looks like the bottom is almost in (the rogers contraindicator has spoken)
 

the jimmy rogers contraindicator came out today.

Rogers "several more months of gold correction, and much lower to go"

the rogers contraindicator is usually quite accurate...


we are at or near the bottom

http://jimrogers1.blogspot.com/2011/...dcaEQ.facebook

Jim Rogers : Gold price correction will last for several months
Jim Rogers : We have discussed before that gold has been up 10 years in a row, which is very unusual in any asset class. So if it is up this year or 11 years in a row, gold is overdue for a correction and it could have a nice substantial correction given that it has been so strong. I have no idea what is going to happen this year. I doubt if it will go to $2000 an ounce in 2011, it is more likely to have a correction which will last for several weeks, several months. It has been very strong. If it goes down some more, I would buy more gold as I have told you many times. - in ET Now



Jim Rogers started trading the stock market with $600 in 1968.In 1973 he formed the Quantum Fund with the legendary investor George Soros before retiring, a multi millionaire at the age of 37. Rogers and Soros helped steer the fund to a miraculous 4,200% return over the 10 year span of the fund while the S&P 500 returned just 47%.

Rogers often calls himself a terrible trader and horrific market timer. My gut tells me that gold could bounce around within a narrow band between $1580-$1660 for a few weeks, in anticipation of a formal announcement of QE3.