We wish we could publish every comment, as there were a lot of insightful and interesting opinions. Thanks for your participation. We’ll do this again.
Below is a representative sample of the responses to the question: "Should we Hold, Fold, or Be Bold with Gold?" We'll start with Fold, as it's the smallest group, then Bold because it's the most fun, and close with Hold, because that's the largest group, and we wouldn't want anyone to feel guilty if they don’t get to the bottom.
FOLD
Doug Casey insists that PM prices are not manipulated. He's either blindly stupid (see GATA, et al.) or lying so as not to discourage potential investors.
I've believed Casey's opinions for so many years that I don't have any more money to invest in gold.
BE BOLD
The dollar is up and the euro is down, all planned by central banks/governments. The dollar’s demise is coming, and I will buy gold and silver as a hedge against the end of the dollar and coming inflation.
—Manning B.
Paper is a promise which can be delayed or canceled, with real consequences. Gold is reality, which always must be dealt with eventually.
If Soros and Rule are buying, so am I!
For me, PMs are a safe haven. The old system will not go quietly into the night, so we must be patient. My PM stocks are my speculation, and it has been more difficult to keep the faith. But where else would you put your money? Real estate = all-time high… S&P 500 = all-time high… farm land = all-time high… collectables = all-time high. For me, PMs are the only store of value that is still not overpriced.
—Rob
I'm choosing to be bold. I lost everything in the last economic bust. I learned after that several people, including Doug Casey, predicted its arrival. They know how to clear the fog and see what’s happening. I must learn this too. Also, Casey Research has a history of success and I can't think of a smarter play than to learn and invest with the people who are continuously successful.
—Robert M.
Buy on dips for long-term hold as facts overcome manipulation and misinformation.
I’m bold not only because Wall Street will crash but because the dollar will be doomed within five years (even earlier, in my mind 2016 or 2017) and there will be a world monetary crisis.
I believe this is a cyclical bear market within a secular bull market. The fundamentals to why we have had a bull market in the first place have not changed, but have only gotten stronger. Exponential currency and debt creation accompanied by war. I am staying bold. I would like to thank Mr. Casey himself and everyone at Casey Research, as I have learned a lot about how the world works from all of you.
—Dimitri L.
Nothing has changed. The whole world is built on an economic house of cards. When the house collapses, be it this week, next month, or next year, I plan to be in the basement with my stored gold.
—RM
The chart on gold looks like it’s coiling up for a big move. I predict one more big down move, then a huge rally.
The NYSE is in great shape, just like the Havana Stock Market in 1959. It's time for PMs and a getaway plan.
—Scott
Bold on gold! With the Fed putting out over $100 billion per month (hiding a good portion in the central bank of Belgium) and the Chinese buying 1,000 tons a month for the past 2.5 years, it is only a matter of time before the dollar crashes. Gold is an insurance policy you don't have to die to collect.
—Dr. Smith
The Fed cannot support this sham forever.
Bold, for three reasons:
1. Many empires have collapsed. The US is no exception.
2. Too much of anything (like currency increase) loses its value.
3. Gold has 5,000 years of history.
—Theo P.
Precious metals, especially silver, are "on sale" at current prices, and every price drop is a new opportunity for future gains. The world economy is more than ever a house of cards—when the first one falls, everything goes and precious metals will rocket.
—Henri T.
Emerging markets will accumulate gold on the dips, money velocity will increase, and the odds of black swans are increasing.
The bottom looks solid. I buy every day in my Silver Saver account. I believe dollar cost averaging will pay off nicely.
Be bold, then patient. Inflation is here, but so is deflation. Deflation will fade eventually. Currencies are weakening, and war and/or terrorism will erupt within six months.
Faltering economy + public and private debt accumulation + international flight from US dollar + asset bubbles + massive hatred for gold + gold's historical significance = BUY! Also, I would like to thank everyone at Casey Research for the amazing articles and deep foresight! I intend to actively put into action what I read.
—Caleb L.
All in at next correction.
