Gold Clobbers Most Investors, But Not All!

Market Roundup
Dow +13.96 to 18,100.41
S&P +1.64 to 2,128.28
NASDAQ +8.72 to 5,218.86
10-YR Yield +0.023 to 2.372%
Gold -$29.10 to $1,103.40
Oil -$0.91 to $50.32

Gold cracked below $1,100 today, making a new low in its now 4-year-old bear market. Despite all that central bank money printing!

The impetus behind today’s decline: Friday’s news that China’s government accumulated far less gold than most had expected.

The People’s Bank of China on Friday published figures on its gold reserves for the first time since April 2009. Its official gold reserves stood at 53.3 million ounces, or 1,658 metric tons, in June.

China’s government accumulated far less gold than most had expected.

That’s an increase of 604 metric tons since its last report in 2009, up from 1,054 metric tons or 33.88 million ounces.

But it’s less than half what the market was expecting, which was a total of well over 3,000 metric tons.

That’s no surprise to me. I’ve repeatedly stated that China is not looking to corner the gold market. For two chief reasons:

A. Authorities in Beijing are acutely aware that a gold standard is historically deflationary. So why would they want to implode the Chinese economy?

B. China has never had a gold standard and gave birth to paper money way back in the Tang Dynasty (618-907). In other words, its tradition has always been largely paper money.

Yes, it is true that China wants a strong yuan. But it does not want the restraints of a gold standard. Period.

In fact, there isn’t a government on the planet today that wants a gold standard.

“China does not want the restraints of a gold standard.”

Quite to the contrary — and led by Europe and the United States — most western governments are now gearing up for a cashless, electronic currency.

Why? Three simple reasons …

A. They can track and tax you more.

B. They intend to eliminate the underground economy. And …

C. They want the ability, in crisis times, to prevent bank runs, by simply throwing the kill switch on financial transactions over the internet.

Of course, it’s all being “sold” to you in the guise of monitoring and catching drug dealers and terrorists. And that may well be part of their motivation to an electronic currency.

But let’s never forget: Politicians always have ulterior motives. So make no mistake about it. They despise gold and are moving towards eliminating gold from the monetary system, once and for all.

Of course, it will backfire on them in the end. For once gold bottoms and investors worldwide realize that it’s governments that are the problem today … and not the private sector …

Gold will once again soar.

Edelson Wave subscribers have long known about this interim bear market in gold. So they have avoided the clobbering that most investors have taken in the precious yellow metal.

And, they will be among the first to get back in, at or near the lows when gold does indeed bottom.

But what do you think of gold? Are you invested? Are you bailing out? I’d love to hear your views. Click here to jump to the website and join the conversation.

Best wishes,

Larry Edelson

Our Readers Speak

What do you feel about the future of gold prices, short term and in the long term? Are you invested? I’d love to hear your comments. You can click here to go to the website and join the conversation.

Other Developments of the Day

BulletOne of the last vestiges of the Cold War has passed into history. The Cuban interests section in Washington officially became an embassy, with the U.S. and Cuba restoring full diplomatic relations. The change occurred shortly after midnight without ceremony. Meanwhile, the same will be happening in Havana, with the U.S. interests section officially becoming an embassy there. The U.S. flag won’t, however, fly over the building until Secretary of State John Kerry visits in August for an official ceremony.

BulletStaying overseas, banks in Greece reopened today after being closed for three weeks because of the lack of funds ahead of a bailout agreement with international creditors. Until now, Greeks were limited to withdrawals of 60 euros a day (about $65), but now the limit will be based on a weekly amount of 420 euros, meaning they won’t have to line up on a daily basis to get their money. Other aspects of the bailout agreement will go into effect today, such as a rise in the Value-Added Tax (VAT) to 23% from 13%.

BulletThe first government-approved drone delivery took place in the U.S., with an Australian-made craft transporting medical supplies to a rural health clinic. The drone made three three-minute flights carrying 24 medical packages. The test was hailed as proof that drones can make deliveries to remote areas that are hard to reach by other means.

BulletU.S. businesses are less optimistic about sales for the upcoming months, according to a new survey. More companies plan to cut back on investment in equipment and buildings in the third quarter. Nevertheless, hiring and wage and salary increases are likely to continue at about the same pace in the quarter as they did in the second, the survey showed.

What are your feelings about Larry’s take on gold? Do you have comments on other events – Cuba, Greece, the U.S. economy? You can click here to jump to the website and add your views.

The Edelson Wave team

Larry Edelson, one of the world’s foremost experts on gold and precious metals, is the editor of Real Wealth Report and Supercycle Trader. Larry has called the ups and downs in the gold market time and again. As a result, he is often called upon by the media for his investing views. Larry has been featured on Bloomberg, Reuters and CNBC as well as The New York Times and New York Sun.

