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Stop The Insanity As Misinformation About Gold Continues To Reign

November 30, 2015

Here is the latest article from Avi.

Ben Franklin used to say that “pain instructs.”  But, based upon the continued unjustified faith by investors in what has been published these last 4 years as “analysis,” I am not so certain this maxim has application within the metals world.

I will apologize up front to those who may be insulted by what I am about to say, but I think it needs to be said, as many in this market need a reality check:  Why is it that most who are followed in the metals market and viewed by many as “experts” are so horribly wrong week after week, yet continue to present the same analysis week after week?  Are the majority of the participants in this complex really that foolish to continually follow such clearly erroneous perspectives with the “hope” that it will eventually be right?

First, I want to start by saying that, yes, this 4+ year correction will conclude soon.  So, this market will begin another bull market in the not too distant future. You see, markets, over the very long-term, will continue to rise, as society continues to progress throughout history.  So, there is no special analysis needed to expect the market to turn around and head to new all-time highs.  The truly valuable analysis comes in when one wants to know when the corrections within the larger degree uptrend will occur, so that an investor can take advantage of price improvement.

Second, I want to reiterate that none of what has been cited as “catalysts” in this market for 4 years has meant anything to the price action, yet many continue to cheer this drivel posted week after week as gospel.  So, this market really makes me scratch my head and view the masses as truly delusional.

But, there are a few that have begun to see the light.  This past week, I did see the following comment posted, which tells me that at least some people are starting to understand, but it does not seem as though they have completely put 1+1 together yet to get 2:

“Gold has not been making sense for over 2 years. Gold moves against all fundamental factors, high physical demand, lower production, war, etc. More bullish it gets, more gold is whacked.”

Even Bill Murphy of GATA recently recognized that “[n]o amount of quantitative easing anywhere in the world has done the price of gold any good. Neither have near-zero interest rates. Nor has enormous physical demand from India and China. Nor the staggering debt in the United States. Nor a race to the bottom in many currencies.”

Nonetheless, many have continued down their delusional paths, ignoring the last 4 years of price action, and repeating their mantra with different news events supposedly supporting their perspective.  But, news or fundamentals have not been the driver of this market, and some have finally begun to recognize it.

Yet, this past week, I read about how Russia will now be the catalyst to “unveil” all that is wrong with the economic system, which will then supposedly cause gold to rally to the moon.  I then read yet another article about the impending collapse of the COMEX, which will also send gold prices to the moon.  And, I even read an article that suggested that the ECB QE will cause gold to rally to the moon (despite the fact that the metals tanked with the US QE3).

In fact, I have heard story after story, along with a myriad of fundamentals, presented like these for 4 years, and none of it has had any impact upon the price of gold, other than see it continue to drop lower and lower despite these revelations. You would think some would begin to develop a “Costanza complex,” wherein they begin to do the exact opposite of what they think is right in order to align themselves with the correct side of the market.

Despite these earth shattering revelations (which were supposed to be bullish for metals), gold has lost almost 50% of its value, and silver has lost approximately 75% of its value.  Yet, people continue to present these useless perspectives as gospel, and many more continue to believe them.  Eventually they will be viewed as aligning with price when the market finally bottoms and turns up.  But, does it mean that the analysis correctly predicted the direction of the price of the market? Anyone ever hear of the “broken clock” syndrome?

Fundamentals will eventually be aligned with price, but that will not then suggest they are the driver of price . . .  that is, if you are intellectually honest.  If they did not drive the price all the time, then it is not logical to assume that they only drive price some of the time.  One cannot be partially pregnant.

Folks, belief in fundamentals, physical demand, production, war, etc. have not and will not provide you insight into the turning point for gold.  Gold will not bottom until the sentiment for it has gotten so bad that it will have only one way left to go.  That is simply how markets work.  Period.  End of story.   No exogenous event or fundamentals will change that, and if you have not learned that the hard way over the last 4 years, then there is truly no hope for you, or anyone you chose to follow.  Yes, I know some of you will view me as harsh, but someone has to sound the wake-up call for the zombies that populate this market.

Gold is a slave to market sentiment just like any other asset on the face of this planet.  Whether you want to look at it as real money or not, whether you want to believe the “experts” or not, or whether you have bought the load of goods about a market dropping 50-75% on “manipulation,” nothing will change the fact that it is sentiment and sentiment alone that has controlled and will continue to control the direction of gold.

