses/reasons”. You just need to know how to spot that the TREND is up and sit tight. And it truly is one of the hardest things to do.