Comments 145

Paul Chase July 20, 2015

I do not own any physical gold but I own 1800 shares of GG stock and 2000 shares of ABX stock currently and I am at a considerable paper loss at today's prices for those stocks. I do not intend to sell because I am hoping that the stock prices will rebound substantially in the next couple of years. Do you share that view?

ian July 20, 2015

Hi Paul,I sure hope you've got some put options,just to cover your ass,you sure took a hit today,if that was me I would be looking for my gun

archivesdave July 20, 2015

ABSOLUTELY NOT!... There's a VERY good chance that gold will hit $700, perhaps b4 the end of the year. And the Dollar may soar WAY past 100 as 'Broken Clock Harry' Dent's been predicting for several years now. Looks like his timing may finally pay off in spades. .I'd say there's an 80% chance a humongous stock market crash in Sept,, Oct at the latest. If either of these occur, your stock will drop by at least 30 or 40 percent. If they both occur...LOOK OUT BELOW! Research Jonathan Cahn, Mark Biltz, and Harry Dent. iF you insist on keeping those shares, u better find a way to buy a bunch of PUT OPTIONs for a hedge and insurance. As a matter of fact, buy a bunch irregardless as I plan to do. They'r not very expense but wait til the end of the month or early Aug. Remember, TIME can be your friend or your enemy when it comes to options. They expire worthless at the end of the contract. If my advice pays off handsomely, you can reimburse me if u so choose.

Leopoldo July 20, 2015

The renewed relations with the Communist Tyranny in Cuba is being done only for the benefit of The New World Order Elites and their Plans to impose on us all their One World Government. The people of Cuba will not benefit and will continue to serve as slave labor earning an average of $20.00 per month. As for those looking for investment opportunities, don't be crazy, there is no present legal system in Castro's Cuba that will protect you. You might be able to invest but they will take your money at any moment as they have repeatedly done with Europeans, Canadians and other fools. Tourists will be welcome for their money but they will only be able to see the areas that have been staged for them and not the real decaying rest of the country.

John Caldwell July 20, 2015

John Caldwell Monday July 20, 2015 Gold restrains the power of governments. They have always fought the gold standard (precious metals also). Just think what our Federal Reserve would have done if Gold was in control. They couldn't have run their printing presses. They love paper and the control of paper.

burns July 20, 2015

Gold will rise again!

Ray July 25, 2015

The million dollar question is when.

Tom Castles July 20, 2015

Keeping an eye THM

Jim July 20, 2015

You still smelling it Larry?

Kaleid Akkoub July 20, 2015

I totally agree with the above assessment. By simply looking at supply and demand picture, gold will remain in limbo for the time being. In the absence of central bank collaborating to lower demand for gold by a combination simply by dumping their stock of the yellow metal and/or refraining from adding to their vaults, prices will naturally slide. New supply of Gold is always supplied to the markets. Silver, though, is a different story as its value is in a great part, can be attributed to industrial demand.

Sohail July 20, 2015

Credit where credit is due Larry you have protected your subscribers from piling into gold And gold mining stocks.You have consistently stated that gold has not bottomed. I am not sure that anyone can predict the exact bottom.

Todd Selle July 20, 2015

I share your doubt, Sohail, regarding whether or not anyone can predict the exact bottom in gold, or even where it will go tomorrow. Larry's reasoning explaining why gold likely hasn't hit bottom makes sense. On the other hand, so do the arguments of commentators who disagree with him. Both sides have representatives which are capable of making a logical argument, but often start with different premises (e.g., how much gold China has, what the motives of various national interests may be, and how close we are to a financial collapse if there is to be one). The different assumptions lead equally logical people to different conclusions. I'm personally wary of an approach says, "I'll buy gold when it's closer to a bottom," at least in the current environment. An analysis of global news of any depth turns up so many potential black swans, gliding calmly right now in hidden corners of the lake; when one of them suddenly takes flight and soars into view, it could happen too quickly for any analyst to announce "here it comes!" If one is disposed to hold gold in preparation for a crisis, I think it's better to be too early than too late. Additionally, trading gold carries transactional costs that may be hard to offset, especially for smaller investors. Dealers tend to charge relatively healthy premiums for precious metals compared to other investment products. For some people owning gold now, selling their position with an eye toward buying it back more cheaply may be counterproductive.

Natalia July 20, 2015

I have 600 shares of GOLD and I'm loosing already today about 6500 $. I decided to keep them till trend will go up. The question is when about could we expect the beginning of racing gold? Might be some one has idears and reasons?

