I recently made some apparently rude comments over on Investor Hub, so I thought I would share my apology here and stir up the pot for those not already familar with my sharp tongue-in-cheek ;)
After almost 40 years in precious metals, I must apologize for becoming bored, blunt, and acerbic. I have tired of the goldbug/silverbug rhetoric of gloom, doom, disaster, financial collapse, conspiracy, and wild predictions of $2000+ gold and $100+ silver. While they make for interesting reading, they have just not come to pass. The typical goldbug/silverbug suffers from so much paranoia and delusion that medication might be advisable. I think it makes all of us with a genuine long-term interest in precious metals look like a wacky cult. I try to do the best analysis I can then come to conclusions, instead of looking for only factors to support only a bullish case.
I personally think there is a always bullish bias in precious metals sector. We all want to be optimistic and hope for higher prices, but sometimes it does not happen. Precious metals are very cyclical and it is very easy to give your profits back if you do not look at the entire picture. The status quo, however, is that if you are a bull and right you are a hero, if you are a bull and wrong you are forgiven, but if you are a bear regardless if you are correct you get vilified. I have made more right than wrong calls, both on the bull and bear side. Unfortunately (for me) some of my best calls have been negative ones. I suggested selling all mining stocks in early-1996, sell silver, especially over-priced 90% junk bags, in mid-1999 during the Y2k hype, and more recently a sell signal on gold stock on June 4, 2002. Some may say I am gloating, but if I were a newletter writer it would be called a track record and I would be bragging about it in Barron's and promoting paid subscriptions. Intead, I just post it for free here, and hope some appreciate a different perspective from the status quo perma-bull posts.
Thanks for your time and consideration ..... bob |