Too much money is being printed. Gold severely undervalued at the moment. Hang in there, gold is due for a massive correction.
—Ivor W.
Metals are transitioning from bear market to bull market. I want to ride the bull!
—Ben K.
Dead economy, high unemployment, wages lagging inflation, excessive debt (government and personal, especially student loans), oppressive government, geopolitical unrest, signs of social unrest… what's not to like?
Investing is all about buying assets that have potential but are beaten down and ignored for one reason or the other and then sitting tight. Gold fits this bill right now. It is insurance, not something you go all in on. For sure, empires decline slowly—I think gold's rise will be a reflection of that.
—Sashi G.
Bold, but holding back for maybe another 6 months, or until the lightning and thunder starts.
I am an investor in my 30s, and thanks in part to Casey Research, I am concerned about the future of my country and the dollar possibly losing status as the world reserve currency. I was fooled in 2001 and 2007 by all the hype, and I am finished toeing the Wall Street line. Contrarian to the core.
—Tyler S.
Eventually the massive money creation by the US, Japan, Europe, and China will find its way to something besides financial assets. When velocity finally returns to normal and the cash hits consumer prices and wages, gold and silver will rise even faster than inflation. Gold and silver stocks more so.
If you can’t afford a house, buy gold and silver. Best vehicles for inter-generational wealth preservation.
I would never want to bet against Doug Casey, Jeff Clark, or Louis James. I am all in on bullion & mining shares, and I have absolutely no trouble sleeping at night! The only thing that would keep me awake at night would be owning Wall Street’s “sucker bait” stocks, while waiting for the inevitable bursting of the fiat-money bubble. Thanks for all that you guys do!
—Clarke P.
Money velocity has to increase with all those reserves. With the CME now admitting manipulation, it’s just a matter of time. If Scotland separates, this might be the catalyst.
—Lenny G.
The world is in an insane money printing mania phase. There has never in all of history been a time when even a fraction of the money printing that is happening now has not led to massive disaster. It’s impossible for it to be any different this time. I appreciate all the great work you do.
—Tim R.
The elites fear deflation most. There is no economic recovery. They will create more paper. Gold and silver is real. Bits of paper are not.
I will be bold and stay in the game. I will, however, sell some of my equities that have gained more than 100%, as well as the ones that have not performed as I would have liked. I have my "wish list" ready.
The attention of the masses will continue to be diverted by proxy wars and meaningless sports headlines. Back the truck up while they sleep.
I am timidly bold, with 7% of money in miners and GLD, because people don't realize how artificial this boom is. I will either double my money or lose 2/3.
—John P.
I have been buying gold coins since 1971. I bought when it was too expensive at $80, then at $200, then at $800, then at $1,300. And in between, and will continue to do so. Gold is not an investment. It is an insurance policy. If in the last 100 years we have discovered the alchemist’s dream of something for almost nothing, then do not buy gold. If in spite of wise liberal economists we haven’t, then buy an insurance policy, at least for your grandchildren.
—Robert W., MD
I have been accumulating slowly when deals present themselves. I still think we are in for a sovereign debt crisis.
—JN
I believe the metals will drop lower in the short term and then continue upward—buy!
With silver prices equal to the cost of mining, it is crazy cheap. It’s the only place I have been putting new investment money for the last 3 years.
—Bill
Historically, every nation that's debased their currency has collapsed. We are not exempt. I'll continue accumulating precious metals until unsupported fiat currencies detonate into oblivion.
Take an allocation approach and take emotions out of the picture. I buy when my allocations dictate it. Right now, precious metals are a buy for me because their allocation in my portfolio has drifted lower than my desired level.
—Ryan M.
Markets are too high and ignoring fundamental geopolitical and economic news. This present situation will not last.
HOLD
As far as I can see, my reasons for entering into the gold market have not changed. I can't say that I am not disappointed that most of the world has not caught on to what seems like simple common sense. On occasion I may feel that my patience is being tried, but I am definitely a hold.