Ray July 25, 2015

According to Martin Armstrong (www.armstrongeconomics.com), it's in a couple of years. So if your investment is not from your rent/mortgage/grocery kitty bag and you can wait out, you should be fine. Just DON't check the share price daily. I would just not add to my position at this point, wait and see. You'll know a bottom when you see it, it will be berated on the evening news over and over again, at which point you'll second guess yourself and have an intense urges all your positions and curse it. Like the majority of investors, many do not understand options trading (I.e. buying puts and calls) well. Some on this board mention just to sound cool or good. People who are professional options traders usually keep their strategy in close guard and will NOT BLAIR it out publicly on message boards such as this, or the must be really STUPID.

Jeff July 20, 2015

Suddenly, gold has no value or worth. Then, why are so many companies still mining it?First, the experts tell us to stockpile gold; now they say it's almost worthless. Who should we listen to and believe?

Ray July 25, 2015

Definitely not listen to 'expert' opinions. That's all it is, an opinion - like what you have.

JAFENTERS July 20, 2015

I've lost about $5,000. In GDX & GLD of late, call me dumb, stupid etc. but I might just double down that loss! JAF

Ray July 25, 2015

If you won't loose your home or go hungry, then more power to you. This is a free country, and we are free to make our own mistakes and hopefully learn from it.

jayz July 20, 2015

JNUG, the 3X junior gold miners ETF, fell to its lowest price ever today ($7.54 per share), losing 50% of it value in the past three trading days. JNUG was over $300 per share a couple of years ago. I am beginning to build a position in the single digits. If gold does ever recover like Larry suggests, JNUG may be the simple way to exploit that move up. Be warned: JNUG is incredibly volatile. Do not bet the farm!

p dy July 20, 2015

I bought jnug tody....just some.will dd more

Frank July 20, 2015

Hi, Larry : Now that Greece has been salvaged for the next 6-8 months a lot of investors are relaxed and much less concerned about the future economics in Europe , ( I am too) and because of that gold will keep going down , down to less then $ 1000.00 in the next 2-4 month . If you believe China with their gold disclosure think again & never trust these guys!! Their gold reserves are much greater and the West will never know!! So, my suggestion is wait & wait for any gold bullion or gold stocks to rise ...sell short if you have the courage or hold on to it until in the fall! Good luck to everybody who believed in the experts advise 4 months ago that gold will reach $3000-6000 per ounce. ( I am still laughing all the way to the Bank!! F.

Randy July 20, 2015

Waiting for gold to go under $1000 an oz. And will buy. I would like to hear others 's thoughts.

ian July 20, 2015

Don't buy,watch the charts and put in a 5 ma,then decide,if it don't work out sell and wait for the 5 day ma to cross over,I like Larry but even he don't know if gold goes to $800.Just now Im in DUST

Jeff T July 20, 2015

Has anybody thought about the fact China might be concealing the true amount of gold they are holding? It would certainly present a buying opportunity for them and what also have given them an opportunity to short gold before making the announcement. Just a thought

ian July 20, 2015

Don't trust nobody,Jeff

Jeff T July 20, 2015

I would prefer silver as an investment because it has so many more industrial uses that are growing. Storage could become an issue for larger investors though

Fred Winograd July 20, 2015

I believe that Gold should stabilize at about 950.

Nick July 20, 2015

Hi Larry, The reason that Gold is on the way down right now is, as you say, due to deflation, which is everywhere. In that environment cash is king which is why gold is sliding down. This will not change until governments start to fall. On the basis of what we have seen in Greece it appears that governments will prop themselves up by any trick in the book and I would expect to see the ECB print euros and send shipments of them to Greece indefinitely just to prevent that country from collapsing. For reasons that you stated earlier this will not be inflationary as the amount of cash needed to keep Greece on life support will not increase worldwide demand by anything noticeable. It would appear that the Europeans can keep this game going for quite some time before the first domino falls because the alternative is chaos and the fall of the first domino. so don't you think that you might want to push out your timeline for Gold to bottom somewhat to take this into account?

books July 20, 2015

I just have a few gold coins and some jewelry. Any time I've invested in gold mutual funds I've lost big time.

Helmut July 20, 2015

The Feds Gold Vault are Empty and they are scared, very scared , when the day comes.The Day that they have to let their Pants down. Sooooo you manipulate the Price downwards and buy, buy like hell. Plus as a BONUS you get rid of your Toxic Derivatives Its a WIN,WIN,Win all the way. You just have to find enough Fools that are scared enough to sell their Gold and Shares

Helmut July 20, 2015

The Feds Gold Vault are Empty and they are scared, very scared , when the day comes.The Day that they have to let their Pants down. Sooooo you manipulate the Price downwards and buy, buy like hell. Plus as a BONUS you get rid of your Toxic Derivatives Its a WIN,WIN,Win all the way. You just have to find enough Fools that are scared enough to sell their Gold and Shares

James July 20, 2015

All this talk about owning or not owning gold....who dare would say that the U.S. or any other government will not again confiscate gold when it suites their purpose??

