Tuesday gold comments from Gary Savage
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What your call from here to the end of 2014 hal….put your balls on the line so that if your not 100% correct we can let you know full aware of your incorrect call….so walk us all through it Hot Shot!
You are right, I should write my own newsletter. 😉
I’m definitely not worse than a tossing coin. Here is Gary Savage’s/Toby Connor’s below average track record:
http://www.cxoadvisory.com/14562/individual-gurus/gary-savage-tracking-smart-money/
Come on hal don’t be so modest!….show us your chart work, show us how you’ve made 100% gains in 2014….and whats going to happen this week, end of April….summer action and so on…..show us your wisdom …..I’m all eyes!!
How much are you willing to pay? LOL! 🙂
But I have to warn you. I’m not able to call the exact tops and bottoms like Gary. Although he has a worse track record than a tossing coin. 😉
I could easily show you some shares that made more than 100% this year. But that would be in hindsight training. This is Gary’s speciality.
I’m more in Al’s and Cory’s camp. They don’t hectically follow the market. They let the market come to them.
Folks nothing you can say will dissuade Hal/Kong. He’s a young guy, full of testosterone and he gets pleasure from denigrating others. Sad but that’s just how some people are.
It’s a waste of time to even respond to him.
So why did you respond to me then? LOL. 🙂
Nice you are not only making yourself younger but also me. Thank you! So what’s your real you?
This one? http://www.gold-eagle.com/authors/toby-connor
Or this one? http://seekingalpha.com/user/600536/instablog
I’m sure you won’t answer me. I’m just a teeager full of testosterone. LOL. 🙂
But no need to call me Kong. I’m not Asian. 😉
So why are you responding to him?
LISTEN…COMRADS IN GOLD…..this is a place of parasites with gold bear views…
THATS BEEN RELENTLESS. …for many months ever since my first posts …
Unfortunately I feel the need to comment on this …BULL CRAP…..
HUI…..LOW WAS 180 I BELIEVE in dec. 13…… HELLS BELLS THAT WAS A FIRE SALE
Today is the same….the correction was very healthy. Weak hands are out.
THESE BEAR VIEWS ARE PREPOSTEROUS……HUI WAS 150 IN 08.
Not only that MODI new ruler who will be elected in India will remove taxes on gold.
THE CHANCES OF GOLD COLLAPSING AND THE MINERS IS ABOUT 30 percent chance.
Its going to take a big black swan…..1250 worse case on gold unless we get the swan.
Now if you gold bulls know whats good for ya…..GET OUT OF DODGE HERE.
Golds going to 2000 minimum this year. Al …..promotes resources here but on the
Other hand front running the gold bear views that have no merit. Especially with bird
droppings.
THIS IS A CHOP SHOP….judgment is clearly misplaced on this board
IN SPADES !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Talk about disinformation….
GOLD IS GOING UP….FOR A THOUSAND REASONS….I’M OUT OF HERE
This board, its members and most of the crew who Al interviews each day are veterans of the gold market going back decades. You would be wise to not dismiss their views out of hand even if you do not always agree.
You a veteran. ? You’ve never probably owned a fraction of gold in your life.
There are gold investors here that don’t need to be encouraged into selling
when the price in going up for the next few years.
I’ve seen your charity here for over 4 months.
You kidding me? My first big trades in life were all in precious metals. And I got in as deep as anyone on this site. That was more than 40 years back before you were even born and I chewed the fat with the best in the business back when I was quite a bit younger and the heart of the gold world was still centered in Vancouver.
Then be more specific. You never told me. Maybe you can tell everyone why gold is going
to knock on a 1000. Quite frankly I want to hear more than Goldmans predictions who has
no credibility with bull views. Don’t want to hear about Marty either.
Please elaborate on the merits of gold falling out of bed in the coming months.
Cut chase and briefly hit the points. Leave the fluff somewhere else.
Straight out to the specifics. MUCHO APPDECIATED !!!!!!!!
Not for me but for others who need fo know your reasoning.
