Gold and the public:
Bill,
The only words I can pen to describe the current market psychology is this.
Greenspan got up on the stage Friday last and explained to the party crowd that there is a fire in the building that, if and because you have NOT ALREADY left the building, IS GOING TO destroy you, … there is NO hope. Then he turned to the others on stage (G20) and asked them to confirm the assessment, which they did.
The crowd stands there stunned … some have started to weep, a very few are still hoping to find that exit and survive , but most have decided to keep the party going, figuring that this is just some new psychedelic drug that’ll make the party even more exciting … WHOA, flirting with living trough a fire … WOW what a cool experience! What a far out party man!
The RUSH will not come from those in the building, they WILL BE destroyed in the fire. The RUSH will come from those who either left early or never went to the party. BUT they will only react after they see the charred remains of the once all powerful, indestructible building laid waste before them. Then THEY will stampede the frontier to secure bricks of gold and silver to lay the foundation for the next … "building".
Buena Fe
Called brother Tim to find out what was going on in the gold coin market. He got back to me with:
Bill, Your inquiry and intuition on the gold coin market is right on the money. Apparently, the major market makers in the numismatic gold coin market are not Midas or GATA readers. As most in the gold world, they have been caught with their pants down with this most recent move in gold. Dealer inventories are very tight in high end MS64 and MS65 $20 Gold Liberties and MS65 and MS66 $20 Gold Saint Gaudens. The coins were "sluggish" as gold moved off its bottom in the summer and raced past $400. These coins are presently on "fire" the last couple of months. The ratio is rising as we expected and our Midas-GATA clients are happy they have diversified into some of the physicals. We want to thank you for your consistent knowledge and courage to call this market. To reiterate your earlier sentiment, when gold goes up sharply, so will the collectible coins. We would be glad to introduce any of your followers to this opportunistic market. Given the action of the gold shares and the gold coins, the importance of having a balanced portfolio for the long run has never been more evident.
Best Regards, Fred Goldstein, Senior Broker and brother Tim, Broker at
Swiss America
1-800-289-2646 ext 1033 (Fred) and ext 1019 (Tim)
trmurphy@swissamerica.com