Chuck Burton July 20, 2015

When FDR took office, gold was coinage, He took all loose gold away from people at the official rate then raised the rate, allowing him to print more bucks based on official holdings. Used those bucks for his projects: ERA, TVA, WPA, etc. Made people feel better, but actually made buck worth less.

Chuck Burton July 20, 2015

Meant to add, since gold is now just a commodity, there is no reason to confiscate it, but you never actually know what idiocy politicians may come up with.

Joe July 20, 2015

Larry, you are so accurate!! I really appreciate the way you separate the BS from facts. I've ben reading RWR for several years now and will definitely continue. Keep up your great work.

Howard July 20, 2015

Hi Larry The Chinese figures are only the official holdings at a point in time. We need to take into account the wealth storage value of private holdings as well. Given many citizens don't have any superannuation. China's private and public holdings could be significantly greater. Anyway good to see the bottom is getting closer.

Ray July 25, 2015

China's GDP is not far behind the United States', given it's population is about 4 times larger than US's, I suspect they'll feed and cloth themselves first before shelling out money for gold. Then of course there the small minute percentage who are super rich; and I suspect their wealth is diversified. Postulating the amount of gold in private hands is like chasing after the wind, I suspect Larryis sticking to government figures because they are reported biblically and they hold the majority of wealth in China.

Ray July 25, 2015

Excuse the spell checker, scratch out biblically and replace it with 'publicly..

R Hartman July 20, 2015

I became really concerned about the market several months ago and started buying gold and silver coins. Have never owned gold or silver before. Was told to buy about 80/20 gold/silver, but I am at 50/50 on dollars in each. Am new to the game, but just feel there may be more leverage with the silver, plus if things were to really get serious you can buy things with silver on the street a little easier. Had read that we were not yet at the bottom of the market, but also read that when it really goes down, premiums will go up and you may not be saving all that much if anything, and that metal may become very hard to get period. So I just keep adding month by month. Am buying for long term, not a quick sale. Am close to having about as much as I want, so am now considering gold stocks. Have subscribed to John Doody's service on gold stocks. I like his approach, although I have not bought any stocks yet. Gold stocks have been falling, just don't know if we are close to the bottom on those yet, or if there is still a lot further for them to drop. Any thoughts on this would be welcome.

comeon September 30, 2015

buy things with silver? are you serious 90% of the population couldn't care less about silver or give it any worth. stop buying physical the premiums to buy and sell around 20% on complete turnaround thats insane! stop reading all these gold silver pumpers before you lose more money. If you must invest in metals buy the ETF market spikes hit the sell button crisis happens hit the sell button get your money.

Michael Davis July 20, 2015

I own 6 kilos of physical gold. I bought at $1520. Obviously I have "lost" a lot so far. But, you have not really lost until you actually sell lower than you bought. I do not need the money so I am not selling. I originally bought to get after tax money out of the country. Gold will rise when other aspects of the economy and ridiculous money printing fail (soon). I am waiting for your bottom signal so I can buy more.

ian July 21, 2015

Mike ,bury it,so no one knows,but tell me incase you snuff it

Wayne S. July 20, 2015

After years of following Larry Edelson's newsletters on precious metals I hold 5% of my portfolio in gold and have price hedged it with options. As a result I'm sitting on nice gains. It's taken courage not to buy more but my faith in Larry's past successful forecasts have me ready and waiting for his signal. My suggestion? Ignore the gold sellers and pundits and just follow Larry's advice.

Ray July 25, 2015

Kudos! Great advice.

Clint Hubbard July 20, 2015

I had just bought 800 shares of EGO before the price dropped on gold. Bad timing, but I'll wait. It will come back and hopefully better!

doug July 20, 2015

Since gold and silver have been hemorrhaging lately, what did Baron De Rothchild once say "buy when there is blood in the streets." Common sense would tell you that the manipulation can't and won't last forever. What a great time to buy!!!!!!!!!!!!!!

archivesdave July 20, 2015

Rothschild was of course, correct but there's not enuf blood in the street YET. Me thinks 'Broken Clock Harry' Dent is finally coming into his own after several yrs of premature calls on the Dollar, Gold/Commodities, real estate, bond, and stocks. Yes, there's a VERY good chance that gold will hit $700, perhaps b4 the end of the year. And the Dollar may soar WAY past 100 as he's also been predicting for a very long time as well. Look for a humongous stock market crash in Sept, Oct at the latest. Research Jonathan Cahn, Mark Biltz, and Harry Dent.

