"We are much, much closer to a bottom than a top right now," blogger says

"Everyone knows the basics about investing," notes Moses Kim of the Expected Returns precious-metals blog. "We're all supposed to invest for the long run and buy based on value. We should be 'greedy when others are fearful and fearful when others are greedy.' Simple, right? But how many people can execute in real-time? How many can control their emotions and buy when the time comes? Well, since 90% of non-index investors lose money, I suspect not many.

"I know for a fact that gold bulls are getting nervous right about now. Many want to throw in the towel and wait for a better entry point. ... To me this makes no sense whatsoever. We are much, much closer to a bottom than a top right now. To me, the current sell-off in gold is reminiscent of the sell-off in stocks 3 weeks ago. While bears were blindly and recklessly going short, the smart money was sitting patiently with their fingers hovering over the 'buy' button.

"$1,160 is cheap. I remember last year when I said $1,000 would look cheap in 6 months. It was a crazy statement at the time, but how many of you wouldn't back up the truck at $1,000 right now? I added gold shares at $1,160, and I will add more if we hit $1,145. I am going to continue to build my position in anticipation of the moon shot in gold that will be 'unexpected.'"

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