I WON’T BE TAKEN IN BY IT….unless you have solid evidence gold folds soon.
Don’t want to head about anaylists or Larry Edelson. So please lets hear it
TYPO last sentence. ?.don’t want to hear
SORRY BOUT THAT.
Ouch Heavyhitter… LOL
For what it’s worth. I dont see a break below 1250. The myriad of reasons why Gold and silver should move up are so numerous and the reasons against the dow are basically the same in the inverse
* Countries arround the world are in a currancy glut
* Larger than normal stockpilin of gold to Japan, China, Iran
* the move away from the Petrodollar
*The falling dollar..for that matter the falling everything
*China’s shadow banks and mistrust in the system which becomes a trust in gold
*India reinstating legal Gold and Silver purchases
*Schiller index over 25 leading to eventually likely fall of the market
*M & A on the rise
*Margin at all time high
*Consumer credit climbing
*Student debt at all time high
*Highest car inventories in history
*Dead cat bounce in housing. Taper ends..Cash buyers leave and then the real fun begins
*Ukraine unrest
*Russian, Chinese and India colusion for oil and trade.
*4th warmest year worldwide in history which will explode food prices in coming months
*over 1 million acres unplanted in CA due to drought
*wages rising
*healthcare costs up..Obama Care
* Detroit Bankrupt…Chicago (home town of Mr President is next with 26 billion in debt)
*Japans Abenomics
*Coming inflation
Last years crusing of inflation protected bonds will be the next few years great bond trade.
etc…etc…
all of this leads to the desire for stability….Stability in currency is found worldwide in one place.. Gold…
The deck is stacked against equity’s in Q2 earnings reports in July coupled with 3 more reductions in QE.
Add that to the the artificial supression of Gold verses the Dow and this whole precious metals market could start to slingshot in July.
Just my opinion Heavyhitter.
btw Heavyhitter…your rant in Caps was pretty funny above. Crushes any credibility though…….food for thought.
HH…….has a lot of credibility…………….do not worry about if someone can type or not……..usually , these guys have had a secretary do this type of work..(typing)
in other words do not sweat the small stuff………….
I think the Caps are intentianal. : )
I don’t disagree with all of his opinions.
One thing about HH……….he cuts to the chase…………and no BS……..if, HE stays around ,,,you will enjoy his thoughts………………best…………….ootb
Hey Jerry……hint…hint……
I GOT YOUR BACK…..GOLD TOPS IN DEC. 2019. how high at least 5000.
We will have 3 more major corrections most likely. However, those that are
faithful till 2020 will get rich. Jerry, its great when your loyal. Through thick
and thin. Some though will never experience it. They just keep burning bridges
and cutting cords. HAIL MARY….GO GOLD……
I am here till the bubble………….thanks………….
Goldman….crushes……credibility ? All I need to know is how my bank account is performing.
MY BELT SPEAKS FOR IT SELF.
Thanks for the anaylist. I concur with everything. BULLS EYE.
BTW….I owned a highly successful business with radio, TV and
very costly print advertising.
I AM…….A PROMOTER. Not a pumper though. OK
GOLD IS NO WIMP. Its going up and how high GUESS $$$$$$$$$$
5000 MINIMUM…….no pumpin here.
Lets hope you are right…lets hope we are all right.. I am “all in” thinking the same.
Regards
Don’t worry Goldman. Dec. 2019 gold will be trading at 5000.
NOW BAG IT !!!!!!!!!!!!!!!!
Its guaranteed !!!!!!!!!!! Well, almost…..maybe 10,000 ..top it off with a cherry.
SALUTE
Excuse my language, please. Rarely have I heard such crap spoken over the internet.
First. The general market is manipulated and with the current amount of money being injected cannot fall drastically.
Second. The resource market is neither cheap nor expensive. It will tend sideways, although with an upwards bias for the short term.
You have to admit, Professor, it makes for entertaining reading!
