The following commentary from Richard Russell is as perfect of an analysis of what many of us face every day from the people around us that never bought into our view of gold, the dollar, the economy and the stock market. The smugness on their faces says it all. They need not rub it in.
May 8 2013
Gold — In all my years following the markets, I’ve never seen such pure, vitriolic hatred towards any item as I’ve seen in the anti-gold spasm. It’s as if the pros and the public detested gold or as if gold represented an actual danger towards investors.
I’ve thought a lot about it, and I think it is a matter of the anti-gold element actually seeking revenge. Here was gold, climbing higher for 12 consecutive years, and the pros and the retail public were never smart enough to be in the bull market. Sour grapes, towards those who enjoyed the great bull market. And anger on the part of the great majority of pros and the public who never participated in the great gold bull market.
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But guess what. We will get our revenge. Let them enjoy their time in the sun – because shortly, when things reverse and our world-view turns to reality, we can revel in our financial gains, and in being right from the beginning. We are right!
More from Russell:
June gold closed up 24.90 to 1473.70. I think gold needs a rest, and maybe a decline which would strengthen the powerful base that gold is now building. A rise to 1500 would be a great technical victory.-May 8 2013
Below are a few important comments from Jim Sinclair. Don’t give up on Uncle Jimmie. He is not out-of-touch.
Posted May 8th, 2013 by Jim Sinclair
My Dear Extended Family,
The emancipation of physical gold from paper gold is at hand.
What the gold Banks have done is so stupid that it might not be stupid. The hammer of the gold banks in showing us all that they are the boss they have executed themselves in the form of waking the sleeping elephant of physical gold demand by holding a special sale on the metal.
The School of Free Gold is on the doorstep of their long sought end game. Free gold has various applications of their thesis but if you do not let applications detract from the main thesis of the emancipation of physical gold from fraudulent paper gold, they are right. Actually more correct than any other approach. Even they do not see their predictions have come true today as what above ground gold not already hoarded is heading for hoarding.
Cyprus was the key that opened the door to the end.
Hold your gold. You are approaching an event that is going to blow you away. Gold is going way over the modest price of $3500 and paper gold will be emasculated in that it no longer will be a factor in price discovery.
The knuckle draggers at the COMEX who are the gold banks have more than shot themselves in the foot with their gold sale. They have taken a direct hit in the head.
Today physical gold continues to leave London with 6.32 tonnes of gold departing the GLD for the shores of China, India and Russia. The game ends when the last physical ounce held at the GLD departs.
CIGA David Madisonstyle
The Emancipation of gold will not wait for the last ounce to go. In the Hunt situation the Comex panicked when they bought their own floor rumor that the Hunts were going to take delivery. They did not plan at all to take delivery but rolled positions to future months constantly. A few days later than first notice day and the Comex management, the gold banks, panicked.
It will happen the same way it did in March of 1980, but this time emancipated physical gold from the fraudulent paper gold will seek prices higher in the cash market for gold than any seasoned gold analyst is willing to say. The cash market is the OTC market for spot gold that will be as easy to access as Comex prices are now.
We have passed the end in this gold game leaving only the execution of paper gold to come at the hands of the paper gold traders themselves.