And, as far as sentiment is concerned, we are finally approaching extreme enough levels of negative sentiment which will mark the conclusion to this 4+ year correction.  So, when we do begin the bull market again, please do not forget what these 4 years should have taught you about the rubbish that has been propagated by supposed metals “gurus” who have been calling for a bottom each week for 4 years.  They will unlikely be able to prepare you for the next market correction which will occur several years down the road.  Yet, astoundingly, I can assure you they will claim victory very soon, and many will again be certain that fundamentals drive this market . . . until the next correction ensues.

********

Courtesy of https://www.elliottwavetrader.net/

Discussion
59 Comments
    Nov 30, 2015 30:06 PM

    All earth shattering revelations don’t work ? They have to work eventually since they always do. Just how long you are willing to wait. The logic tells us that all the ZIRP and QE money will come to support gold price. The supply of money will overwhelm the gold market. The low price will kill producers. It is simple as that- supply and demand. The official sector and ETF gold has their limits. The price has to rise based on monetary policy. We cannot get out the market just because common sense is defeated for a couple of years. Otherwise, you always get out at the low and come in on the high.

    Nov 30, 2015 30:06 PM

    Avi, of the two metals at this point in their downturn, which one offers the better case for investment? When the bull market in metals begins, which one will fare better in your opinion?

      Nov 30, 2015 30:50 PM

      Silver will likely have a greater percentage price appreciation, whereas miners will likely even exceed silver.

        Nov 30, 2015 30:33 PM

        silver always over reacts………..silver on steroid as JIM SINCLAIR would say…..

          Nov 30, 2015 30:34 PM

          Plus , if we ever get back to talking ratio to gold………like 55 to 1 or better……silver will be the best ROI………….JMHO

            Dec 01, 2015 01:23 AM

            SILVER Sales HIT RECORD at US MINT…….GOLD sales up 185%……hello Avi

    Nov 30, 2015 30:19 PM

    dragon.. not following you..he favors sentiment so does Gary..

      Nov 30, 2015 30:46 PM

      The sentiment is already supper low. You can just see the Gold/XAU ratio. Absolutely low. I remember it was 0.3 in 2004-2005 and now it is 0.04. Gold price at least for the last 2.5 years has nothing to do with sentiment, it is engineered. I am adding at this level a little at a time. When the sentiment is back, gold will be a lot higher.

      Nov 30, 2015 30:48 PM

      BTW, I never like his way of talking from both sides of his mouth. He said gold will be 25K and also says gold may go a lot lower. So he will be never wrong either gold goes higher or lower. It reminds me of Dennis Gartman.

        Nov 30, 2015 30:49 PM

        And, “he” does not talk from both sides of his mouth . . you just may not understand what he is saying. But, “he” has been quite clear that lower lows are likely before the bull market comes back.

        And, by your logic, if we are not going right to 26k right here and now, then “he” is wrong? Open your mind a little.

          Nov 30, 2015 30:03 PM

          I was bearish when gold went above 1800 and silver above 35. I was dumping. Gold don’t go up on a straight line. This is the time to be bullish not bearish since we are already very close to the low. I don’t think we will go back to $400. Guessing right on both price and time is fool’s game. We have all the sign of manipulation. it is important since manipulated market will overshoot to the opposite direction of the manipulation. This is what happened to gold and silver from 2000-2011. We can prove there is manipulation since some charges have been made. You cannot prove that there is no manipulation since it is basic theory of logic. E.g. you cannot prove martian does not exist or ghost does not exist. You can only say that you don’t care about it. But a natural low or manipulated low makes huge difference because of market momentum is very different. Otherwise even you get the point right, you end up selling too low.

          Nov 30, 2015 30:05 PM

          Avi- Im reading that sentiment is extreme from you–that we are v close to a bottom that we will get lower los… …so this does sound equivocal…GLD 98 GLD 75…. maybe you can get clearer in the days weeks ahead
          thank you

            Nov 30, 2015 30:13 PM

            If you want the specific patterns and exactly where we are, that is provided in my trading room.

    LPG
    Nov 30, 2015 30:23 PM

    Great input and (markets) wisdom from Avi.

    GL to all investing/trading.

    LPG

      Nov 30, 2015 30:50 PM

      Thanks LPG . . hope you are doing well.