At no cost to you and I, Gary really calls it as he sees it and has his “neck” & reputation on the line right now. Yep, he would like to have you and I subscribe to his service, but everyone we listen to here would! No “if it does this, or that” stuff we all dislike soooo much. I don’t happen to agree on the major stock market to news highs, but……………TWT.
Make that “new” highs
Resource companies are doing well. Teck is up almost 6% (copper &coal) today and has been climbing for a few days. Gold stocks could be turning up soon.
The experts keep looking for another last leg down but they have been saying the same thing for over 2 years. At some point the trend changes. Things don’t keep going down forever. We at the 275 or so week bottom cycle.
http://www.safehaven.com/article/33387/miners-index-domed-house-and-three-peaks-chart-pattern
Interesting charts, thanks. A (very)few people like Gary calling for new lows in the PM’s are going to be very right or very wrong!
I couldn’t agree a lot more.
Gary’s got two scenarios. One agrees with Doc on a grind lower for gold over a few weeks with limited damage. He seems to favor the other scenario for a “capitulation” in gold to below $1200 over the next 6-8 weeks. So by mid-June we should know which scenario prevails. A wild card? Russia and it’s intentions regarding Ukraine.
good points. Hopefully we get confirmation by June about the possible scenarios laid out here.
Mike,
I pretty much have to go with Doc in this case. We will see!
Al and Cory will defend 1200 gold.
Well Big Al certainly would!
I think this article by Plunger is saying the same thing I’ve been warning about for a while now but he explained it more in depth than me. It’s a very good read on how bear markets typically end.
Pretty good Gary. Excellent point about the performance of gold equities off a bear market floor. They really have not lived up to expectations so far. The market is still waiting for a washout in gold to take place. I think you are correct that the final capitulation has not arrived and you are not alone in that assessment. Some of the better analysts agree with that view and are in no hurry to jump on the bandwagon of this recent brief encouraging climb (that disappointed everyone again). More and more I am thinking a bottom in gold will coincide with a top in stocks. Maybe you or the others have further thoughts in that regard because it is looking increasingly probably that is exactly what is playing out. Doc has also theorized that commodities will gain traction this summer (I think he said?) suggesting that a general equities move to commodity stocks might get underway. Of course there are a million reasons to believe that a big slowdown in China will sink pretty much all the industrial resources. That leaves us with softs, food, metals and energy.
I also think gold can’t find a final bottom until stocks make a final top. For a while now I’ve been of the opinion that stocks would go through one final parabolic bubble phase this spring and then top and crash early this summer.
I think Doc is confirming the thesis by noting the Dow/gold ratio could be heading lower fairly soon. To get near a ratio of two something will have to move.
FWIW, to lend a contrary opinion…
I think the performance of the gold equities, year to date, has been very good. They exceeded what expectations I had for the first quarter (even given the profit taking). For illustration, I experienced a roughly 60% gain at the high water mark and even given the correction, now up about 40%.
A bout of profit taking was sure to happen. It has taken place and the over-bought conditions have been worked off. The best performing of the equities are still above moving average support lines, even with the consolidation. Many others are slightly below the moving averages.
So now we will get to see whether the correction deepens or the next leg higher materializes. My opinion is that we had a capitulation in the mining equities during calendar ’13. I’ve been following the sector for 30 years and have watched many cycles.
If 75% to 90% decline in stocks doesn’t qualify as a capitulation, I don’t know what does. Those who missed the opportunity during the washouts in the summer and tax loss selling season at year end, of course are hungry to get some kind of obvious buying moment in the heart of a crash.
To me, it sounds a lot like those who missed the bottoms in the broad market in ’08 and ’09 and want the kind of entry point that rarely materializes. All that said, I acknowledge that I could be wrong — we will find out in the coming weeks. I am holding to the positions I accumulated last year and happy with them.
If the correction deepens and I retrace a larger portion of the paper gains to date, so be it. What I holding for is going to be a life-changing event in my equity. So I am operating on a time frame for these trades which is entirely different than some others.
