The Phaserl


This is No Time to Throw in the Towel

by David Schectman,

Yesterday I received two emails from readers who are worried that the Fed will cut back on QE and they wondered if the bull market in gold is over. They have read all the reasons we present why this isn’t so, but this is a tough market to ride out. Oh, the Wall of Worry – it gets to people when their portfolio is losing value. I have personally spent a lot of time and energy explaining the basics to these two but obviously I am not getting through. But as prices continue to retreat, they really don’t want to hear why it’s happening, they have lost faith. I finally said, “Well, if that’s how you feel, you should bail out now and find greener pastures elsewhere!” This is what happens when people look at gold and silver as “investments,” and discount the “insurance” value gold has, as a hedge against a litany of Black Swans that are ready to come forth, unexpected of course, that will re-ignite the bull market.

Gold is money. Gold is insurance. Gold is for portfolio diversification. It is a necessary asset class regardless of price. This really is a time to “think in ounces, not in dollars.” The lower the price, the more ounces you can accumulate. Payday is not that far off!

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2 comments to This is No Time to Throw in the Towel

  • Ed_B

    “Regardless of what you think, the physicals WILL dictate the price, especially with the central banks on the buy side, as they are now. Hardly a day goes by without another article on the insatiable appetite for gold in India and China.”

    I know that a lot of people do not see the end of paper dominance of PM prices but it WILL come. It will come because it must. Large amounts of gold and some silver are making their way East on a routine basis. Western vaults are being emptied via the idiotic paper price suppression schemes of the bullion banks in collusion with the US Gov. As they continue the ruse of supporting the US dollar via hammering the PM paper prices, many in Asia and a few stackers in the US, UK, EU, and now Japan are scooping up all the gold and silver they can get at fire-sale prices. If the rate of buying exceeds that of PM production, the Western vaults WILL be drawn down to very low levels. That will put tremendous pressure on those running those vaults to do anything that they can to re-fill them. Part of that re-fill process is to make PMs look as if they should not be purchased. Hammering down the prices not only makes the US dollar look healthier than it really is but it also allows them some time to re-fill their vaults. Unfortunately for them, demand for PMs is not only high but it is increasing. Hopefully, it is increasing faster than they can re-fill the vaults because when those vaults fall below a certain critical level, they will simply be unable to continue this paper pricing charade and true price discovery will occur. When that happens, there will be a huge run-up in PM prices and an equally huge loss in value for the US dollar and other fiat currencies.

    Some say that the West will continue to dominate the PM markets via NY and London but if there is anything that can describe this situation it is this: “He who has the gold, rules”. India and China and some central banks around the world will be the ones who hold the bulk of the world’s gold, so it will be they who decide what the price should be and not the paper mongers in NY and London. Got gold and / or silver?

  • Scott Wolf

    I’ve said it before and I’ll say it again:If you regret buying gold and silver every time an April 12th/15th smackdown occurs,you have no business being in the hard money asset class.My advice would be to go back to fiat and see what happens to your purchasing power in the long run.Investing in stocks is like running a 100 yd dash.Investing in PMs is a like running a marathon.

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