- Because they remained bullish throughout a bear market while spouting slogans and dogma, keeping gullible people in the grip of a fantasy that they are comrades in arms against evil forces and that in the end, good will prevail.
In the end gold will be assigned its value, but there is absolutely no reason that people should have been hurt in the interim by holding the speculations that revolve around gold, especially at the behest of cranks, charlatans and carnival barkers.
There are 30 Reasons the Bear Phase in Gold Ends This Summer according to Jim Sinclair, who apparently cannot keep himself from making predictions, still. I found this while going through daddy gold bug’s site looking for something else.
The last couple of years have taught me a lot about the segment of the market that I have to believe I am most associated with, the gold market. The way these people exalt each other and cross-promote each other is kind of obvious, don’t you think?
It is also comical, as when the Fed rolled over for one of its final pre-tapering FOMC meetings and with the ink not yet dry on the statement, out came a GATA article trotting out the gold luminaries to take a bow in the great victory.
Scary Gold Bug Article, on Cue
Next day? The drive toward the December bear market lows kicked off.
Sinclair has apparently decided who the real TA’s are in gold because they happened to be cautious at the 1900 top, just as everyone should have been. He promotes them as a way of saying ‘hey look, we have the real TA’s here; they were appropriately bearish and now we can pump them to give ourselves legitimacy as their views go bullish’. I will name no names, but I have looked into these entities and come away not knowing whether to laugh or cry at the head spinning array of calls, up down and all around.
Still, some gold bugs lap this shit up, as if the chart jockeys have some secret sauce to success. Look folks, a chart is just a chart. Your brain, b/s detector, fundamental knowledge and experience all play into a well founded investment stance.
I once corresponded with Jack Chan – who has never been afraid to be bearish on gold – with the theme being the hateful incoming emails I got to a gold-bearish or gold community-negative (can’t remember which) article I wrote. He told me he’d gotten death threats.
Pending a clearing of short-term issues, I think that this is going to be a good sector to be in, speculation wise. As for the metal, I have slept soundly since 2002 with the understanding of its value within the current system. But the last 2 years have eroded my ability to politely sit by and let the ‘community’ spout its propaganda while believing that most people with functioning Frontal Lobes will tune it out.
As for Sinclair’s 30 reasons, 23 of them are new and improved (including 11 that seize upon recent geopolitical headlines). I will tell you what 90% of the gold community was doing at the worst of the bear market; they were praying to who ever their gods are that this thing ends soon so they can once again assume the alter and bask in the glory.
A little further down Sinclair’s website page was this nugget…
Sir Richard the Good shares with us.
Richard Russell Declares “The Bear Market In Gold Is Over”
Okay there you have it. Sir Richard (“Instructions”… [circa late 2011 as stocks bottomed] sell all stocks except mining stocks”) the Good says the bear market is over. Who are we to argue with such a luminary?