$1,000 gold July 20, 2015

larry got his mojo back with this call. dead right about china using and buying less commodities like gold because of their impending recession, or better yet their crash. not only gold going down, but also take a look at coal. BTU is down to a buck or two. Wow!!! ACI is now a penny stock. CVR may be telling us hello to dirt cheap gasoline price all over again (a great stimulus for the economy down the road). Most of all, the dollar is getting stronger. We just saw a massive double bottom in the dollar in 2011 and 2013, which is very bearish for commodities. now on top of all that think how punishing a rate hike by the fed will be to gold and commodities. i think it's safe to say the commodities bull is over.

archivesdave July 20, 2015

For right now but for how long? A yr from now it could be over 2000 or below 700...Go figure. Either way, it won't stay down forever!

Jim July 20, 2015

I don't think its safe to say commodities are thru for now. Watching WW II In Color the other night I couldn't help but equate the events of the 1930's with those of today. Everything they said about the aggressors of then they say about the Muslims now. If we are just nice and understanding everything will be alright. The result of their appeasement was 60,000,000 dead. I can't help but think we are in for a repeat of those events. In War, commodities are King! Jim

Curt July 20, 2015

Gold. The U.S. Government can take care of your physical gold by making it illegal to own. FDR did it once, why not again? Gold. So you have paper shares (actually electronic) of GLD or something else, well you own what? Hint, it's not something of value and the holding is cashed out in cash not physical metal, and the price of the asset is set by bankers in London, NY maybe somewhere else? The free market, such as it is, does not set the price. The price of gold is not the same as the cost of gold. When the gold price hit a low, people of India went crazy buying so much, their government stepped in to halt the proceedings. A much bigger power, Germany, wants their gold back, well good luck to them. When a seriously larger owner and NATO partner is not allowed to even audit their holding, you stand a real chance in guaranteeing your future with gold.

Arnold J Wolf July 20, 2015

Gold will drop based on the fact that the metal price is currently manipulated. While the USA is currently $100,000,000 000.00 + in debt. Gold will be controlled into Ms Yellen begins to raise interest rates and stocks along with paper currency becomes worthless. Gold NEVER will go to zero like currency and stocks will be used as toilet paper. Gold stocks are worthless but gold bullion and coins will exponentially. Even gold will be hoarded as when you use gold to purchase anything there will be thieves and our goverent to rob your only real asset. Time is short as Obama has plans before another president begins to reverse the world on collapse.

$1,000 gold July 20, 2015

so i guess the rout in gold means gurus like faber, schiff, rodgers, etc., where wrong? how could experts like this be so for off the mark? how do this guys make any money being 100% wrong? does this mean we can stop listening to them?

Roger July 21, 2015

Yes. Sorry to be rude, they are just talking heads, not experts. Look out for gold to drop to $850 target before the bear market is over.

Ray July 25, 2015

Spot on Roger!

roy paul shields July 20, 2015

Paper money?? Not Just America but most countries in the world keep their money printing machines going 23/7!! I predicted the "BUBBLE" bursting in 08; We the ordinary population have little or no control what our different out of control governments will try next?? Gold is the only real asset and has been since the beginning of man. It is possible the day will come when it will take a bushel of paper money to purchase a loaf of bread. Paper money is hopeful wishful thinking! Precious metal prices will fluxuate, but always be a solid, valuable means means of trade or purchase. Gold and silver are the only thingsthat are a positive means of survival. The price of precious metals may slide backwards a bit; But, in the long run will be the only positive thing with purchasing power. Invest in gold and silver as the only positive means of survival.

Roger July 21, 2015

Invest yes i agree. But now its not the time. Wait for the bear market to complete before going in again.