—Bob
One could end up with a black eye fighting the Fed, as this feels like the middle rounds of a 15-round fight.
—Brian A.
I originally bought gold coins in the ‘70s for $200. Gold then dropped to $100. I held on then and will hold on now. Although my gold stocks are down, I think gold and the shares will recover and soar.
—Mary F.
You recently quoted Doug Casey as saying that he sometimes confuses inevitable with imminent. I understand that. I am holding for the inevitable, but do not think it is imminent.
—Brian B.
The world is heading towards a major shift; they just keep finding new ways to postpone it.
The next “event” looks like it will be a doozy… and gold could be “the baby that gets thrown out with the bath water”—initially.
—Brandon W.
I'm all in and don't want to take the losses. So I will wait and pray.
I think the market (stocks) is so manipulated that I've sold most of my holdings. I'm holding on to my bullion, hoping this is not a mistake.
When I am confused, experience tells me (very senior citizen that I am) that "holding" is the best action. I simply do not know whom to trust anymore, other than my gut instincts.
—Bud
I believe the dollar will actually gain in strength against other foreign currencies, especially the Euro, though a temporary bounce in the Euro is to be expected after this huge recent drop. Longer term, I see the Euro falling to around $1.20 sometime next year. While the dollar gains in strength, PMs will remain weak. The day gold rallies against all currencies is the day we see a turnaround. The earliest I see that happening is sometimes towards the latter part of next year when finally the world starts to realize that the US is an emperor without clothes. In the meantime, we'll just have to sit tight and bide our time.
I am holding gold right now, waiting to see how low the manipulators can drive down the price. When I think gold has bottomed, I will start to accumulate more.
—Curt J.
Stick and stay, it’s bound to pay. Wall Street has screwed me too many times, so I going with you guys.
—Jory G.
I am somewhere in the bold or hold category. Eventually chickens come home to roost, and I want a significant inflation hedge.
—George H.
When lightning strikes, get off the golf course. I'm still bullish, but gold sold hard last week and again today, so will sit in the clubhouse for now.
Government can't afford higher interest rates and works with banks to keep the gold price down so that everything looks okay. Can't go too low or mines will not produce, which could cause panic.
Hold until the snowflake that starts the avalanche falls, then be happy you own something other than fiat currencies that are not worth the paper they're printed on!
—Carl
I think gold and silver have put in a bottom, so I plan to hold in the hope that they will rise substantially in the not-too-distant future.
—Jeff VB
If we wait long enough, we’ll all be right. So nothing to do but hold.
—Mike C.
Long term gold moves higher, short term gold continues to move down, if for no other reason than the contrary indicator that central bankers around the world are accumulating the metal.
Regardless of what gold might or might not do in the short term, when this bubble pops, its long-term inevitable destiny is stratospheric.
—Peter C.
Owning and holding gold and silver, not paper, is prudent. Only trade for something of real and equal value to it.
—David E.
I fall between hold and be bold. I see precious metals as insurance against financial disaster. I also believe the market manipulators can't keep all the balls they’re juggling in the air indefinitely.
—Gary
Phony government numbers have fooled the public into thinking all is well, so gold may not rise for some time.
—Stuart
Don’t know the timing of the collapse, but fiat currencies have always failed, so it will happen. I’m hoarding guns, gold/silver, ammo, and good whiskey.
The government and Fed propping up the dollar and the economy is a juggling act, and sooner or later they are going to drop something.
Hold and accumulate below $1,200. The game is rigged, and we are manipulating the market to benefit China. After the price gets low enough, China will begin buying again. After all the rich who are really running our world accumulate enough, then the price will rise again and not before. Signed, bludgeoned but not beaten, Doug F.
I am “boldly holding” at this point. The market is due for a major rude awakening, but also the government can’t play their silly games forever… Sorry, I used 26 words, but even 250 couldn't come close to describing what's going to happen.
—Stan L.
Short term is gambling. Long term is investing. Short term is fiat money. Long term is gold. That is all ye know on earth and all ye need to know.
