Thank you to all of our readers who sent in comments today supportive of David’s article on Backwoods Jr. To be clear on the matter, I have no issue with anyone whose beliefs are different from ours. We are, after all, in the minority.
But I take offense when someone makes insulting remarks and mocks anyone who would actually pay for being told to buy gold and silver, investments that he gleefully points out have lost a great deal of money lately.
But it was O.K. for Backwoods Jr. to hold onto his large blue chip stock portfolio -during two massive sell-offs in the 2000s. It’s laughable that Jr. is in his stocks for the long-haul but we who own gold are foolish for doing the same thing.
I can’t speak for all of the financial writers and sellers of precious metals, but I suspect most are very serious about what they write and the recommendations they make. They believe deeply and with great conviction in what they present to the public. I know for a fact that this is exactly what goes on at Miles Franklin.
I take GREAT OFFENSE that Backwoods Jr. accuses people like John Williams, Paul Craig Roberts and Bill Holter of using scare tactics to sell gold and silver in order to sell product.
There is a “put” on gold and silver. They cannot sell for less than cost of production for any prolonged period of time, and today’s prices are below the level necessary to explore for new metal. Buying gold and silver at these prices is a very safe investment, one with limited downside and unbelievable upside potential. The stock market is in bubble territory and legendary stock market guru Richard Russell warns his readers to lighten up now – and to buy gold. I’ve followed Russell for 30 years and when he speaks, I pay attention.