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):
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.