April 5, 2012
Dear Friends,
What we need is the second coming of a determined trader so convinced of his/her opinion and feel for the market that taking on the gold banks would seem like a divine calling.
The same stuff we see today went on in the great gold bull market of the 1970s. Then I was a kid in my mid 30s with more guts than is usually good for ones financial health.
I watched the gold dealer’s brokers, then of Phillips Brothers and J. Aron, running the living hell out of the gold gang with the locals jumping on the bandwagon the moment the dealers showed their selling interest. I also saw the same quietly covering by the brokers for the dealers taking back their sells after they had bullied the market lower, exactly like the Goldmans and their pals do today.
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