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Published : December 07th, 2012
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Category : Crisis Watch





Last week, Miles Franklin had its annual Holiday Party in Minneapolis. At the 2011 event, I had just been with the company a month – but by this year, many of my colleagues have become friends. Moreover, we added one new broker this year, as well as writer-extraordinaire Bill Holter; who also traveled to Minnesota with his wife.

After dinner, our faithful President – Andy Schectman – “addressed the troops” in a jovial, heartening manner only he can impart; and about halfway through, complimented one of the brokers for his “STICKTUITIVENESS”; that is, dedication, perseverance, and endurance.

I immediately e-mailed that “word” to myself, as it embodies my work ethic, value system, and overall “M.O.”; particularly, in the WAR I fight each day to PROTECT myself and others from the upcoming FINANCIAL ARMAGEDDON.

This week, Bill Holter described perfectly how the Cartel has controlled PM sentiment…

It has gone like this from 1999 or 2001 (whichever you use to call bottom), Gold “goes up” a little and takes some time to move even 5%…and then the “smash” comes, it loses 3-4% in a day or two, and sentiment turns black and blue. This has been script all the way along; breakouts are nullified, 4-week rallies erased over 1-3 days, CNBC screaming “top” or “bubble” several times per year, and the attacks on “sentiment” job 1, even while the metals have outperformed everything.

…Bill Murphy lamented how “PAPER PM Investments” have destroyed lives…

The gold and silver share sector is still under siege, with sentiment worse than at any time since I began this commentary in September 1998 – despite gold and silver price increases from $290 and $4, respectively. Back then there was HOPE, but now there is DESPAIR. Shares of many of the junior and exploration companies are back to where they were when gold and silver were at their bottoms at the turn of the century, or not too far off those lows. Brokerage business in the sector stinks, there are few deals being made, little money is available to enhance business, etc. Many veteran investors in the share sector are fleeing or have already fled.

…and James McShirley stated what we all know is true…

The year 2012 will (so far) go down as probably the most heavily suppressed gold year ever. As in physics there should eventually be an equal, and opposite force to the intensity of this suppression. We all wait for that blessed moment

By the way, it’s no coincidence I am writing about Bill H., Bill M., and “James Mc” in the same RANT; as we – along with my friend “Dave from Denver” – formed the core of the GATA website for most of my “TEN YEARS OF HEAVEN AND HELL.” NO ONE embodies more “STICKTUITIVENESS” than us; although, I must admit it’s difficult to maintain when holding the aforementioned “PAPER PM Investments.”

As for those holding PHYSICAL gold and silver, we must deal with daily attacks on our net worth, credibility, and sanity. However, over the past 12 years, our assets have outperformed essentially ALL others; not only hedging against rising inflation, but positioning us to live freer, more satisfying lives. In many ways, absorbing the PROPAGANDA and public SHUNNING are as mentally damaging as the FINANCIAL attacks – which is why it is so rewarding to see the fruits of our efforts.

If you hold “PAPER PM Investments” like ETFs and mining shares, “STICKTUITVENESS” may or may not save you – per Bill Murphy’s comments above. However, with PHYSICAL gold and silver, you are essentially GUARANTEED victory; so long as maintain your convictions!



Companies Mentionned : Metals X | Perseverance |
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Andrew Hoffman was a buy-side and sell-side analyst in the United States (including six years as an II-ranked oilfield service analyst at Salomon Smith Barney), but since 2002 his focus has been entirely in the metals markets, principally gold and silver. He recently worked as a consultant to junior mining companies, head of Corporate Development, and VP of Investor Relations for different mining ventures, and is now the Director of Marketing for Miles Franklin, a U.S.-based bullion dealer.
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