Mahatma Muhjesbude July 21, 2015

All I can say to you Roy, when you say 'gold is the only real asset' is to let me know how 'valuable' that so-called 'real asset' is when the tipping point is reached for a major shift in power and financial mechanics occurs and the following associate government mandates are in force. 1. By Government Administrative Decree--especially in a state of national emergency- no private person will be allowed more than a minimum established personal 'token' amount of precious metals for personal use and not allowed to be used as legal tender. (like they once did before) 2.That ALL personal commerce transactions in the entire country including private purchases and sales will be required by Law to have a paper trail. like the one currently established in LA. INCLUDING TRADE/BARTER TRANSACTIONS. 3. That as soon as technology allows, -- which is far closer than you think because they have been slowing integrating this already for years-- Cash transactions will be obsolete. And the tipping point was when the AI in the latest generation Smart phones reached its current capacity and abilities--CASH, as we once knew it will no longer exist. The only reason paper currency was 'invented' and agreed upon for ubiquitous usage was because of its Convenience. But NOTHING is more convenient Now, that electronic transactions. NOTHING! You don't even have to count amounts. It's all done and verified instantly. And the children are already being brainwashed and trained into common acceptance along with all others who are more than willing to have someone else do their financial calculations as long as their smartphone shows they can still buy something this week? In fact, there's one more dirty little reason for the government salivating over going totally into a 'cashless' society. ALL national DEBT can then be universally mitigated potentially forever! ahahahhaha! Without any worries about so-called ubiquitous financial collapse. The irony is that the glitter and bling addicts will remain pragmatically intransigent to the bitter end. They won't comprehend the reality that you can't eat Gold, or any artificial currency, for that matter. And when the mutual universal 'agreement' as to what has value and what doesn't, becomes no longer standardized, good luck with your fantasy that Gold will be the "...only things that are a positive means of survival"? The future shock will be so dramatically deleterious to the emotional content of the collective consciousness that entirely upside down meaning will be given to old aphorisms of value balance like: "If you believe that, then I've got some swamp land in the bijou to sell you...?" Because you'll be giving ALL that gold and silver you stashed for just the 'CHANCE of buy land with water on it, LOL! ANY LAND! Why do you think China and other wealthy foreign entities are buying the best LAND in U.S. and other prime areas of the world, and cooling out on their gold 'reserves' like the article explains, Roy, LOL! The big problem in perception here is the reality of differentiation between 'money making' investing and speculating, and True survival value preparation, or future security in Catastrophic world shattering scenarios where the correct critical choices must be made in order to even remain alive and reasonably safe. Which will be a world where all the 'precious' bling in the world won't buy you the last bag of potato chips. Every body should 'RE-THINK the essence of 'Value'. Then you'll do better for your future.

comeon September 30, 2015

as long as our american paper money has to be used to purchase oil the world over as well as any other commodity on the comex it will always have value.

Beth S July 20, 2015

Larry, since gold in a foreign bank account IS reportable BUT in a foreign VAULT is not, what is your opinion of Perth Mint CERTIFICATES as a way to store gold offshore???

Denis July 20, 2015

Gold is a difficult investment to predict. It has been on a downward path for some years now and has lost a considerable portion of its value. For those holding physical Gold it has been a costly period. The question is, is Gold going the way of the Dodo, i.e. extinct, making all those holding on for the rebound just plain fools. Or will it take the form of Phoenix and make those buying now a lot wealthier. Dodo or Phoenix, how does one tell which way it will go. Perhaps the comment above holds the answer, i.e. "Buy when there is blood in the streets".

Cranky July 20, 2015

Didn't you advise to "back up the truck" to buy gold not that long ago?

were July 21, 2015

last summer - a year ago - in fact

Ray July 25, 2015

I think you all mis read Larry, I never got that impression.

Jim Hall July 20, 2015

I'm still hanging in on gold, believing it will go up again. I'm really trying to follow your advice.

TTTomko July 20, 2015

I truly regret that so many investors were duped into buying PMs when they were near the apex of their great run-up. A lot of people have been forever soured on the intrinsic value of the PMs. As to where the PMs are now headed is anybody's guess. Remember what t he great trader Jesse Livermore said: Always expect the unexpected. The most outlandish guess is about as good as any. How about $300 an ounce? Ridiculous? Sure. But in these times of heavily manipulated markets, who knows. At the moment the trend is definitely down. It's most unfortunate, that most people fear the short side of the market. They could have so esily shorted the PMs at much higher prices. I suspect that even today is not too late to implement a few good shorts.

David July 20, 2015

I am truly shocked at the stupidity of this message board.What don't you get?Once you can understand the difference between price and value AND that there are 2 parallel markets in PM's...a ponzi,paper ,rehypothecated, derivative bomb and a PHYSICAL market.See the rising demand especially of AG,mint stopping AG eagles and will ration starting July 27 and yet paper AG is going down in price?????.Larry has been right and wrong .No one is God and if one is in any paper derivative,your in for a shock.Counterparty risk should be one of your biggest concerns.Larry sells newsletters and advice ,he creates dependence.Think for yourself,trust YOUR due diligence and BUY PHYSICAL AG.Timing markets especially proven rigged markets is a widow/widower maker.Peace

ian July 21, 2015

OK dave,so God knows when gold will rise,Im going to start praying more.(just laughing,hell you need a laugh in this game)

steve July 20, 2015

What will happen to the price of gold when currency/cash is outlawed and you can only buy it through approved channels, monitored by the authorities?

Phil B July 20, 2015

I own gold and silver and I will continue buying at the current rates. I believe that inflation is about to become a factor and the current administration's policies will soon drive commodity prices higher. Even if QE starts again, it is too late.

ray July 20, 2015

I sold my IAG today and took a small hit, but I would not go back into the market until the precious medal goes under $900 OZ.

