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You are going to love the punchline to this US economic recovery story which should be arriving sometime in the first half of next year.
Fooled again. What a surprise.
One can almost never overestimate the self-destructive gullibility of people when a fraud appeals to their vanity, prejudice, or greed.
Raptores orbis, postquam cuncta vastantibus defuere terrae, mare scrutantur: si locuples hostis est, avari, si pauper, ambitiosi, quos non Oriens, non Occidens satiaverit: soli omnium opes atque inopiam pari adfectu concupiscunt. Auferre trucidare rapere falsis nominibus imperium, atque ubi solitudinem faciunt, pacem appellant. Tacitus, Agricola
Translation: "Plunderers of the world, when nothing remains of the lands to which they have laid waste by indiscriminate thievery, they search out across the seas. The wealth of another excites their greed, and its poverty their lust of power. Nothing from the rising to the setting of the sun can satiate them. They alone are as compelled to attack the poor as they are the wealthy. Robbery, rape, and slaughter they falsely call empire; and where they create a desolate waste, they call it peace."
These are not charts. This is an economic IQ test.
Kitco’s Jon Nadler is today’s most notorious gold bear; and, although Mr. Nadler’s predictions are remarkably consistent, they also have been consistently wrong; but within this consistency lies a clue to tomorrow’s price of gold.
The website www.buygoldco.com kept track of Mr. Nadler’s predictions regarding the future price of gold in 2010. In November 2006, he predicted in 2010 gold would average $800. In October 2008, he predicted gold would be in the low $500 an ounce range in 2010. In January 2010: he predicted “With a view to the three-year average gold price still near $845… In May 2010 (with gold at $1200), He predicted the 2010 price would end [lower]…gold at the $800 per ounce figure. I am not alone in computing such figures. I still think..between $680 and $880. From 2006 to 2010, Nadler predicted the price of gold would be in the low $500s to the high $800s today, a spread of approximately $400, the mean being approximately $700. Based on this data, the apparently unerringly accurate Nadler Gold Predict-O-Meter is as follows:
To accurately predict the future price of gold, investors can take the arithmetic mean of Mr. Nadler’s predictions—then simply double it, i.e. $700 x2 = $1400, a number which, astoundingly, is almost exactly today’s gold price, i.e. $1405, at the end of 2010.
Gold Bears Predicting the Gold Price - Darryl Robert Schoon
I have lightened up on my bullion longs, and taken down some of the paired trade hedges on the other side. I own no miners at this time and my leverage is nil. I am interested in the short side of US equities but am biding my time. They did not break until the second week of January last year as I recall.
My short term bullion positions had grown to be my largest ever, as I felt more confident than usual that 1370 gold and 28.50 silver would hold support and that the selloff was very artificial. These jokers are not all that subtle at times. Their market manipulation has been particularly bold and heavy handed of late. Too Big To Fail or Prosecute apparently.
This lessening of my positions, however, has less to say about what I think is going to happen next, and more about my personal circumstances. After the New Year I will once again be preoccupied with non-financial things that are much more important to me. I should have plenty of waiting time to keep abreast of broader events and will maintain posting.
Money is necessary and we must provide for ourselves. But family and friends are to the heart of our priorities, our life. Things can be replaced, but people can't. And of course, God is all in all.
“Bankers know that history is inflationary and that money is the last thing a wise man will hoard.” Will Durant
