Regular readers of this blog and my newsletter are aware of my criticisms of a lot of the investment "advice" out there. Today I ran across a couple of articles from TheStreet.com that really exemplify why I have those criticisms.
On Sunday evening the following was posted: [video] Short Gold, Prices Will Hit $800 at TheStreet.com (Sun, May 2, 10:15PM EDT)
So, on Sunday at 10:00 PM they posted an article that gold was going to go down over $300. Fine. I may not agree with that but they have a reason for it.
Monday gold started the day just under $1180 and then promptly began to rise. At 10:12 AM they posted this: [video][video] Gold Prices Will Hit $1,200, Then Sell-Off TheStreet.com TV (Mon 10:12AM EDT)
So now, based on their articles, gold will go up and then go down. Interesting.
As gold continues to move up to almost $1190 Monday morning we get this from TSC: [video] Gold Prices To Reach $1,400 at TheStreet.com(Mon 12:17PM EDT)
So in a matter of 14 hours the articles on TheStreet.com went from totally bearish on gold saying it will go down over 30% to totally bullish and will go up 20%.
My question is, how does this help you invest? How could you have used this complete flip-flop to make money? Financial news is there to make money for themselves, mostly from advertising, not to make you money. Be aware of that when considering something based on what you hear or see on a major financial news channel.
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