Ray July 25, 2015

Probably a good idea.

James Fox July 20, 2015

http://www.bloomberg.com/news/articles/2014-12-23/china-gold-miners-drop-shovels-as-slump-bites-chart-of-the-day "China’s output may exceed 470 metric tons this year, up from a record 428 tons last year, according to the China Gold Association." It has been 6 years since China last said how much gold they own. Last year was 428 tons. Assume, conservatively, the other 5 years were 300 tons. That is 428 + 5*300 = 1,928 tons. Add in their previous 1054 and you get 2982 tons. They claim it is only 1,658 when it must be 2982 if they did not buy any gold through the two gold exchanges in China. They must be lying although I do not understand why.

Leo Belanger July 20, 2015

Larry, I've been following your advice for the last few years & thus (thankfully) have not yet purchased Gold. THANK YOU! But your current article has me puzzled. If none of the world governments want a gold standard & thus essentially governments want to devalue gold then 3 questions arise: 1)Why would China & some other governments be buying any gold at all given it's limited industrial use? 2) If all gold is then good for is jewelry doesn't it eventually lose it's value as people find alternative, more attractive baubles? 3) How/why then is there ever the rally you predict for gold? ie what drives your statement that "...once people realize it is governments ...that are the problem...Then Gold will once again soar"?

Stu July 20, 2015

Hi Larry -- Cashless, electronic currency still equals fiat money! Contrary to conventional thinking, gold is the ultimate currency as it has no debt attached to it. We still haven't reached a bottom in gold or the gold stocks yet. In the short-term, I'm looking for a session where we have an inside day on the hui, xau and gdxj -- then we should get at least a nice bounce before testing lows again. Jmvho.

Fred 151 July 20, 2015

A few educational points......you can take 'em or leave 'em: 1. Government bureaucrats are terrible investors. They always have been, always will be. Do NOT look to any gubmint for investment ideas. China has taken a terrible beating on the gold they have purchased as the price has plummeted from near $2000 to now near $1000. They are now selling pounds of it NOW because THEY NEED CASH to prop up their stock market (lost cause). In deflationary times, everyone needs CASH. 2. If you are an investor, you must learn how to read charts. Gold is still trending downward. We should get a rebound from this current bottom scrape but the long term trend is still further down. We could easily see $700 before the long term trend changes.

Chuck Burton July 20, 2015

Larry, gold has now broken below the 1140/1150 support level it had held for over a year. Is it now headed down to its final low?

Eric Natividad July 20, 2015

Larry, I have stayed clear of the gold market and waiting patiently for your BUY recomendation. How low do you think will gold bottom out. Thanks, Eric

Ray July 25, 2015

Larry is not God, so don't ask him the impossible.

Ray July 25, 2015

Just read what you've just wrote, doesn't it sound ridiculous you think? And let's just say he 'knows' the bottom, do you think he'll tell you? I mean would you do what you just said if you were Larry? Just be reasonable and ask more intelligent questions.

Pete Hagler July 20, 2015

When the collapse comes, barter and hard currency will be the way of trade.

Eric Natividad July 20, 2015

Larry, Would appreciate your view on latest gold free fall and how low will it go down to.

Ray July 25, 2015

Just go to armstrongeconomics.com. Marty and Larry are old buddies and on similar grounds regarding gold.

Tom Stanley July 20, 2015

If I might make a suggestion: In the email of Money and markets: I love and use most everything in it, but would like to suggest that addition of the price of silver and the value of the US dollar compared to the previous day. I can understand there could be a space constraint. but that is my suggestion - just trying to add something that will appeal to many.

clifford buchanan July 20, 2015

The old system of making money has more then likly has become boring to them as the day money is what makes the world go around but they want to change the direction but by doing so they will separate the haves and the have not. But they haven't considered one important thing and that when you start messing with other people's future they will not be able to stop the anger they create throw out the world

clifford buchanan July 20, 2015

The old system of making money has more then likly has become boring to them as the say money is what makes the world go around but they want to change the direction but by doing so they will separate the haves and the have not. But they haven't considered one important thing and that when you start messing with other people's future they will not be able to stop the anger they create throw out the world

Bill Church July 20, 2015

I bought physical gold back when it was between $250 and $300 an oz. Based on my fathers advise. For the past 5 years I have been investing in leveraged ETF's for short time spans. When gold was going up I would go long and when it was going down I would use inverse ETF's. Of coarse never catching the exact bottom and never an exact top. But it doesn't matter because my gains far out way my losses. I set my targets and stops and stick to them. You just have to put your emotions or greed aside and be disciplined. I follow Larry's cycle charts as they tend to be very accurate.

