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Today, I received an email from someone I have known for over 20 years.  He made his first – and a quite substantial silver purchase from me five or six years ago.  He does his own reading and research and tries, against my best advice, to trade gold and silver.  Fortunately for him, he has a lot of money to lose.

His views are not all that uncommon.  Most people fall into the category of non-believer or perpetual doubter.  The true believers are few and far between and a bunch of them take refuge at Miles Franklin.

Here is Mark’s email and my reply:

David,

Guys like Russell have been talking inflation long ago.  He has no clue so far and does not understand investors and the “big picture: of real market. Watch out if Romney get’s elected. Gold will fall and the market will see policy coming toward a balance budget. This may be the last stand for gold before new leadership is sworn in . . . MG. 

A HAIL MARY POLICY PUT IN PLACE TO BALANCE U.S. BUDGET IS NOT ON THE RADAR!  ROMNEY GET’S IN WITH CONTROL OVER BOTH HOUSE’S OF CONGRESS!  

This I think is where a Man should focus his energy. Guy’s like Russell / Sinclair are generations removed from the reality of understanding day-to -day Market Direction!

Close analysis of daily market chart movements, allows one to see real starts and stops in market direction; Timing to get in or out!  To compound profits . . .

Mark

Mark,

Russell, long ago coined the phrase INFLATE OR DIE!  That is what you do NOT understand and that is precisely what one needs to understand to survive the fiat currency crisis that is at our doorstep.  The growing mountain of debt is very “deflationary,” but the response by governments and central banks is predictable and it is geared to counter the deflation that you worry about.  Central banks WILL inflate as they try to keep the collapse from happening.  What do you think QE is all about?  If you invest on the premise of “deflation,” you will end up with a net worth that will reflect your mis-reading of what is happening.  You should know better!!!!!  I certainly have done my best to open your eyes for a number of years.  You constantly mock Russell and Sinclair in your emails to me.  They are my mentors.  One of us will be very, very wrong and so far, for 13 years is has NOT been me.

You have been shaking in your boots and negative on gold and silver – and Russell and Sinclair for as long as I can remember.  You have been wrong since the beginning.  You will continue to be wrong.  In fact, you don’t even understand the definition of “inflation.” Inflation it is NOT rising prices, it is RISING MONEY SUPPLY.  Check out the Fed’s balance sheet before you make unfounded statements.  

Really, Mark – does this look like DEFLATION to you?  Get real!

As much as I would like to see a change in our leadership, the truth is no one will be able to fix the problem.  Mathematically, we are beyond the “fix” window.  QE to infinity is guaranteed and with it, the demise of the dollar and all of the fiat backed-by-nothing currencies.  If you believe otherwise, you will blow your entire large inheritance.  

You will see just how foolish your gold prediction is when gold tops $3k, $5k and God knows how high.  You were certain Larry Edelson was correct too, but where is Larry’s $1300 or $1200 gold?  Your nature is to see the worst in things, including financial.  I have been on the right side of this for the past 12-years!  There have been pullbacks – that’s natural, but the bull trend is alive and well.  If you took the time to read Russell, you might learn that bull markets never end with a whimper… they end with a blow-off stage and we are far, far from anything resembling a blow-off.  

For one who has followed my newsletter for years, you have learned so little.  But – it’s your money to blow any way you please.  The shame is, it’s really so easy to win this game.  Just get out of dollars, buy physical gold and silver and sit back.  That’s all it takes, but very few people will figure that simple truth out until it is too late. 

David

Elijah Johnson recently interviewed Andy Schectman over at UnconventionalFIN.com.  Here is the link, if you are interested in hearing him interview Andy:

GOLD: 5000 Year History of Being MONEY