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Just about the time I was starting to wonder what happened to Larry Edelson, up pops his latest release.  He starts off with the prediction that the bull market is not over and gold will top $5,000 but first, gold will test the $1,000 level by the end of the year or by next spring – then, off to the races.  As for silver, he says it could drop to $12.50.

Should prices continue to fall, that will be good for our business.  We always do better when prices fall, especially when they are this undervalued.

Our clients do not speculate on gold; they do not buy it for short-term profit or to trade it.  They buy it as a hedge against the insane policies of the Federal Reserve, dollar debasement and a hedge against any number of things that can (and probably will) go wrong.

If prices do continue to correct, I expect a number of the larger national gold and silver firms, especially those who spend a fortune on advertising and have big overhead will close their doors, like Tulving and Merit have done earlier this year.  This is not the time to sell, but some people just have to, and for them, this is not good.  They will surrender their precious assets at the wrong time, just before the markets turn up and the real big gains take hold.  But there is nothing we can do about that – we sit and wait it out.

It’s very clear now that no one knows exactly what the short-term will bring in the precious metals market.  Sinclair has been wrong.  Edelson has been wrong.  Sprott, Turk and most of the people I follow have not gotten it right.  I will continue to present other “experts” opinions, but I have yet to find one whose crystal ball is working.  At least Ed Steer and Bill Murphy point out that due to the manipulation by JPM and the hedge funds (and Fed), there is no way to use charts or past history to determine TIMING or bottoms.  We have to be patient and live with the knowledge that this will end well for us.

What is certain is that the world is not a safe place anymore.  The large central banks are printing money in amounts never seen before.  The global economy is a mess.  Politically, the U.S. is a lost cause.  This should lead to a powerful bull market in the precious metals.  And it will, but the managed manipulation has the upper hand for now.  But remember, all those silver shorts that have recently been added (and pulled down the price) will eventually have to be covered, so there is a powerful built-in updraft already in place.  I like gold – I love silver.