Categories: General Market Commentary / Precious Metals
Topics: General Market Commentary / General Precious Metals

The Wolves Get the Golden Fleece as the Sheep Get Shorn One More Time

The Wolves Get the Golden Fleece as the Sheep Get Shorn One More Time

Bob Moriarty of 321 Gold discusses how best to play the correction currently underway in the precious metals markets.

You would think that the flock of sheep listening to the wolves would eventually wake up and realize that they are going to get shorn again and then eaten. It happens the same way every time and the sheep fall for it once more.

Gold and silver topped in early July after a six-month rally. The XAU and HUI topped in mid-August after a 198% and 186% climb respectively since January. You would think that the sheep would wake up and smell the roses. It was a wonderful opportunity to take some money off the table.

I wrote a long piece in early August, just before the shares peaked talking about how money always moves from weak hands into strong hands. I was trying to warn people. And I followed that up with another piece in early September saying the correction would last a little longer and we would have a monumental buying opportunity.

I was not alone. Bob Hoye of Institutional Investors was warning readers that a correction was underway in August. Tom McClellan of The McClellan Market Report was saying for months that we had a low for gold and silver coming up in October. Both Bob Hoye and Tom McClellan was saying last December that the low was in for gold and silver. They nailed both the bottom and a perfectly normal correction as I did.

But the gold and silver markets are filled with wolves that want nothing more than to get your money in exchange for feeding your fantasies. At every market low they are whining about how the bullion banks are manipulating the gold price and keeping it suppressed. At every high they are suggesting a Comex default is about to happen and prices are going to skyrocket. Or the market is about to have a "commercial signal failure." Of course they just made it up. Comex can't default; there are provisions in every commodity market for cash settlement. If there weren't anyone with pockets deep enough could force every commodity market into failure. We hear about how the shorts are into "naked short selling" one more time even though there is no such thing.

They have been getting it 100% dead wrong since the bull market started back in 2001 but the mob of sheep don't care because they get all their fantasies fed. Of course the charlatans and scam artists have cost their readers millions of dollars but con men are like politicians, they specialize in telling people what they want to hear.

I find it very funny that these frauds use concepts that anyone with a computer and Google can show is nonsense. Some of these fools want to convince their readers that the Central Banks are behind a "gold takedown" but if you go to Google and put in "central banks buying gold" you can find dozens of articles showing that contrary to the con men, actually the Central Banks are buying gold. Yet another writer on one of those single string banjo playing websites said he doubted the Central Banks had half the gold they claim but through Google we now know that not only have the Central Banks been buying gold, they have been buying gold stocks with both hands.

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