Monday, February 26, 2007


A few folks have emailed me this evening, and I will respond tomorrow morning.

I have received several emails concerning gold asking if I remain bullish.

The short answer is that I remain personally bullish on gold. Of course, I am not a financial advisor so I do not dispense personal advice on whether you, the reader, should or should not be buying or selling gold.

But I continue to hold a large GLD position as well as metals futures positions (though I did pare back the metals futures just a bit to reduce delivery exposure).

If you listened to my radio broadcasts even back in the late 1980's on 1010 WINS, New York and WBZ, Boston you probably knew I had a soft spot for the yellow metal since my weekend business reports on the two stations regularly featured gold experts. It has taken quite a while for gold to rise from the ashes, but I personally feel the best is yet to come. Jim Sinclair at JSMineset is looking for an eventual $1650+ and judging by the ignorant scoffers out there now, I'd say Jim is on the money.

Yep, the top callers are out there again already, but why weren't they there telling everyone to buy when gold fell below $600 not so long ago? Those people first owe you a BIG apology for not getting you in at $550 last summer and out at $700. Then, they owe you a BIGGER apology for being the fake, phonies and frauds that they are for anonymously blogging in the first place and then not giving sound reasoning for telling you to dump your gold position, or any position for that matter.

Don't get me wrong. I don't mind the opposing view. I do mind the phonies who come out of the woodwork who did nothing for their readers to get them into gold nearly $150 ago, but now tell them it's time to sell without giving a good reason.

Here's something you can always be assured of getting here: INTELLECTUAL HONESTY. Perhaps my reasoning will be wrong, but I will at least attempt to give you what I feel is sound reasoning, AND my name and mug shot is always on the page.

1 comment:

Anonymous said...


The top calling by "experts" is getting very loud indeed. I see some anecdotal evidence of investor's and trader's money leaving gold mining shares and other bullion vehicles expecting a correction, which is a contrary indicator.

My other observation is the OI is in uncharted territory with huge short interest. I personally feel the market is primed for a spectacular short squeeze.