    Nov 30, 2015 30:26 PM

    No gold to speak of in the West – David Jensen.

    http://tunein.com/radio/Financial-Survival-Network-p415063/

    Nov 30, 2015 30:02 PM

    Avi is obviously right in pointing out that all predictions of an imminent return to the moon over the last four years have been wrong. No stroke if genius here….

    But the analysis is rather superficial. He doesn’t deny the arguments of the broken clock analysts, but simply dismisses them because the price is not going up. This is not really analysis at all. If he were to explain, why fundamentals, roaring global demand, QE and so forth are falsely expected to be drivers of gold – that would be analysis.

    I will provide a link to a good analysis below.

    He concludes that it is “sentiment” which drives gold, but ignores the question that is begging to be asked! Namely: how is it possible for sentiment to be this negative when fundamentals are this bullish, when demand is high, not low, when available gold seems to be siphoned out of every nook and cranny in the Comex and other places to make deliveries?

    I am not saying there is no explanation, but I would like to hear why.

    If it hadn’t been documented so many times that gold is IN FACT, and not in the imagination of stupid gold bugs, been consistently manipulated down, this “analysis” might be worth listening to.

    Without realizing it he has joined the broken-clock analysts, by repeating just like them, the old mantra “yes, prices has been terrible, but we are near the bottom and the bull market will be resuming soon.” But instead of analysis we get the Mickey mouse explanation that this will be due to a change in sentiment.

    Isn’t it apparent that the constant and verifiable counterintuitive smack-downs are what have made sentiment so negative in the first place?

    About two years ago I came across an article that documented how the amount of synthetic paper gold is continually increasing. This is the most likely reason the price of gold has been going down.

    “…The genius of central bankers was not to forbid gold but to morph it into another fiat currency, by adding a credit multiplier to it. …”

    http://advisoranalyst.com/glablog/2013/02/26/gold-manipulation-part-2-how-they-do-it-and-a-suggestion-to-hedge-it.html

      Nov 30, 2015 30:07 PM

      Let’s put it this way . . I put out targets of 98 in GLD, 12.75 in silver, and 11.75 in GDX 3 years ago. Is that “Mickey Mouse,” or is that analysis???

      And, if you read the article, you will have the rest of your answers.

      Nov 30, 2015 30:14 PM

      100% agree. The sentiment is the result (symptom) of price movement. The price movement is the horse and sentiment is the cart. If I have 1 trillion dollars to buy all the gold and make the price go up to $10,000, I bet you the sentiment will be extremely bullish. We know the sentiment was great at $1900, right? Why that sentiment did not carry gold even higher? It is actually the price peak which led to sentiment high. Otherwise the conclusion will be one sided market, gold goes higher, sentiment is better and make gold go higher even more, and so on. It can never goes down, right? Or it can never goes up. The sentiment is always terrible at the bottom. How can terrible sentiment drive the price up instead of down?

        Nov 30, 2015 30:15 PM

        Sentiment CAUSES price movement. You have the causation chain backwards.

          Nov 30, 2015 30:18 PM

          Why Fundamental Analysis Comes Up Short

          Fundamental analysis is generally defined as a method of evaluation that attempts to measure “value” by examining related “current” economic, financial and other qualitative and quantitative factors. Fundamental analysts will utilize “current” macroeconomic factors (like the overall economy and industry conditions) and company-specific factors (like financial condition and management).

          Therefore, market fundamentals are the existing conditions of a market based upon historical data. In order to utilize this information for predictive purposes, economists will employ a form of trend extrapolation. This effectively presumes that the current market conditions will continue indefinitely into the future, until they do not. This is possibly the crudest form of linear extrapolation. But, can it really foresee turning points in a non-linear environment? If we wait for the underlying “fundamentals” to change, are we not already within a different trend within the market that is now changing underlying fundamentals?

          The common perception in the market is that the news causes changes in market psychology and fundamentals, which then causes changes in stock prices. But I believe that the correct, more consistently applicable premise is that market psychology and sentiment are the causes of news events and changes in stock prices, whereas fundamentals are purely lagging indicators, and the result of psychology and sentiment changes.

          Bernard Baruch, an exceptionally successful American financier and stock market speculator who lived from 1870– 1965, identified the following long ago:

          All economic movements, by their very nature, are motivated by crowd psychology. Without due recognition of crowd-thinking … our theories of economics leave much to be desired. … It has always seemed to me that the periodic madness which afflicts mankind must reflect some deeply rooted trait in human nature — a trait akin to the force that motivates the migration of birds or the rush of lemmings to the sea … It is a force wholly impalpable … yet, knowledge of it is necessary to right judgments on passing events.