On a personal note… was absent from the board this past week to have surgery related to prostate cancer. On a happy note, the pathology report indicated that it had not spread. So thank you, God, and puts into focus that my number one goal in life is to be able to spend more time with my wife, children and grandchildren (not whether gold goes up in value).
best,
Eric
Bang on! Eric….you can’t buy health and you can’t take your wealth with you #1 Health above Wealth
Amen
And one more big Amen on that!
Good to hear you are alright Eric.
Thank you
Eric,
Big time congratulations from Big Al.
I am no stranger to “prostate fun and games”. Two different meds daily. No fun. After three or four 18 sample biopsies (the nurse had to catch me as I fell from the table after the last one) my urologist said “No more, at your age something else will get you. Well okay I responded with a bit of a sigh of relief !)
Your results are great.
God bless you.
My Doctor told me that he advises most people in their latter years to not worry about prostate problems because it usually is so slow moving that something else will kill you first. Bottom line eat, drink, and be marry. DT
Hi, Al
Thanks so much for your kind words. Having gone through one prostate biopsy, I can’t imagine going through several — you are the MAN.
best to you and yours!
A lot of people believe that final washout is to get rid of everyone including hardline gold bugs. Then who will hold gold? It is logically impossible. I am sure it will not happen. I am not going to sell my gold regardless the price and I will buy more if price dive to 3 digits. The washout will comes to a point that further dumping of paper gold does not have much return, Then JPM will cover. At same time they are likely to acquire physical quietly while they are pushing down the price. They may try to manufacture a crash again in June but since people are prepared, it will be a good opportunity for the braves.
BTW, everyone is talking about China crash as they are the China experts. Being someone who was born in China and still visit that place every couple of years, I can say that China story will be here to stay. China is a culture full of energy once it is released from collectivism and communism. People watch the opportunity to make money as hawks. Rural people are waiting to become prosperous. They will work their ass off to make money. This energy will be released gradually since there are more than 1 billion people there, Off course, there will be problems but betting on it to crash is like betting on a young fellow to suffer an heart attack. It could happen but you’d better bet on an old guy. Commodity weakness is due to the high price during the last decade and there are a lot over production. It will be digested slowly. I will not touch industrial commodity for a while.
Well you have a point there, Lawrence. Even a weak China still consumes the largest global share of commodities. I think the worry about China is financial instability and heavily overleveraged corporates with the result a credit bust looks predictable. Those present risks that the government cannot necessarily control. The world would not end but it could become infectious if the slowdown was too abrupt.
I believe that China’s credit risk is overblown. China never has a widespread credit market. Government started controlling credit growth since 2008, which translate into a failing stock market while economy grows. For a while, only way a company or individual can borrow is to go to loan sharks. When people buy houses, they mostly use cash. The highest mortgage is 40% of the house price. But most people don’t want to borrow much due to culture reasons. Since the credit control is tight by the central government, the default rate has been low. The recent default became big news since it is rare. It is deliberately done by the government set an example. While in US, it happens on a daily basis. A lot of corporation and cities go bust.
On the other hand, large corporations do borrow a lot of money and some are stolen. The corruption does keep the government awake during the night since people complain. Recently, the Chinese government starts to reform the credit market and try to squeeze out the bad debt and clean corruption. The Government threatens not to bail out anyone, which is waiting to be seen. If they want to save these guys they have enough resource to do so since they get so much reserve and a printing press as well. However, I feel that the new leaders really want to do things right. Let’s wish them good luck and not have to relax again. Same thing happened in early 90s, which government toughed it out within 3 years.
I feel this is used by Wall Street to divert attention away from severe state of US financial system.
Hi, Lawrence — some good observations.
I think you’ve touched upon one of the reasons why I do not favor a further capitulation. A lot of the shares were transferred to new owners, during the move last year.
If you are still holding GDXJ from near the high, then you are in ‘one’ psychological state, that may be prone to further capitulation. But if you bought it during the wash outs in 2013, what is current psychology. What would it take for THAT individual to capitulate.
