“In Gold We Trust” – CNBC Asia’s Bernie Lo

Since the bull market in precious metals began in late 2000 / early 2001 the mainstream media has gone out of its way to function as a propaganda tool in the official war on gold conducted by the biggest beneficiaries of the thoroughly corrupted western banking, Central Bank and Government systems.

Quite amazingly, CNBC allows its CNBC Asia affiliate and morning (Asian hours) anchor, Bernie Lo, to host Bill “Midas” Murphy on occasion to discuss the blatant and unfettered manipulation of the gold market.   Bill was on yesterday (Tuesday, Feb 23) for a seven minute segment that’s worth watching, if not for the insight provided my Bill then for the exceptionally rare glimpse of a mainstream media financial programming host who is willing to pullback the media’s propaganda curtain and expose the truth (click on the image or this LINK to watch the broadcast):

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Goldman Sachs’ technical analyst, Jeffrey Currie was on CNBC again urging clients and viewers to sell or short gold. With regard to this, I’ll point out that Currie had an $800 price target on gold for quite some time and he moved his target up to $1,000 once he understood the embarrassment of the $800 target.

I honestly don’t know how anyone with more than two brain cells in their skull to rub together would ever pay attention to any market recommendation coming from Goldman given the firm’s track record of taking the other side of their publicly-issued investment “advice.”

Too be sure, at some point the precious metals sector is going to experience a pullback.  Perhaps as early as this week.   But to the extent that inexorable and unfettered official intervention the market has prevented the price of gold/silver from a true price discovery process, it is quite possible for the metals to become extremely “overbought” and stay overbought for an extended period of time.  I’m not making this my forecast  – I’m saying that markets behave in unexpected ways when price-control measures are in place and the “time for a pullback” side of the proverbial ship is getting very crowded.

On a related matter, I featured a junior silver exploration stock in my January 10th Short Seller’s Journal on the premise that investing in mining stocks is a “contra” NYSE stock strategy and therefore a surrogate method of shorting the market.  The stock is up 38% since then (44% in Canadian dollars) and I’m expecting some good news coming from the Company next week.  I’m offering a copy of this issue to new subscribers:  Short Seller’s Journal.

I will also be rolling out a Mining Stock Journal, possibly as early as sometime next week and subscribers to the SSJ will be able to subscribe to the new report for half-price.

13 thoughts on ““In Gold We Trust” – CNBC Asia’s Bernie Lo

  1. WTH?
    Bernie Lo @ 3:40 mark:
    “Didn’t Silver backed Dollar, Silver Certificates go away before Gold backed ones did?”
    Bill Murphy: “Yeah, that was a long time ago…”
    Seriously guys?
    Gold Certificates were withdrawn from circulation in 1933
    The U.S. Treasury stopped redeeming Silver Certificates for Silver Dollars in March 1964, however continued to redeem them for silver granules until 24 June 1968.
    Neverthless, Silver Certificates still remain a legal tender to this day, and occasionally one will still come across them.

    Cheers,
    S. Rex

  2. The day when Jim Willie from Costa Rica calls into either mainstream US version of CNBC (NOT CNBC Asia) or Bloomberg & rants for 2 hours about fascist Bush-Clintons, CIA, Robert Rubin, Hank Paulson, Monsanto, Merck Pharmaceuticals and bunch of other open-ended topics:

    Now that would be some day!

    One can always dream.

  3. And you, Dave, obviously don’t read Bill Holter and Jim Willie! “Pullback”? Don’t make me laugh! Try “Re-set” or “Revaluation” of both gold and silver prices in “US$FRNs”! Read Bill Holter’s lastest article on http://www.jsmineset.com for a cogent view of how everything is about to change – possibly after the G20 meeting in China which starts tomorrow, Friday 26 February. This process is now inevitable and only the timing is unknown. In my view, they can’t afford to wait any longer and must revalue gold as soon as possible in order to balance the balance sheets of central banks (and also commercial banks) of countries which have gold or are acquiring gold. That is the problem/solution in a nutshell but, as I say, the timing is crucial as there is now a certain urgency which drives this process, or ‘wills it to manifest’, if you prefer.

    1. There’s nothing new in what you just said. I prefer to think about what’s already known and anticipate the NEXT development. We already know there needs to be a reset blah blah blah. I think WW3 breaks out first because I don’t see the U.S. allowing a reset to happen willingly. That’s what history teaches us.

  4. From a reader: “I don’t see the U.S. allowing a reset to happen willingly.” Dave

    Unfortunately, I agree, because when the US gets disagreeable, they get rather belligerent. The “Reset” the gold unicorns dream about, where they skip merrily to the bank with their stack, will instead be rather messy and chaotic – nevertheless a must. methinks.

    They, the fiat power brokers, will always find a deep pocket of gold somewhere in the world like Libya, Venezuela, Ukraine, Canada to continue to play the three-card Monte game with precious metals – until their hand is forced by an outside force – Yep, like China and Russia.

    Of course, the question is; When is the necessity of the “reset” by the interested parties manifest on the timeline? Until then I will continue to read your site daily and against my better judgment, I may get back in the game with your short sellers journal.
    Thanks mucho, Joe

  5. Bill has beat his head against the brick wall of manipulation for too long.
    Time for him to change it up a bit….. Take a few off, live a little.

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