          During his tenure as chairman of the Federal Reserve, Alan Greenspan testified many times before various committees of Congress. In front of the Joint Economic Committee, Green- span noted that markets are driven by “human psychology” and “waves of optimism and pessimism.” Ultimately, as Greenspan correctly recognized, it is social mood and sentiment that moves markets. I believe this makes much more sense when deriving the causality chain.

          During a negative sentiment trend, the stock market declines, and the news seems to get worse and worse. Once the negative sentiment has run its course, however, and it’s time for sentiment to change direction, the general public then becomes subconsciously more positive.

          When people become positive about their future, they are willing to take risks. What is the most immediate way that the public can act on this return to positive sentiment? The easiest is to buy stocks. For this reason, we see the stock market lead in the opposite direction before the economy and fundamentals have turned. This is why R.N. Elliott, whose work led to Elliott wave theory, believed that the stock market is the best barometer of public sentiment.

          Let’s look at the same change in positive sentiment and what it takes to have an effect on the fundamentals. When the general public’s sentiment turns positive, this is the point at which they are willing to take more risks based on their positive feelings about the future. Whereas investors immediately place money to work in the stock market, having an immediate affect upon stock prices, business owners and entrepreneurs seek loans to build or expand a business, which take time to secure. They then place the newly acquired funds to work in their business by hiring more people or buying additional equipment, and this takes more time. With this new capacity, they are then able to provide more goods and services to the public, and, ultimately, profits and earnings begin to grow — after more time has passed.

          When the news of such improved earnings finally hits the market, most market participants seem shocked that the stock starts to move up strongly (even though the stock likely bottomed well before the public takes notice when the investors effectuated their positive sentiment by buying stock), and they simply attribute the stock’s rise to the announcement of positive earnings.

          There is a significant lag between a positive turn in public sentiment and the resulting change in the fundamentals of a stock or the economy, especially relative to the more immediate stock-buying activity that comes from the sentiment change. This is why fundamentalists can be left holding the bag at the top of a market, when the news and fundamentals look the most attractive, right before the market begins to dive, as sentiment turns in the opposite direction well before the fundamentals.

          This lag is a much more plausible reason as to why the stock market is a leading indicator, as opposed to some form of investor omniscience. This also provides a plausible reason as to why earnings lag stock prices, as earnings are the last segment in the chain of positive mood effects on a business growth cycle. It is also why those analysts who attempt to predict stock prices based on earnings fail so miserably. By the time earnings are affected by a change in social mood, the social mood trend has already been negative for some time. And this is why economists fail as well — the social mood has shifted well before they see evidence of it in their “indicators.”

            Nov 30, 2015 30:28 PM

            “This is why fundamentalists can be left holding the bag at the top of a market”. Funny statement. Fundamentalist are also value investors, they tend to invest when the value is highest, its means the price is low relative to the value in a stock, so fundamentalists tend to buy when price is low and sell when price is high. What you describes are more trend followers. I think fundamentalists tend not to hold the bags at the top. Otherwise we will not have Warren Buffett and Rick Rules alike. They have been killed by the bags they are holding.

            Dec 02, 2015 02:30 AM

            What sentiment. Gold is going to $0.00/ Got that?! There is your technical support=$0.00. It is a certainty–a law of nature–that gold will continue to decline. Second mortgage out to short gold futures.

          Nov 30, 2015 30:27 PM

          I would like to know that does bullish sentiment results in higher price or lower price? I think you mean sentiment is the force to drive the price just like gravity drives the oscillating spring. Take the spring as example, at the top of the motion, the force is downward (bearish) and at the bottom the force is upward. This is not what happens with sentiment. If it is the case, I would agree with you. You have to explain why high sentiment drives the gold price down before this harmonic equation works.

          LPG
          Nov 30, 2015 30:52 PM

          +1 with Avi re: sentiment and price movement + what comes first.

            Nov 30, 2015 30:44 PM

            If sentiment drives the price, someone has to be able to explain why the price reverses due to sentiment, which is in opposite direction of the price move. If you describes the sentiment (S) as force , the price (P) is the result of sentiment, the sentiment has to take care the reverse of the market. The sentiment has to relate to price like this

            S = – F(P)

            Here F is a positive function of P. So the sentiment reaches most negative at the peak and most positive at the bottom. Then market reversed because of the force opposite to its movement. Otherwise it will just make the P go to more extreme instead of reverse. Anybody with high school math and physics knows this. It is more of common sense though. In a case of harmonic motion of spring, the force relative to the displacement is

            F = – A * D, where F is the force and D is the displacement. A simplest relationship, so you get sine wave. For more complex motions, we can only describe it with a function.

