Recent Gold Hype Sounds Like Grade-School Chant; Five Non-Hype Reasons to Own Gold

Courtesy of Mish.

Reader David emailed a link to GATA, SHAKA ZULU, And The Coming Gold/Silver STORM! with a note “please see fit to write about this!!!

The article is by Bill Murphy, the Gold Anti-Trust Action Committee (GATA) chairman. Here are the key snips.

To get right to the point, three quality sources told me three weeks ago that the gold and silver markets were going to take off in August and I have been pounding the table on such ever since.

It is time for things to happen. As you know by now, I have been jumping up and down for fireworks to happen in August. We shall see. All I can say is that what has been brought to my attention over last three week period from the “best of” sources all points to the same conclusion. It will be nitty gritty time SOON. Perhaps that “soon” is “now” the way gold has traded the past three days.

If what I think I know is correct, it will be time to pour it on our adversaries and send them running for the hills.

Grade-School Chant

As I read that, I was wondering what exactly I was supposed to comment on. Murphy has three sources, all unnamed. 

Worse yet, Murphy will not even state what the news is. The entire posts smacks of the playground chant “I know something you don’t know, a ha, and a hen, and a ho ho ho.

There is no story here, there is not even a rumor. There is only a rumor of a rumor. I am commenting because I was asked.

Seasonality

Murphy has at least one thing going for his call: seasonality. August is generally (but not always) a good time to buy gold.

If nothing happens, Murphy will be on his bull horn complaining of manipulation, singing the same tired chant about gold shorts suppressing the price of gold.

Manipulations



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