Last night Miles Franklin hosted a regional dinner for 75 people from the five state region. Several money managers were in attendance along with many of our clients and new people who were interested in what Andy Hoffman and Andy Schectman had to say. I would have loved to have been there myself, but I don’t return to Minneapolis for another two weeks.
In today’s featured articles section, Larry Edelson offers some solid advice as to how America can turn things around. Trouble is none of them are ever likely to happen. Not that they shouldn’t – it’s just a fact that our elected officials will never make changes that take away their power or livelihood. Maybe if we ever get a Constitutional Convention, and we are just one state away from being able to do it, we can force some of these issues. I am hard on Edelson but a lot of what he writes makes sense. I have an issue with anyone who relies primarily on technical analysis. In a free market it works, but gold and silver are anything but a free market. Although Edelson and the writers at Miles Franklin are on the same page as to where gold and silver are headed, we are not nearly as confident as Larry is about the short-term moves and his belief that gold will yet flirt with $1,000. Until proven otherwise, we believe gold bottomed around the first of the year slightly below $1200. Regardless, with all the war drums beating throughout the Middle East, the Ukraine and the East China Sea, and our economy anything but strong, this is not the time to shy away from precious metals. I can live with a temporary pull back but do not want to be inactive when gold takes off. It should be yet this year or early next year at the latest – and it could be soon too. Let’s not worry about short-term moves at the dawn of the explosive bull market that lies (just) ahead.