COMMENT: Mr. Armstrong, I want to thank you for saving me so much money. I now read the goldbugs for entertainment. They never admit they are wrong. But now they are desperately attacking you as at G—– and J—- and it is obvious with gold collapsing back below the 1100 mark all they can do is blame you. It appears they are desperately slandering you mercilessly because they can see gold is about to collapse. I just wanted to say thank you. I cannot see why they tell people to buy metals and then make excuses when they are wrong.
PD
ANSWER: It is very sad, but indeed, they always make things personal because they have nothing else to say. All their scenarios fail because they are clueless about how the world economy functions and people end up buying every high. They only see the world through the eyes of metals and nothing else. It is a very sad epitaph and I do not see the difference between that and what the investment bankers did with the dot-com bubble. You cannot offer advice on a product and then sell that product or have personal positions in it, as that would be a conflict of interest.
The bankers at least pled guilty to putting out bogus research. There was no Chinese Wall between analysis and making money trading or selling that same product. If anyone accepts money from the bankers, their research is also a conflict of interest that would need to be disclosed.
They can slander me all they want, just like the bankers and government which make me wonder whose side are they really on? It does not appear to be free speech and the people. At the conclusion of the day, support by the end of the month still lies at $1030 and $875 with extreme support at $690. Take out the July low of 1072, and they can blame me all they want, it will not change anything.
If you want to claim you sold the 1980 high, then it must have been luck if you did not sell the 2011 high. If you want to ask for donations to fight against windmills without any success, then panhandling might be a more honorable profession.
If the metals have been manipulated for decades, then the rallies are false as well and why bother trading something that is rigged? You are never told to sell, just hold, and that would be the exact advice such manipulators want you to believe. We came out and told our clients the “club” was going to manipulate silver up to $7 into January 1998 and then crash it. The manipulation was obvious for gold declined as silver rallied. These people were the typical cheer-leaders as always for every rally since rallies are real declines are manipulations to them. We always were able to tell out clients what was real and what was fake.
Getting all personal and mud slinging is for politics. The markets are NEVER wrong – only people who try to interpret what they tell us.
