Aug 22, 2008

Richard J. Greene: Amateur hour in the precious metals markets

Richard J. Greene of Thunder Capital Management strikes some brutal but well-deserved blows against all the bad guys in his new essay, "Amateur Hour in the Precious Metals Markets". Greene writes:

"You do not get a $200 move down in gold and $7 move down in silver in a month, because they were supposedly in a bubble, and then after everyone and his mother is selling you find it almost impossible to find any actual gold or silver to buy at major dealers across the country. Hundred-ounce bars on eBay are changing hands at $17 per ounce, more than $4 above the spot price. That is a heck of a lot closer to the market price than $12.68 spot, which is what the screen says right now but where you can not buy a single ounce of physical silver. After this display anyone who uses the paper markets to invest in gold and silver is just a dummy and deserves what he will eventually get -- nothing. How speculators can continually line up leveraged positions against bullion banks with unlimited cash backing which in turn repeatedly smack down the markets is a mystery."

You can find Greene's essay at GoldSeek HERE

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