I think I am fairly representative of the value investor who was buying out-of-favor mining stocks during mid to late 2013. I am not in a mind set that will allow for further capitulation. Now maybe I’m wrong — maybe there are still a lot of legacy holders who are in pain. But I believe a lot of the stock has already turned over into stronger hands.
By the way, this can be illustrated by looking at the weekly chart on GDXJ. Notice how the stock was already moving down in stair step fashion in 2011 and 2012. Then, instead of moving down at a 45 degree angle, you got the waterfall decline in 2013.
This is classic bear market behavior. The bear was already going on for the better part of two years, when the bottom dropped out in 2013. The failing bounce, leading to capitulation, that people are waiting for now — actually took place in July to Oct of 2012.
When all of that bounce was given back and took out the lows that had been made in the Spring and Summer of 2012, that is when the waterfall decline of 2013 took place. THAT was the capitulation. The waterfall angle of the decline in 2013.
The capitulation culminated in the summer of 2013. After the bounce, the indexes made a lower-low during tax loss selling (with many better miners turning in a divergence and not making a lower-low). This is the same exact thing that happened with the broad market in late 2008 and then in the Spring of 2009.
When the broad market then had the large rally from March to June in 2009 and began to correct, many analysts talked about the need for a final capitulation or a re-test (at least) of the Spring lows. It didn’t happen and those on the sidelines were frozen out.
History doesn’t have to repeat here with the mining stocks, but I think there is a good chance. If the mining stocks break to the upside from here in another leg higher, you can forget about a triple bottom or capitulation.
Yes, most people will wait for the last bottom which will not happen. If there is double bottom, they will wait for the third, fourth, etc. Same with the top. They will never sell. However, there will always be some smart ones who buy on the way down and sell on the way up.
On the fundamental side, if the gold goes down while FED print a lot of money, we have found a way to change the natural law which people failed to do in last few thousand years. It also mean that we can print our way to prosperity.
Thanks Lawrence, I certainly agree with you about China.
I don’t see a large and prolonged slowdown in China. At this point. Sure slow compared to prior years but still some growth.
It’s time for another rip your face off short-covering rally when Gary talks like this. I will admit his call is possible, but for now it’s just another guess…..so we shall see going forward. I only short-term trade the metals/miners so being on the sidelines is rare for me……. I followed Rick’s advice and went long for this nice little bounce today,( a possible move up to 1316 he thought) and a short-term trade. I have placed a trailing stop now that I’m in the money on this GDXJ position. Gary is not a short-term trader that is for sure, but does make some nice calls with his cycle work .
have to agree to Gary on the fact that we haven’t seen a real selling climax in pm’s or their sharesduring this latest correction of a secular bull, as i still believe. I also would like to state, that a few great opportunities have presented themselves during some counter-rallies; In particular since late last year – and I’ve been catching knives I’ve made back some meaningful losses by suddenly being the early bird and are now already putting in some stink bids into co’s I’ve been involved in the past.
Look up ASM, CLH, TSM and their charts and fundamentals. I’m now trying to get a read on minnow TME, great drilling results and no mkt. response, while i find the management, the location and the potential at least equal to my old friends of QMI, in take- over battle with Osisko.
I’m not by any means an investment advisor – thank god – though take it with a grain of salt, as I’ve been in the business since the late 1960’s.
Anyway, it’s not only your general market crier, oops -investment advisor – seeing the next dip coming – it’s your mr. market telling you to get lost, if you don’t have the stamina to outwait its own indecision, its management and lastly its interventionists; Some “legal” (think the Pres’. financial group), some regal, see JPM, GS and a few more tbtf- and some feral, think any opposition by HFT et al and some fed up with the US Dollar hegemony and are on the cusp of breaking it.
Lastly, who cares about the final noutcome before the real final dip in pm prices? And if you care it’s not about your bullion (coins etc.), which hopefully will resume to comprise the base of your wealth in the future. as I’ve had perused some of my miners profits to add to bullioin.