            Since the observation of sentiment relating to the price contradicts the common sense, it cannot be the cause, at least not the major cause.

        Nov 30, 2015 30:35 PM

        how Avi…?

      Nov 30, 2015 30:24 PM

      great article Peter……….thanks…………………..

    Nov 30, 2015 30:09 PM

    Avi’s main concern is the turning point for gold. Says that sentiment is the best indicator.

    But I think we’re in The Matrix.

    Sentiment is like any other statistic, like unemployment, and I myself don’t trust these numbers anymore. I don’t even trust price, but price is all we have.

    So I continue to trade gold (GDX) using TA and nothing else.

    But fundamentally, I know this is all a mirage, and that owing gold coins/bars in hand is the only solution for when we wake up. Even money in the banks will be bailed in or NIRP’d. Nothing is safe as a store of value save gold, and land.

      Nov 30, 2015 30:15 PM

      That is the problem . . sentiment is NOT a statistic. Unless you can poll every single market participant in this market, one cannot arrive at an accurate sentiment numbers. Rather, we use patterns to tell us where we are in the sentiment scheme of things.

        Nov 30, 2015 30:33 PM

        Thanks for commenting. Maybe you can explain sentiment more. I thought it was a stat posted on https://www.sentimentrader.com/, and gathered every week or month or whatever, and posted as a stat for subs.

        My own view of sentiment for gold is that it’s very low, and has been very low for over a year. Maybe 2 or 3. Look at all the bottom pickers. And I don’t think that most HF’s put 5-10% of their client investment portfolio in the PM sector, like I heard they used to when gold was rising (esp during the 2nd half of the rise).

        I still think sentiment is a stat. One of the better I agree.

        Let me tell you my view: the DESIGN of MONEY is what matters too me. It was designed that we have IOU’s (dollars) that represent gold in the bank. IOU’s were issued against the confidence and promise that there’d be gold in the bank. Man has used gold as money for like 2-3000 yrs. It’s only since 1971 that we’ve been off the gold standard. Now we’re printing TRILLIONS off dollars, in a fractional reserve system, with leveraged derivatives, yet w/no audit of our country’s gold. My pee-brain tells me we’re playing Monopoly, and that our paper money is in fact just worthless paper, that temporarily has value. It will reset. When I don’t know. The banks will win, and the little people will loose. Greed and evil are persistent on this earth.

        Like I said, as a trader like you, I use raw TA for GLD/GDX, and so in that we’re the same (save you use EW, which I respect but don’t follow). But fundamentally, the market is rigged, and paper money is … just paper. Real wealth can only be stored in stuff.

        FYI I’m not buying physical yet, because the monthly $GOLD chart is still down.

    Nov 30, 2015 30:20 PM

    One proof of looking at a manipulation. I have noticed that silver price always dip at the market close. It is like clock work. It is as long as I remember for the last couple of years. The possibility of this happening in the real market is practically 0. They obviously are working to bring silver price down. Silver has been attacked fiercely many times and went under 14 for at least 3 time but it did not stay.

      Nov 30, 2015 30:31 PM

      Maybe the USMINT…does not want to see $8 silver, how are they going to justify charging for silver walkers at $39.95 per oz………….

    Nov 30, 2015 30:31 PM

    Have a good night folks. I gotta run.

    Nov 30, 2015 30:44 PM

    theres sentiment & there is confidence…..

    Nov 30, 2015 30:51 PM

    Thanks for your contributions Avi….much appreciated.
    Cheers.

      Dec 01, 2015 01:24 AM

      Agreed. Good to hear your thoughts and perspectives Avi.

    CFS
    Nov 30, 2015 30:41 PM

    The above is mostly hogwash. Just words without use or much sense.

    The price of gold /silver is determined by the COMEX futures market, which is devoid of effective regulation.
    Inasmuch as the supply is a piece of paper, it can be manipulated to go up or down by any faction that has sufficient money and some physical supply.

    The price of gold/silver is NOT determined by mine or other supply. Nor is it determined by the demand for physical metal.

