In typical fashion, Jon Nadler (top bullion specialist for Kitco) has decided to add more BEARISH RHETHORIC on the precious metals. In his Oct 15, 2012 IN THE LEAD column, Nadler thought it was time to bring in a so-called VETERAN MARKET MAVEN to describe the future forecast for silver:
The most recent Value View Gold Report written by veteran market maven Ned Schmidt notes that “Silver has risen in parabolic fashion, to the top of [its] trading range. It has stalled, and moved through that parabolic. The only reasonable expectation from the chart is that it should now trade down to the bottom of the trading range. The forecasts of an imminent upward explosion in the price of Silver simply cannot be supported by either the fundamentals or the charts.”
Here we can see that one of my favorite analysts (sarcasm added) has been included in Jon Nadler’s commentary. Of course, Nadler hardly ever includes analysts that might paint a BULLISH forecast for the precious metals. I am simply amazed that anyone still reads anything that Mr. Nadler has to say. It that vein, it is no surprise that KITCO has received its 4th bankruptcy extension… as the Doc posted here yesterday….LOL
Furthermore, Nadler wrote this about gold in his IN THE LEAD column today:
Late Monday’s EW snapshot analysis of gold opined that with the decline to under the September 26 low gold broke the succession of higher highs and higher lows that has been manifest since May. EW says that gold has changed from trend up to trend down and that the initial support is now likely to be found at $1,693 per ounce-i.e., the 38.2% Fibonacci retracement level of the rally from the May 2012 low at $1,527.
Something, on the other hand, that might come as a large surprise (to some, anyway) is the fact that China might not turn out to be the huge buyer of gold that folks are asserting it will. HSBC market analysts note that –based on the 29% drop in mainland August gold imports from Hong Kong- .“China’s near-term appetite for gold appears to be waning as bullion imports from Hong Kong slow” There is, however, more to this story than just the perception that gold inventories on the mainland are saturated.
A link to the article: HERE
If I had a silver dollar every time Jon Nadler turned up the Bearish Heat on gold and silver when they were heading higher, I would retire.
If the Wynter Benton Group puts their money where their mouth is, I would assume Nadler will again look like the CLOWN that he is.