Interviewed this week, our friends the gold market analyst Ronald Stoeferle and Mickey Fulp, editor of the Mercenary Geologist newsletter, join the Tocqueville Gold Fund's John Hathaway and other gold-friendly observers in describing the recent attack on gold as a wonderful buying opportunity.
Stoeferle is interviewed by Tekoa da Silva at the Bull Market Thinking Internet site here --
-- while Fulp's comments come in an essay headlined "A Musing on the Market Correction in Gold" posted at GoldSeek here:
No one associated with GATA is likely to hope that these guys are wrong, and GATA is not an investment adviser, but this "buying opportunity" stuff is getting a little tedious, quite apart from being self-serving when it is offered by people hoping to do the selling.
After all, Tokyo was a "buying opportunity" after its firebombing by the United States in March 1945, as was Hiroshima after its atomic bombing five months later. But anyone except maybe an executive of the World Gold Council might have noticed a little capital destruction in the ashes.
"I have little doubt that the gold market downturn was an orchestrated and manipulated event by powerful market gamers," Fulp writes, adding: "My answer is simple: Get over it; act accordingly. Accept the fact that all markets are controlled and, on occasion, manipulated by big-moneyed banksters. We should learn to live with and profit from their actions."
Of course while getting over it and learning to live with it may be, unfortunately, good investment advice, they are not elements of GATA's charter. GATA's charter is to expose, protest, and if possible litigate against injustice, particularly the injustice of surreptitious intervention in the gold market by Western central banks, agencies of nominally democratic governments.
Being relative youngsters, Stoeferle and Fulp may not be particularly sensitive to this injustice, likely having much more time to get over it than some other investors do. Gold is money but even young people may have heard that time is money as well.
GATA's objective is not to make money (as much as the people in GATA would like to do that) but rather to establish free markets in the monetary metals in the belief that free markets there are the prerequisites of free markets in everything else and that free markets generally are the prerequisites of human progress.
Unfortunately not many people in the monetary metals mining industry understand any of this, and if they don't understand something so elementary, why should people have the confidence to invest in them as Stoeferle, Fulp, and others recommend? After all, a few more "buying opportunities" like the current one and there won't be any monetary metals mining industry left, nor any investors in them.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
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