In essence – I’m expecting some major reset of our global financial system – i will try to “hedge” (save or insulate – as insurance doesn’t work) my family from all the tempests to come.
Go Gold … frr
Since the 1960\s? Holy crow Frrr…we really are just a bunch of old guys here! But getting serious for a second, I should probably feel a deeper sense of concern that you voice worries that are increasingly becoming the consensus amongst the older crowd on this site and maybe we do need to plan strategically for that financial reset you mention. I worry just as you do.
to all – Proceed at your own risk!
Like many have said…………….Gold has been around for 5000 yrs.
And has always been owned by the wealthy……………just saying……ootb…….
But as Gary mentioned, you have to survive the bear with cash intact or you won’t get to take advantage of the final bottom.
bird………the secret there is get in early……….understand what you got into and why you got into it in the first place…..continue to monitor the situation…………and make sure you are not the last one out, and understand that it always takes longer than you think………………………….ootb……………………
oh,,,,and understand who ,,,you can trust,,,,,and who you can not…………..
So the early bird catches the worms?
ditto
But if the stock market takes a dive (correction of 10 to 20%) then its baby out with the bathwater time. Gold, gold stocks, silver….the works will take it on the chin. The guys talking about threats posed by margin are right to worry. Maybe that is what the charts are warning us about. We can never know for sure until after the fact. But if the final capitulation stage in gold really happened already then why are we still struggling along the bottom and grinding away week after week while prices threaten to drop much further during the weak period of the year? This early bird is just noting that the Dow looks like it might have reached a top preceding a correction is all.
It is not “if”….but, when…,the stock market corrects……..
For the last year plus, all the folks at the Casey & Sprott groups I talked with said we had to have a selling climax or capitulation. Rick Rule et all said last summer there was no capitulation last June. Last September, both groups said “lighten up” more to come after the big summer rally.
Well, tunes changed after tax loss selling and the December double bottom. Everyone and I do mean all of them said the bottom was in and “sometimes” there is no selling climax. All now talk about a “saucer” bottom with higher highs & higher lows. Meaning of course a bottom building period followed by a upside breakout.
Sprott, Casey, Gary & others who have called it as they see it have some serious “reputation” on the line! You and I get to use our brains & follow the advice of those we feel are right…….what is mine you ask?………to very slowly start to average in.
Best wishes to all…………..
Since you mentioned Casey….they have a movie out tonight. “Meltdown America”……
http://www.caseyresearch.com/lg/meltdown-video
I just watched it. Kinda interesting for a marketing piece. Sadly, I think they are right. If nothing else, there will be capital controls and other “bad stuff”.
I liked the music. They have a few good points about unfunded liabilities and pensions. POOF! Where’d the money go? But getting back to facts…the government can never go broke as long as it can print its way out of debt. ALL its obligations will be met. No problem at all. The price paid will be really, really high is all and our living standards will get flushed down the toilet if they go that route. I really doubt hyperinflation is a risk but would anybody here be surprised if inflation ran to 10, 15 or even 20% in years hence? You know, just as a corrective period to make up for lack of inflation in prior years. Not that it would bother me all that much. I have been living in an economy with double digit inflation for some time. You do get used to it eventually and life goes on just fine. It just means you fixate on buying stuff that will hold value better than cash.
I am of the philosophy that we do not need to have annihilation capitulation phase to have a bottom. Although they do and can happen–especially at the end of bubbles. Being a PM/commodity trader I for one do not want to live through another 1980-2001 bear gold mkt. My optimism is that 1000 oz. gold better be the absolute possible bottom possibility because if we get annihilation then you all had better expect another 20 years or more in the dumps like last time. I think annihilation below 1000oz would also be indicative that the Fed has failed with re inflating.
Foreign relations like Ukraine/Russia or any other relations are wild cards just like currency debasement, the general economy, war, political, etc…
My opinion is that everyone needs to hope the Fed is doing enough to curtail the economic deflation earthquake that began unfolding in 2007. If they have then they will spur the inflation (and likely hyperinflation) to keep this gold bull running. I personally think they have and I personally think the PMs have bottomed. I could see gold at 1500 oz. this year yet. It might take a time or 3 to get through 1500.