—Jeremy H.
View gold as a long-term investment providing diversification to your portfolio. I’m already allocated with what I believe is the proper percentage, so I’m not buying more at these prices. Timing the market is pretty much a fool’s game. There are bigger forces at work than we are aware of, and by the time the market moves, the big money will have already been made with preplaced bets. Those of us who don’t make the news but merely respond to it won’t have any warning. What can you do? Enjoy life and realize that happiness and true worth are not tied up in your net worth.
—Tom W.
The Empire manipulates markets now but has an unstable $2 quadrillion in derivatives. The “New Development Bank” of the BRICS + Argentina (and others seeking admission) will bring the game down.
—Peter S.
Gold will rise in price, but timing is everything. One buys gold as insurance against collapse, not to make a killing.
—John L.
Capital flight is creating a confusing story for investors and bolstering a weak dollar. I am committed to holding my position with gold, as the dollar will decline in the future. America cannot continue printing money and expect to benefit from false productivity.
The race to print is on worldwide, the con is worldwide, and fundamentals are good. Only short term is a question.
—Mike M.
I'm positively, no doubt, strongly in the buy/hold camp, depending on the meds in my Slurpee. My rational thought is that the undoing of the peachback as the world's reserve currency will be the driving force as no amount of manipulation can stop that. It's just not happening as fast as I’d like.
—Pete
Hold until government stops interfering with financial markets, then sell.
Certainly a lot of anguish here, but that saying about buying when is there is blood in the streets still holds true. The blood-letting is taking much longer than anyone thought, but I am sticking with it.
—Raoul S.
With near infinite free money and central banks doing their thing, better have a place to sit whenever the music stops.
—William H.
I think gold and silver will ultimately rise due to loss of faith in the federal government and extrinsic value of the fiat dollar. Gold and silver are the only intrinsic aspect to the fiat dollar, and the sheeple will someday awaken. —Wayne Y.
I'm holding on to my metals; the USD house of cards can't last forever.
—Sandy P.
We're going through the final shakeout before a bull move. Too many black swans circling about. One or more will land.
I’m waiting for gold to drop some more due to deflationary forces that finally seem to be starting in Europe and elsewhere.
—David R.
Obama and Yellen don't have complete control, but they will throw everything they can to hold the economy up until the mid-term elections.
—Murray LM
Market continues up and investors continue to strive for dividends. Fed won't raise rates for a year. Fly in the soup: a major al-Qaeda strike in the US.
I personally don’t believe anything the government says anymore, and have 10% of my portfolio in precious metals.
The world is deflating despite liquidity. PM bulls completed accumulation, hence US/China weak. Things break within two years, then PMs great investment.
—Lasse
I am in the “hold ‘em” camp because in the long run, those I hold have been excellently vetted by L’s team and I think will really will come out okay. At this point, I am not losing any sleep over my Casey portfolio.
—W Fray
Precious metals are always a good insurance policy. Precious metal stocks are probably going lower.
I own physical gold. The market gyrations do not have the effect on me compared to owning paper. I believe it is manipulated. It will be back.
I have adequate exposure to physical metals, so I hold. If someone has inadequate exposure to metals, I recommend to buy. Personal level of exposure is key. This is not the time to sell.
—Brian F.
For months, all gold/silver professional advisers have been bullish on gold/silver investments. That made me wary. Until they quiet down, I remain wary.
—Ron C.
Bold will be rewarded, but you may have to hold a while to wait for it. Every central banker on the planet is doing everything they can to keep everyone comfortably buzzed around a punchbowl of Keynesian Kool-Aid.
—Roy C.
My portfolio is 30% gold and 70% junior mining shares because I think that gold will come into its own someday. But if I had known the wait would be so long, I would have turned towards technology instead of precious metals. But if you knew everything in advance, you'd be a billionaire in no time.
