As of 3:30 on Thursday morning, the entire Comex takedown yesterday has been recovered. I have pointed out many times that volatility will be extreme. $100 moves, up or down, in a day will become common. Six months ago, gold was $1,400 and one year ago gold was $1,254, so why are you worried over a minor correction that pulls gold down to $1,840?
Did you listen to the Republican debates last evening? I did. My take is pretty straightforward. If half the stuff they said about the Democrats and Obama are half true, then they must go. For the most part, all they are offering are the same policies that got us into the mess that ushered Obama and the Democrats into power three years ago, so it looks like we have big problems without any concrete solutions. What else is new? The only candidate that impressed me was Newt Gingrich and he has no chance to come away with the nomination.
As depressing as it may be, I am moving closer and closer to Andy Hoffman’s camp. The issues he presents in this newsletter, on a daily basis, are all very real and the conclusions he draws are very real possibilities. What I have found, over the years, is that the extreme outcomes usually take longer than I expect to develop – but they do develop. I suggest you hang on tight to all of Andy’s comments and rants and keep your fingers crossed that it will take longer than he expects for things to completely unravel. His bottom-line solution – own as much physical gold and silver as you can afford and get it now – is good advice, whether his timing is right or not. We are, after all, in the final stage of the bull market and this is when the price really starts to move up. With or without a collapse of the economy and/or the dollar, adding to your gold and silver position is good advice. This is exactly what I am doing and this advice has nothing to do with the fact that I own a precious metals company! It is the right thing to do and I am doing it myself! And so is my son Andy. We believe totally in what we say, on these pages. We write to help YOU understand what is happening, what we expect will happen and what you have to do to protect yourself. If you value our advice, our passion, our frankness, then please consider using Miles Franklin as your source of gold and silver. Our prices are very competitive, our brokers are the best you can find and they work for you, not for us. That is the way I want it and that is the way it is. Our unique combination of price, information, customer support and high quality brokers cannot be matched. I hope you get the feeling that we are worth your business by the comments you read in the Mail Box section of this daily. Our clients are thrilled to do business with us.