James Dines - Mass Psychology Moving into Gold and Silver
With gold nearing the $1,800 level, today King World News interviewed James Dines of the Dines Letter who is legendary for his bull market calls in uranium, rare earths, gold, silver and more. When asked about the continued strength in gold Dines replied, “Gold is the only investment arena that’s been up every single year for the last eleven years. It will become over-loved (at some point), it will be the mirror image of the hatred of 2001 and become overly-loved and almost become like a religion at which point we are selling out, at least we’ll consider selling out.
My last intermediate buy signal on gold was at at $919 on December 15th, 2008. It’s already run up in that short period 94%. December of 2008 you might recall was when Lehman Brothers was going under and everybody was running for the windows. That’s when you’ve got to buy, you’ve got to buy when there’s blood in the streets, otherwise you are not going to make serious money.”
Take this as you would anything else, with a grain of salt, but I enjoy him as a long term prognosticator.
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