    NOR IS THE PRICE DETERMINED BY SENTIMENT, ANALYSIS OR ANYTHING OTHER THAN THE COLLUSION OF A SMALL NUMBER OF BULLION BANKS WHO DESIRE TO MAKE A PROFIT, and which got to write the rules of trading on the COMEX.

    The one factor which will ultimately cause a change in this situation is when the bullion banks are unable to provide physical metal to those longs left in the market who demand delivery. They will get paid in fiat and the COMEX will close down.
    The only way to “win” in the gold/silver game is to be in collusion with the bullion banks, or to understand the mechanics of how they play the game.
    Charts and cycles and sentiment, plus a lot of psychology may aid your investment decisions, but one must first understand the gold/silver market is not a normal supply-demand free market.

      Nov 30, 2015 30:48 PM

      It is a very good description.

      Nov 30, 2015 30:52 PM

      WELL said………CFS……….exactly……….

      Nov 30, 2015 30:24 PM

      Boy . . and I wonder why people have continually lost money for 4 years doing and thinking the exact same thing over and over. I wish you guys luck with this perspective . .. you will need it.

        Dec 01, 2015 01:36 AM

        thanks for the kind thoughts …….

        CFS
        Dec 01, 2015 01:34 AM

        I don’t know if you remember that old movie “wargames” about thermonuclear war?
        The way to “win” is not to play the game, rather to go to a less-rigged game.

        Dec 01, 2015 01:24 AM

        Silver sales hit record at USMINT……..Gold sales up 185%…….did you get the memo AVI

    Nov 30, 2015 30:28 PM

    A most amusing read! Sentiment x price = feelings – fundamentals + logic = bla bla blah… And then, , there are actual ASSETS! No really! There actually is..! !/-:

      Dec 01, 2015 01:38 PM

      Funny Chartster!

      In reading this blog it seems that people have different definitions of what “Sentiment” is, and there seems to be a difference of opinion of whether Price action reflects what sentiment is, or whether Price action causes Sentiment.

      Here is Investopedia’s definition of Sentiment.
      __________________________________________________________________________
      DEFINITION of ‘Market Sentiment’

      The overall attitude of investors toward a particular security or larger financial market. Market sentiment is the feeling or tone of a market, or its crowd psychology, as revealed through the activity and price movement of the securities traded in that market. For example, rising prices would indicate a bullish market sentiment, while falling prices would indicate a bearish market sentiment. Market sentiment is also called “investor sentiment” and is not always based on fundamentals.”
      ________________________________________________________________________

      The last line mentions that it is not always Fundamentals that drive it. This indicates that Technical Analysis has its place. Many people consider Moving Averages crossing, or MACD crosses, or Slow Stochastics crosses, or penetrating support/resistance levels, or Volume Spikes, etc… to be part of Sentiment. Some people look at things like the COT numbers, open interest of longs versus shorts, etc… to determine sentiment. Still others use Cycle Theory, Elliot Wave, Japanese Candlesticks, etc….. to determine patterns of sentiment.

      It is clearly important to get a “feel” for how markets may move in the short-term, and even mid-term and certain indicators or chart patterns can project trends before then show up (regardless of the fundamental influences). It is also true that certain fundamental changes or news can overwhelm technical projects for short time periods and a pattern will “break down” or the cycle will get “stretch/truncated”. However, most times, technical indicators predict something, and the news when announced simply justify the move that was anticipated anyway.

      Good luck to all in their investing.

    Dec 01, 2015 01:06 AM

    There’s a ‘metals guru’ that you’ll want to pay attention to, and that’s Lawrie Williams. You can get the benefit of years of experience analyzing gold markets.

    But you’ll need an economic thesis if you invest in the gold space which is reliable and has data backing it up, rather than just sentiment, otherwise you’re just as crazy as the rest.

    http://schrts.co/Keexry

    The theory that I would call out as false is hoarding bullion through ETFs. They’re going to have to adopt the same long/short strategy just as the bullion banks do, buying and selling gold contracts to generate a yield for investors.

    Dec 01, 2015 01:53 AM

    HEY EVERYBODY! IT’S BIG AL’S BIRTHDAY!

    Happy Birthday to you……Happy Birthday to you…….ect

      Dec 01, 2015 01:07 AM

      somebody said his birthday was on the 6th. or 7th. Pearl Harbor Day……..

        Dec 01, 2015 01:54 PM

        Happy Un-Birthday everyone!

    Dec 01, 2015 01:56 AM

    happy birthday Alexander.