Last week I penned an article titled, Gold
Bear to End with a Bang. For those of you who prefer video, here
is my analysis on video. I warn of the dangerous short-term downside
potential in Gold that could mark the end to this bear market. Thus far,
this analysis has been on track and has served to protect subscriber portfolios
in recent days and weeks.
Sadly, this analysis did not sit too well with "Ranting" Andy
Hoffman, marketing man and manipulation guru extraordinaire at precious
metals dealer Miles Franklin. Rather than critique my analysis, he resorted
to personal attacks in a lengthy rant. When someone attacks you personally,
it's probably because you are right. Moreover, he didn't even read the entire
article because he made numerous errors in reference to its content. Before
I get to the larger point, let me correct some of his errors.
First of all, he assumes I'm implying that the gold stocks would not decline
given a decline in the price of Gold. This is totally absurd. I noted: There
is very strong support sitting right below the summer lows. Here is that
same chart which shows the downside potential to that major support.
Secondly, he posted only one chart from my article while neglecting not only
the other two important charts that show the pattern but also my conclusion.
He compares my A-B-C labeling to the Aden Sisters' pattern of which there is
no relation whatsoever.
Third, he mocks the 1976 comparison which is quite foolish in my opinion. In
a previous article I noted the several comparisons between today in 1976.
Instead of carefully reading the entire article and considering my analysis,
he resorted to attacking me personally and professionally. He tried to denigrate
me professionally by mocking my Chartered Market Technician designation and
calling me a "two-bit" technician. If that were the case then how did I anticipate
the June bottom and big rebound here and here or
the top
in commodities in 2011 and the big
decline in Silver in 2011? Surely I've made some bad calls but the reality
is technical analysis works fine. It fails because when the analyst has the
wrong interpretation. And by the way, I'm one of only a few legitimately credentialed
technical analysts in the gold community.
Furthermore, Hoffman claims that I don't have my readers interests at heart
and am leading them to slaughter. Are you serious? Its disgusting and disingenuous
to claim that I don't have my readers interest at heart. I'm alerting them
about the potential for a serious decline. This guy was jamming Silver down
people's throats above $40/oz and he has the gall to call out someone else
for making an honest prediction?
Hoffman goes on to mock newsletter writers as a group which I find ironic
considering the only references Miles Franklin has (as to its credibility as
a dealer) are newsletter writers!
Also, according to its website, part of Miles Franklin's philosophy is integrity.
Yet, to attack someone personally and their professional credentials for no
sound reason shows that its front man does not represent the company's philosophy.
Honestly, it's not surprising. Hoffman and the gold bug conspiracy loving
charlatans have made a complete mockery of precious metals and the gold community.
As the bear market has persisted these folks have shown no humility and become
more fanatical in their already outlandish and ridiculous views.
The bigger the decline, the greater the manipulation they say while raising
their already extreme future price targets. The more US equities outperform,
the more grandiose the headlines become about the world ending and markets
collapsing. Gold goes up, they are right. Gold goes down, they weren't wrong.
It was manipulation. How convenient for these guys. They never lose!
What is hilarious is this group has a double standard with technical analysis.
Anytime I post an article with a really bullish chart pattern, the conspiracy
brigade will quickly utilize it to its advantage. If my opinion is to the contrary,
then they trot out the manipulated market line like a trained monkey.
Not once publicly or to subscribers have I ever blamed manipulation for my
own mistakes and failures. It is a loser attitude and prevents growth as a
trader or investor. Learning from mistakes is what makes you better in anything.
It's absolutely pathetic how much Hoffman and his ilk use this excuse to cover
up their failed forecasts and pumping of the metals at much higher prices.
This whining about manipulation never made anyone one single cent. Do you ever
hear money managers or fund managers blame their problems on manipulation?
Does anyone actually believe a cartel is naked shorting mining stocks? "Honey
I have to get to work early today, we really need to knock down the mining
stocks."
I stick by my forecast and am confident in its outcome. This sector is headed
for trouble in the near term but it is likely to be the end of the bear market.
There will be a huge and fantastic rebound. When I provide charts showing how
much the metals and stocks can rebound, Hoffman and others are free to use
them to promote their views. In the meantime, do yourself a favor and tune
out the nonsense and anyone who isn't going to help you make money.
I'd be honored if you wanted to learn
more about my premium service in which we focus on the gold and silver
stocks which will outperform dramatically.
