The rumor (soon to be confirmed) of “an imminent downgrade” of many large UK AND US banks has sent the markets reeling today. THIS is given as the reason for Gold and Silver dropping $40 and $1.50 respectively. I am sorry but I must call the loudest BULLSHIT in my lifetime. The reason many investors bought Gold and Silver in the first place is because they were fearful of a banking meltdown. Think about this for a moment, downgrades mean what? That the banks are in such bad shape that the bought and paid for ratings services can not hide the rot any longer. It is obvious to even little kids that when all is said and done, the banks are broke (not to mention many sovereign governments) and WILL end up in a meltdown scenario.
So…we, as prudent, common sensed investors get to watch while TPTB trash Gold and Silver with paper contracts to prove to the world that Gold and Silver are not safe havens. I am very very sorry but…they are! Ask yourself this, if you woke up one morning to see the markets seizing up, banks closing and CNBC goat heads talking about a market holiday, other than food, and guns to protect that food, what…would you want to own? Dollar bills under your mattress or Gold and Silver? Well, you might say Dollar bills but that will probably only work for a week, maybe 10 days until people no longer accepted them. The answer is Gold and Silver. Which is exactly why on a day like today where the MOST bullish Gold and Silver news is coming out…they are down. They are down for public perception and public perception alone. They CANNOT be seen as the safe havens that they really are OR the Ponzi scheme would end here and now. In a free market, do you believe this type of action would ever occur amongst rational investors? You know the answer to this! If you don’t, well, then go out and sell all of your Gold and Silver like good little sheep.
I love it…I got another 200 ounces at a 5% discount!
You will one day soon calculate your net worth in ounces.
Andy: Thanks for the clear eyed, no bullshit, incisive analysis of today’s paper pm attack. Why are there so few others who are unwilling to shout out the truth?
I assume that Asian central banks are loading their gold and silver trucks at the London terminals right now. What a killing they made today.
Thanks John! This post was actually written by Bill Holter, Miles Franklin’s new Associate Writer. We are glad you are enjoying his straightforward commentary. Thanks for your feedback!
Thanx to the Cartel I bought more Silver today! I love the fucking dips! You guy’s rock! I’ve got all the time in the world. Either I spend my 1000/Oz Silver or my wife/kids do. Either way I like the dips…..
Keep on stackin’! The day will come when both Gold and Silver will not be available for purchase by fiat.
Ranting Andy STRIKES AGAIN! Great job! Excellent article!
Anon, this post was written by Bill Holter who is Miles Franklin’s newest associate writer. I’ll pass on your comment. Thanks for reading!
Amen to the “Loudest Bullshit” ever…Hadn’t read your stuff till Miles Franklin got you involved..
Enjoy your truthfulness & savy.
Thanks,
Grampa Looney in Minnesota
Thanks for the kind words!
I am so mad that I can’t affford to buy more silver. For 2 yrs I’ve known the fiat scam is up. I’ve only been able to muster up 10 ounces of silver. What really burns my ass is that I know whats up and all my friends and associates don’t want to believe it, yet they have plenty of cash on hand to go buy all the silver they want. While I can’t afford to Why? Why is life so dam unfair? That settles it I’m going to have a garage sale and sell everything I own. I will not go into this crisis with only 10 freakin ounces!
I read that many miners worry they might end up with burned fingers again if the global economy turns down sharply again and prices surge. Hedging is “a very emotive issue” within the gold industry because of past losses.