Those Gold Queues Are Not a Good Sign - Did Friday Mark the Top?
Queue photos, China's gold hoard, and why I could be completely wrong - Sunday Stuff
Did Friday mark the interim top in gold and silver we have been worried about?
Very possibly, but we shall see.
You no doubt saw all the various images of people queuing up to buy gold and silver around the world.
This is Singapore.
This is Sydney
You don’t get those at market lows. You get them at tops.
Longer term, I don’t think this bull market is over: ten pounds worth of gold today will buy you more in ten years time than ten pounds will. But I do think this phase might be, and we need to cool off for a while.
But I have been wrong many times before, and I could well be wrong again.
Things to share
In case you missed them, here are this week’s pieces. Yes, two this week.
First, we look again at the subject of China’s gold. Even with this lowball calculation methodology, it has still understated its holding by a factor of three.
As you know I consider this to be one of the most important subjects in global finance and geopolitics, and barely a soul talks about it. He has the gold makes the rules, and all that.
We in the West can’t stop China accumulating gold, but we can accumulate our own.
I’ve made this one freely available to one and all.
Then we have this piece on silver and everybody’s favourite silver mining company, Sierra Madre Gold and Silver (SM.V).
As you know, I’m really worried about $50 silver. Maybe we overshoot a bit to $54, suck everyone in and then ruthlessly flush them out. That would be so typical of silver. Then again, maybe I’m conditioned by too long a bear market, and silver moon launches from here.
In any case, I’m a Sierra fan. Catch up on all my latest thoughts here.
And, third, we have this piece on gold and the Secret History of Gold, , written by my good buddy Tim Price.
And, if you haven’t yet read this opus, here is your chance.
The audiobook, by the way, is getting really good reviews.
Finally, I was interviewed by Michelle Makori last week. Lots of views and nice comments.
Here is the interview in full:
If you live in a Third World country, such as the UK, I urge you to own gold or silver. The bullion dealer I recommend is The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, the US, Canada and Europe or you can store your gold with them. More here.
Great articles this week. Friday I sold my Leveraged gold position (up 70% in six weeks) and bought into Almadex and Sierra Madre. Means I can now stop watching my portfolio every day and touch grass. Really enjoying The Secret History of Gold. Interesting that BTC fear and greed index hit extreme fear levels this week (23/100).