Response to a Subscriber’s Inquiry About Silver…

Look, we all have temptations and wants. The internet has interconnected us like nobody’s business and information is there for the taking, for continual consumption and consideration. There was a time when I used to be influenced by Silver bugs and their bullish perma-pitches. So it is not like I am a know-it-all wise guy, imbued with wisdom of any kind outside of what results from experience, hard work and an honest orientation.

I am not anti-silver. Not by a long shot. Indeed, I should probably think about buying some of it back. I am anti people conjuring overly convincing stories through bull market and bear, always on the same unchanging message, finally to be right one day as their massive media machines let us know (over and over, all across the interpipes) who exactly made the great call. That is how these reputations get made; by mass promotion.

Behold the beauty of a financial instrument you can hold in your hand.

silver horseman, horsemen

Behold the grim horseman who may be perfect for future posts when we finally morph the lovable and happy-go-lucky 3 Amigos of the macro into something much more ominous.

So preamble aside, here is my response to an NFTRH subscriber who emailed asking for my thoughts on this article at ValueWalk. This post is not a comment on ValueWalk, but on the content of its guest post.

Do Like JP Morgan’s Doing, Buy Silver?


Please pardon my dismissive attitude, but this smells conspicuously close to GATA and/or Ted Butler muck raking. It has all the key elements, like Buffett’s buy, some Hunt Bros. talk and of course Bill Gross calling for a $5,000 price revision in gold.

I think silver is grinding it’s way to a bullish future (consolidating the 2016 1st leg) but these clowns have been on the same theme for years (all through the bear market and of course the previous bull) and they will finally be right and one day whip up a new over bullish hysteria. I would tune them out. But that’s me.

When I say clowns, I guess I am talking about GATA and even Gross, but the last time I had some guy named Ed Steer and some negative gold bug crap climb all up in my grill it was in response to a critique of Ted Butler’s silver/gold CoT manipulation theories. Ted responded as well and was actually very cordial, obviously with the confidence of his conviction and no need to be dismissive or indignant. So no, I don’t by any means think Ted Butler is a clown. 80% of the rest of the precious metals oriented complex, on the other hand…

The problem is that this stuff seizes upon peoples’ emotions and at vulnerable times (like today’s inflationary mini-hysteria) it gains traction. Then, after silver emerges from its bear market (which I happen to believe it will do before long) out come all manner of lunacy and promotion as the rinse cycle goes into overdrive once again.

I believe it is best for one’s mental (and portfolio) health to leave the ghost stories (JPM or otherwise) aside and simply watch the market.

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