Independent German financial journalist Lars Schall from larsschall.com spoke with Bill Holter about the main driver of the price of gold, the current problems of the Bundesbank with “its” gold and China’s heavy buying of physical gold.
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Bill, Per your interview you explain that gold is manipulated and that we should own it and wait for the manipulation to diminish or stop. You explain that the manipulation has to do with paper gold contracts and the use of these to drive down the price. We cannot know when this manipulation strategy by the fed will slow down or stop. Possibly this manipulation could last for many years. We just don’t know. It is hard to understand why your strategy is really sound. Apparently, the fed has run out of phyzz to use for its manipulation strategy. They will never run out of paper contracts though. Thanx Glen
my strategy is not sound? Really? “could last for many more years”…really? The physical has been drained to support the paper games, now that inventories are very low…where does the metal come from to prove and support their “paper bluff”? The signs are obvious and even if they were not, buying a suppressed asset at or below the cost of production has ALWAYS been a sound strategy.
@ Glen, Remember he who has the gold makes the rules? Well the West had the gold and made the rules, and now they don’t. Now because they don’t have the gold, the rules will have to change. The soundness of bills strategy is as sound as gold being Money for thousands of years. Manipulation goes on in every era, however, it does not last and the outcome is always worse than if it was not done. That should be enough of sound of information you will get. Man cannot change what has not been changed for centuries, for there is nothing new under the heavens. All there is, is, another name for the same thing or more people to take part in it, which by the way only makes the timing be off, but not the outcome!
P.S there is an interview with a CME trader stating to buy physical gold and avoid paper. I hope bill post this comment and does not delete as I am placing the link:
http://www.bnn.ca/News/2014/1/17/Buy-physical-gold-and-avoid-paper-CME-Trader.aspx
Thanks Bill
Dear Bill, I live in Panama which could have been your neighbor.
I love your writings. You teach me much. But, I can tell you from my own experience that I have invested in silver and gold and now my net worth is 50% of what is was when I started. I started in July of 2011. It isn’t easy to be me right now. I have had my pockets picked. Period. I cannot break it down easier than that. Now, I totally understand the fundamentals of gold and silver. They do not apply right now. I do agree that now is a nice time to purchase silver. But, since I bought at much higher levels I do not feel really great it this point. I need silver to double in price to breakeven. I blame myself for drinking the coolaid at the time I made my investment. I dont blame you. Chill. Things are tough now. We need to things to get substantially worse or intensely worse for me to even break even. So, do your job. You work for the silver dealer. But, don’t be surprised if a person tells you that they are in the dumps. Down. Worthless. 50% worthless. And, counting. It could get worse. All your ranting and counting and recounting is something that we have to accept. And, accept the consequences. The manipulation of metals is not over with sir.
We hope so soon. At best I will break even someday. Could be many years. Thanx for your work. G
it was not “kool aid” in 2011 nor is it now. I am sorry for your “timing” but being all in is far better than all “out”, your mistake is counting your wealth in dollars but you won’t do this at a later date. Most probably soon.
Dear Bill, You are a good writer and there is very little that I disagree with in your writings. But, you are just a dude, with a house in Texas that has an opinion on silver and gold. We are just minions. We live in a society. We have to try and make the best of it. Sometimes we are wrong. I was wrong. I live with my mistakes. Not easy. I have mouths to feed. Just like you do. I invested in silver and gold and got my pocket picked. Period. Call it what you want. I just said it. I wanted an investment that would protect me from inflation. Not make me rich. Just protect me from inflation. I have a whole pile of shit. My investment is worth half of what I put in it. How can I tell anyone else to get invested in this shit pile? I can’t. I keep it to myself sir. I am embarrassed. Flabbergasted and confused. I continue to hold my position because it seems that it might not get so much worse. How can it get so much worse? I have had my entire lifetime of saving basically taken by this market. So, be careful about shouting from the roof tops.
Life is dangerous.
Cheers,
Glendon in Panama
Bill, I have taken a different approach. You can hide this post. I am an expat. In Panama. I am happy sort of here. I made my bed when I invested in metals in July of 2011. I have to live in this bed. I am broke technically now since I bought silver at 38 dollars. All the pundits said that silver was a good buy at that time. I have had my pockets picked. It isn’t your fault mr Holter. I have since changed my strategy. No biggy. I still have to feed many mouths. I still depend on a Florida based pension in order to do this. Hungry folks. they come. Always. Thank god for chicken. Say what you want about silver. My experience is that you get it for a good price. Or not. Silver does not care. Silver does. Golng under is OK according to silver.
Glendon
Glen, you either understand why you own silver or you don’t, you will surely understand why you own it or “should have” owned it when the wheels come off. It is pretty obvious actually
Dear Bill,
I am not a stupid person. I live with whatever the Lord leaves me.
I have had some email predictaments with Andy as silver has gone down. And,gone down it has.
I got angry with Andy. I was wrong.
Andy took it. And didn’t embarasse me. I am no body.
Andy is a good man. I respect him. I also know that you and him depend on PM going up in price.
The Lord is in charge of that.
I will leave you with that.
Glen
Bill, I have owned silver since July of 2011. I read all the usual writers. All of them. Do you know of others? The more I read the less I accept. Hopium is not a good thing as far as investing goes.
KWN. The worst source.
They are the ones who keep picking my pockets.
G
what will accounts be worth after a bail in and deval of dollars? While your timing was bad, your logic for the end game was sound. Your pocket have not been picked and we don’t rely on “silver going up”…mathematically the dollar will lose purchasing power which is the inflation you were trying to protect yourself from.
Glen, PM investors have always said to invest for the long run, not short term, because manipulators can and will do whatever they can to break the backs of PM investors. We have taken a hit too, but not like you since you got in at the top. I remember when silver was climbing to $49, all the silverbugs were going crazy. There were a few naysayers pointing out that it was a trap, whom everyone attacked, and of course it turned out to be one of Blythe Master’s traps. I suspected it at the time. Now is different, you can analyse all the events in the markets now and they reveal desperation. You give up too fast, you need to have better commitment and a longer time frame horizon.
Glen,
I’m sorry you are trying to price your silver in dollars as I did for many years.
Yes, I bought at $38 also and recently had to sell some at $22 to build a handicapped bathroom.
But I’m not bothered at all because I consider silver as my family’s wealth insurance policy. I now count OUNCES and forget about the worthless dollars.
They are many more out there like us. But since no one knows when the collapse will happen, being in dollars is a lot more dangerous than being in metals.
I don’t really think they can kick the can down the road until the end of 2014, and if so you will be one of the very few with any kind of wealth at all since dollars will be worthless.
One way I have been able to keep most of my ounces in tact is to NOT buy any thing unless I absolutely need it and pay cash for every thing. If it is a luxury I do without it. Yes, I now go into the gas station and give cash for gasoline and then go out and pump the gas (the old fashion way). People that use plastic just spend more than they think they are each month. It took a while for my wife to get on board with a cash only basis, but she now knows it is the correct way.
In summary, I am living like there is a depression going on because there really is a depression going on !!!
I use to consume so much that I was broke!
Let’s all pray for one another.
the old fashioned way? that was when some kid would pump your gas and check your oil/wipe your windows while the gas was pumping!