—Rudi
I've been a financial advisor for 38 years and made millions in gold stocks in 1999-2012… sold half but watched the rest give up 80% and more, and lost many good clients in the last two years. I now follow the market and ignore what all you experts say. I will keep my positions but will only buy when the market tells me to buy. I’m bullish on regular stocks for now because the market says to be bullish. I’m tired of hearing the same garbage over and over about why the market can't go up—it's going up, and gold is going down. I will change when the markets tell me to change.
I intend to hold for the foreseeable future. Jim Puplava of Financial Sense Newshour frequently says America has the best-looking house in a bad neighborhood, referring to worldwide devaluations in local currencies. I hold my metal in an allocated precious metal IRA, and I maintain physical custody of more. I will look to reduce those holdings as the Dow/gold ratio approaches 3:1.
Gold will go to $1,000 and silver to $14 as the world’s manipulated currencies endure a hurtful fall, but eventually [they will] rise to unbelievable levels.
I started buying metals for protection rather than investment. I still do not see any real improvement in living standards among the people I deal with, so I think I'll hold.
I'm fully invested in precious metals and uranium. I will hold. There are so many possible black swans in the world, eventually one will trigger the market. I'm in.
—David T.
I am overweight in precious metals, but will not sell. They act as a counterbalance, and the price is currently scraping along the bottom.
—Hubert
I am holding and gently accumulating gold and silver bullion to 15% of my net worth. Remember, 20 years ago, eggs cost 79 cents a dozen, compared to $3 today. The same will happen to gold over the next 20 years.
I've bought gold simply to maintain purchasing power. A half ounce of gold would buy a nice sport coat in 1920. I'm confident that will also apply in 2020.
—Ed M.
I am fully invested in bullion (mostly silver) and mostly top-tier gold and silver stocks. Why? Because everyone else (almost) hates them.
—Bryan M.
I’m a Vietnam veteran and an investor. I believe the administration knows it is in serious trouble. I think they will make some very bad judgment calls in the near future and get the West into a war it neither wants nor can afford. I'm all in metals, mining, and energy. I hope the shorts and the paper gold people get taken to the cleaners.
—Bob F.
I read two or three hours per day, and in the last three years I have yet to see a single bit of a plan of how to clean up this nightmare. I am unaware of any fix in the works, just more fear and lies. When the price will be paid for the Fed’s folly, who knows, but there is always a price to pay. I hope to have my PM secure and some leverage with mining (so far a huge disappointment). I view this as a defensive move, not a big profit plan. I hate being in the position of betting on the failure of my country, but it is, I think, the prudent move.
—Steve G.
Bullish on PMs. With China and Singapore's new precious metals exchanges that are actually dealing in physical kilo bars, their increasing volumes, and the fact that Hong Kong's century-old Chinese Precious Metals Exchange had reportedly almost run out of physical gold at one point in 2013, it indicates to me that even though prices have been falling, the supply at the same time is tightening. ETF and COMEX positioning no longer appear to pose the same threat to prices as in 2013. Many gold producers have delayed the next phase of growth projects working to protect their balance sheets. Long-term demand support from Asian nominal income growth, an evolving post-QE macroeconomic environment, and lower disinvestment potential should expect price increases over the next three years.
—Veritatem C.
None of the above. The Elliott Wave Theorist has been uncannily accurate for decades and predicts gold at about $650 an ounce during a classic depression. If and when that happens, I will be a buyer. However, he recommends keeping some assets in gold currently. You guys are the best gold stock analysts, though. Great commentary too, my favorite newsletter. —Bill
I’m holding as a hedge against the madness that has been going on the world over. The other reason is because of the idiotic actions of our representatives in Congress.
—Frank S.
If the petrodollar collapses and the US finds its debt gargantuan, and if China’s repayment demand is not met, gold could soar to compensate. Watch, and buy in time.
—Albert H.
As a many-decades investor, I’m questioning the future. Government corruption and manipulation go unchecked. It’s always tomorrow that things will change, but [they] never do.
—Dave L.
Stocks overpriced, PMs are a bargain. I expect hyperinflation within four years.
