The ever-growing camp of gold bears and weak-knee bulls had every reason to cave in gold today with the big short Commercial hedgers/long specs on the Comex. Yet as I type, gold has come roaring back. If you’re a bear you’ve to start asking yourself what else will it take to take gold down? Better yet, are you about to get your shorts squeezed?
Couldn’t happen to a nicer bunch (Right Jon-lol)!
I assume Peter is speaking about Jon Nadler of Kitco. Nadler is a jerk. Kitco removes all negative references to him on their site. He’s been wrong for years. Peter took him to task in Toronto and made him look like the idiot he really is.
Many times after a sector breaks out distribution occurs due to profit taking before resuming the trend. Looks like a beautiful reversal is occurring today.
Well I don’t know if he’s an idiot, but he surely writes in a way that seems quite arrogant, and he loves to slam the gold bugs. Not someone I’d likely want to hang around with. (Probably vice versa too.)
The question is, how much more business would KitCo get if Jon were NOT working for them???
I won’t buy from them. (and I have in the past)
Roger.
There is a massive short position on gold so it can work out in 2 ways (at least):
1) the shorts manage to pull down the price of gold.
2) or the shorts cover sending gold up.
You can watch Grandich and Nadler at the Toronto Show via these links
http://www.mediafire.com/?oozw5y9sjfl
http://www.mediafire.com/?fusimzxsxmn
http://www.mediafire.com/?1ijzyhbydgx
You need to download media fire to watch
I was at the Toronto show and saw this panel. Peter was very high class while Nadler did his usual jerk off talk. The talk in the crowd was Peter scored a ten against the idiot. Kitco losses lots of business because of this drunk loser.
For working at gold dealer he sure dosen’t sell his product good speaking off Jon Nadler off course. you think he would be promoting it. whats with that? i think he is blackmailed into keep the price down by writing negtive commentaries
Peter seems confident that the commercials can be overcome in their massive short position on gold. Most analysts I read believe that the commercials always win when they are determined to take a price down. Sure if they can be defeated the short squeeze would be tremendous. The question is can they be defeated?
The POG is an anomaly few will ever successfully foresee. At $1000, many feel it’s their comfort zone. Breaking out of this funk will take calamity, financial or otherwise. As an investor I hope for an upside, as a humanitarian, not at all…
As always, time will tell…
QUESTION: Has anyone had any dealings with EverBank? I see that they have a CD based on BRIC currencies so am wondering about anyone’s experience with them. Thanks!
I have just read Jon Nadler’s comment of march 2, 2009 where he expressed the opinion that Gold was going to pull back to $700 per ounce. ( I am a little behind on my reading) The lowest Gold got was about $870 per ounce. Not saying he was wrong – I’m just saying…. Maybe the big pull back is still coming.
Nadler is also saying that Gold will not rise significantly because the Fed will raise interest rates and the Obama administration will raise taxes to support the dollar and fight inflation before that happens. I suppose this could work except for the effects of such actions and the political fallout.
Also , one thing that has held down inflation and kept a check on the price of Gold is that Banks are not lending much of the money they were given as part of the bailout. The White House that Mr. Nadler trusts so much, has been pushing the banks to lend a lot more . Example – David Axlerod on ABC yesterday saying the WH wants the banks to led a lot more . If that happens, who knows where the $ and Gold will end up.
Nadler is some kind of strange character. I don’t believe that he believes his prognistications. It may just be a case of getting more press coverage; I think Nadler made the calculation that you get more street cred (esp being in the gold business as he is) and “face time” if you are generally negative on gold. How this helps Kitco’s business i’m not really sure.
Nadler’s creepy and right twice a day.