Looking around the gold sector at some of those who have tried to keep ’em bullish all the way down. The peddlers of hope are irrepressible.
Huey writes that gold stocks are well supported by the enormous expansion in the global gold jewelry business. In fact, according to Huey Western mining stock shareholders stand to reap substantial reward from the relentless growth in gold jewellery demand.
Do you hear that? Not just have an end put to their misery but if they will just hang in there a while longer they will be in line for a substantial reward… all due to a supposed fundamental underpinning that has nothing to do with the investment case for gold miners… and is not nearly the best driver for gold either. Keep bafflin’ ’em with bullshit Huey. All the way down… unbelievable.
Dewey is getting excited about the Switzerland gold vote. This has less to do with a fundamental case on gold than Huey’s constant hair brained babbling about Modi, Indian Weddings, China’s demand and whatever else he throws at the wall that sticks. Dewey recently got some serious play at MarketWatch and indeed is often seen in the mainstream media. He also sells gold. How convenient.
As to the Swiss vote, if it goes positive any hype driven upside will not last. If it goes negative as I think it might, any downside based on that would be bogus as well.
Louie (who I have never heard of before but works with a key silver figurehead who I have heard a lot of) is going on about the streams of gold leaving Western vaults and heading east. Yes, it’s the old China demand thing. The same China demand thing that we had to ignore in 2013 and 2014 to our benefit. Unfortunately, people who keep grasping at these straws laid out by promoters keep finding disappointment after the hype wears off.
A peak in bullshit was during the summer with all the Ukraine/global geopolitical tensions hype. They will try to find anything to promote a bullish case for gold. Ebola? That was a low point as someone I thought reputable allowed himself to get tangled up in a headline about Ebola being the thing that would finally drive gold and silver prices. It’s a sickness with this sector. It’s dumb, dumber and dumberer.
I have tried to lay out some signs to look for with respect to the propped up US economy and even further propped up stock markets. Gold is not going anywhere until economic signals start to come in (it’s why I posted about something as boring as the Semi sector’s book-to-bill ratio). Some signs are coming, but not nearly to the degree needed. Meanwhile, these clowns with their theories that have long-since been discredited, ply their trade.
Now of course, as we have been noting all along, technicals may precede a full fundamental engagement and so technicals I shall continue to use. There is improvement and being a long-term gold bull I’ll keep on it every step of the way.
But what we will do is real charting (i.e. charting that does not pretend to predict the future), that explains the positive and negative probabilities; not this charting I often see that portrays what the chartist wants it to portray. Huey actually wrote that “silver bulls need to put on their cheerleading uniforms, and cheer for a breakout.”
You can’t make this up.
 It is not lost on me that on the internet the delivery of easy to digest content is king. I sometimes get propositioned about mutually beneficial relationships and what it takes to really rake in the eyeballs. I get advice like you get X% more opens if you put a shiny picture of gold in an article (seriously).
I get asked to write bullish things about silver to mutual benefit (i.e. I’d be positioned as a ‘featured’ writer on a given website). Yes, a lot of the sites you visit that have featured writers – as if they are above the other writers – is simply because those writers took a deal of some sort.
I have even been labeled an “expert” (which I find a little embarrassing) simply because I write a lot, I guess. There’s a lot of bullshit out here on the internet folks. A ton of it. As I try to become better at marketing my services, I am constantly faced with making decisions to avoid this crap. Not that there is really any decision to make. Integrity wins ultimately or else we are all just bunch of tools.
I’ve written the word “bullshit” a few times in this post and that speaks for itself. Information may be free but it is well massaged and thoroughly evaluated for its potential… to sell something… to somebody.