It was in late January this year that Morgan Stanley and especially, Goldman Sachs, who began being more aggresively bearish on gold, Morgan calling for $1160 at year's end with an analyst at Goldman stating it would hit $1,000. Since the real estate crash companies like these are using their money for market trading. At the time of their increased bearishness gold was priced at $1,243, today gold is $1319, up $7.50. That's equates to bad advice, so far, IMO.

Another question relating to gold is Martin Armstrong's latest comments on gold. First, he said breaking $1309 on a weekly basis was negative. Following that $1280 could be another breakpoint and lower prices if it gives way on a weekly basis. Well, it happened but has the metal has been firm lately surpassing $1309 by hitting about $1325 today. Will gold continue to reverse itself to the upside and does Armstrong revise his last comments?

Morgan has done things wrong before according to documented materials prepared by regulators with hefty fines. They have been wrong on gold and when assays come in from the Lake bottom they will be hooked again.