By Doug Eberhardt

A couple days ago I went out on a limb and called a top in gold and silver for traders. Today we are possibly getting that short squeeze I mentioned in that article with gold and silver pushing higher, but now settling back down. This short squeeze could last more than a day, but it’s not out of the realm of possibility that we could see gold higher for a bit. Calling a top is the time to start taking profits if one is sitting on them.

The hardest thing for a trader to do is take profit. This is where greed comes into play. In the push for that extra buck, one gets emotional rather than thinking logically and being satisfied with the profit already obtained.

My father, a retired commodities broker, said the number one reason his clients lost money was “greed.” My thoughts are simply; an investor can’t go broke by taking profit. But physical gold and silver are a different animal and I’ll explain how so later in this article. [Read more…]