Ten,
As gold is still in a secular bull I doubt it will drop much below $1000 before the final bottom is found. But I do agree with Plunger, gold probably still has one more final drop before the bottom is in.
Would not surprise me one bit if plunger is right. This sideways consolidation has seemed interminable.
MR RAMBUS….is a tossed fruit salad.
He was bear all the way up most of the time on this last move.
Shorting in Dec. 13 at the exact bottom.
RAMBUS should put a hood over his head….this guy doesn’t know.
A BULL MARKET FROM A BEAR MARKET.
He couldn’t shoot the fish in the barrel.
OMG….
Welcome back………HH………always glad to hear from you…………….jerry ootb
Thanks Jerry. As a raging gold bull I find more anaylsis that meets my needs in accuracy.
Good job Jerry keeping these bears subdued. 90 % of it their judgment is misplaced.
This last correction was a gift. Now on to higher ground. 2000 gold here we come.
WE SHOULD NEVER TAKE…NO……FOR AN ANSWER JERRY. NEVER !!!!!!!!!!!!!!!!!
just have to be patient……….and ditto…………………….
PATIENCE IS THE GOLD KEY TO RICHES
12/2019. Thats the big …DATE…with riches.
5000 gold easy
One of the fruits of the spirit…………
Yep Jerry….and kindness. We are being tested all the time. Entertaining angels who pose as
one of us. I think kindness is being gold bull friendly. LOL Well no…I’m very serious.
Well, I would have to agree…….
Eric….great news on the success of your surgery.
thank you!
Hi Gary,
Where do you see Silver bottoming out if gold hits $1000?
Cheers
Rob
No idea, but if gold hits $1000 I’m buying a ton of silver at what ever price it happens to be at.
Good luck with that plan!
The only bubble you can inflate and pop yourself……GUM……
Speaking of bubbles. Here is a crazy scenario. The stock market crashes triggering a repeat of the financial crisis. It is a computer generated burn the likes of which even HAL would be impressed. Nobody can stop it because each time the market reopens it commences again as human sellers are now in a panic. Authorities shut it down. It stays shut for a month. Meanwhile, banks start failing leading to a liquidity crisis as interbank lending etc collapses and the system freezes due to a lack of collateral and total paranoia and distrust on both sides of the Atlantic and as far away as Japan. The market goes to lockdown. Within days the ATM’s are offline as a real emergency unfolds and the system closes down in the fog of confusion and lack of leadership. Bank holidays are declared here and abroad. When they finally reopen weeks later most of your deposits have been confiscated. You know…to save the world. And when the stock market finally gets back online gold gaps up massively to prices beyond most peoples comprehension or ability to buy. But we have just been given a haircut so severe we cannot participate anymore because we all foolishly went to cash just before the market went into flames. Silver is overnight worth 200 dollars an ounce and the whole financial edifice we used to call a system is in shredded tatters. Al and Cory have the last laugh and Birdman is finally kicked off the Korelin site for mocking gold bugs!
Just fooling around of course. That will NEVER happen……..or willlllll it?
Or maybe not. This might be a good time to have 3 months living expenses in cash sitting in a drawer in your house rather than in a bank machine that refuses to spit it out one fine day. God only knows the physical stuff is rare as hens teeth. And its better than gold because everyone already understands it.
There’s a chance this might happen. But very unlikely.
Could you pass on the comment onto Gary that his SMT blog page is nastily bugged.
Also could he post here in the coming days when the blog page is viewable again.
Much Thanks.
JF*
A different opinion from Gary’s $1000+ gold:
http://www.safehaven.com/article/33397/gold-surges-and-dow-swoons
Thanks for the link!
OMG. The final capitulation stage was a year ago. What is Gary talking about?
A tossing coin produces better predictions than Gary Savage aka Toby Connor.