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Our view is that we have seen the bottom for both gold and silver during the first three trading days of November.  My summer-time prediction that gold would finish the year above $1,800 is now in reach, maybe even on the low side.

Gold is up $225 since it bottomed last June and still, Larry Edelson has his faithful followers sitting on the sideline waiting for the bottom to fall out.  When Larry finally comes around and admits it’s time to get back in, which should be anytime in the next couple of months, he will no doubt tell you “It’s o.k. since most of the bull market gains are still in front of us.”  And he will be partially right; most of the gains are still in front of us, but his advice kept you from buying gold and silver at substantially lower prices.

Look, let me make it simple.  This is a game of musical chairs.  One of these days, the dollar will be replaced with a new gold backed currency (more on this tomorrow) and a new much higher price will be locked in and if you are holding dollars you will lose up to 65% or more of their domestic purchasing power.

Those of you who are FOOLISHLY in GLD and SLV will cash out with a large pile of devalued dollars and no one in their right mind will sell you their gold or silver for them.  The move out of dollars will be like people fleeing a burning theatre.  Only a few will get out.  There will be no supply, no sellers, just a gazillion panicked buyers with a fistful of dollars that will not buy them gold or silver.

We have been trying to alert you to this for a long time.  The most foolish thing to do is to be on the sidelines, acting like a “big-shot trader” hoping to save a few bucks when gold next pulls back.  But what if it doesn’t?  What if it keeps going up and you feel so foolish that you missed the chance to buy gold in the low $1,700s that you can’t stand paying a higher price for it?  That is human nature.

A friend of mine was ready to buy gold a couple of months ago, when it was selling for around $1,760.  He decided that gold would correct and he would wait.  Fine.  It did drop down to the low $1,700s but of course he never took advantage of the lower price.  People never do.  I told him over the weekend that it’s time to get moving – nothing wrong with waiting to buy on a dip, but buy the dip!  Now he will end up paying the same price that he didn’t want to pay before, and he would pay more if I didn’t contact him to get him act now.

People who listen to the market timers (like Edelson) and wait and wait while the price continues to rise do not understand gold.  Gold is not an investment; it is money.  Don’t worry about how much it costs per ounce.  Concern yourself with how many ounces you own now, while you can still get it.