Roger July 20, 2015

I am not in yet but am waiting for your word on all in. I currently am in dust for 15,000 , bought in at 15.00 , should I stay in or get out now. The only thing that is bothering me is all the talk about SDR starting in September and the dollar could loose half of it's value. If we continue to be in stocks and the eventual sell and stocks at a later date what will happen. Roger

ian July 21, 2015

Well done Roger bot @22 but still happy

Jim July 20, 2015

While you certainly have to respect Larry's track record and his research I feel that any attempt to predict future events in these times is fraught with peril. We have desperate governments and what amounts to a fraudulent world economy . The misinformation is at incredible levels. Black swans are lurking behind every bush. We could very well be facing a situation that has no precedent. The best advice I heard years ago was to have five per cent of your wealth in gold, hold it forever, and hope you don't need it. I was lucky and sold most of mine around $1900 and have never been tempted to repurchase because of all the uncertainty. I have a couple of bags of pre 1963 silver coins that could have a practical use and allow for some profit if inflation roars back. I intend to sit back and watch the show otherwise. Jim

Eric July 20, 2015

I have one thing to say...GLDI, and collect the dividend while building a position as part of a diversified income portfolio.

Jim July 20, 2015

If I had to buy a stock now it would be GG with its 4 per cent yield which appears safe. The only others would be Royal and Franco-Nevada which hold mostly royalties. Jim

Jim July 20, 2015

For collection purposes I think the Kennedy silver proofs have great potential.

Sean July 20, 2015

Here's an interesting article on GOLD - Rand Gold that was written June 4th on Seeking Alpha. http://seekingalpha.com/article/3235666-buy-randgold-and-sell-the-rest Your thoughts?

Will July 20, 2015

People who refer to FDR confiscating gold as a sign that governments will do the same in the future fail to realize that the incentive to do so back then was based on the existence of a gold standard for the USD at the time (which no longer is the case). Looking at today's situation in this same light is mixing apples and oranges. Should a gold standard ever be restored it would be a good time to sell.

Hans July 20, 2015

Gold is not an investment, its an insurance policy against future events. You should have bought it at 200 an ounce.

clifford buchanan July 20, 2015

Of course gold will eventually go up but if the economy collapses and the dollar and Euro God belly up like a fish out of water. So if they change currency we use world wide roiting could accure. At the banks the government buildings at any and all political leaders when you mess with there financial future. Your going to get a fight on that's just a theory of mine most things point in that direction. They want total control of your life your health. They are no longer happy with manipulation of the currency. They want to move on to manipulation of everything in your life they control the banks and money. They created the FDA. To control the pharmaceutical companies they created HUD. And Fanny May. Freddy to control the housing market. And the list go's on and on and on

Sean July 20, 2015

Are there any possible new events that would trigger the buying of gold?

Jim July 20, 2015

War!

Dinah July 20, 2015

Everyone keeps waiting for the Fed to raise interest rates to signal a bearish move in the Market. The Fed may raise rates incrementally, but it will not be enough. The bond vigilantes will most likely start raising rates because the Fed won't have enough nerve to raise rates significantly. This could be the trigger that causes gold to reverse direction and begin to soar.

$1,000 gold July 21, 2015

rebound buying on days like today. also a dead cat bounce when gold bottoms, which could be at the strong s/r level of about $900.

Phillip (Az) July 20, 2015

All I know is that gold has a 25 cycle. I am still waiting for your signal to back up the truck!! I Have not lost my patient on gold!! One of these days gold will bottom.. ( Still have 10 years to go!!!!!!!!! got all the time in the world.....................................)

Donald Link July 20, 2015

The net result of normalizing relations wih Cuba will probably be a few more years added to the life of the present regime and its operatives but evidence from other countries tends to indicate a sort of shared dictatorship with a loosening of commercial regulations. The countries of Indochina offer a model. In the meantime, I would suspect that some of the romance of Hemingway Cuba will be defused as tourists drive or walk down streets and experience the wafts of effluvia in the air so familiar to the natives.

Bill July 20, 2015

Larry, Here are some questions on your Convergence report. If conditions get as dire as you predict for 2015-2020 (and I agree they very well could), 1. What contingency plans do you have if the following conditions obtain for a prolonged period? The markets are closed.and we can't execute your recommended trades The banks are closed.and we can't get access to our accounts to meet investment commitments. The Internet is down and we can't get timely updates on trades 2. If, as you say, we may face a situation where "no man's life and property are safe", who picks up the ball, keeps the charts current and publishes the buy and sell recommendations if (heaven forbid) something happens to you?

Jason July 20, 2015

It's no news that gold is at times an amazing play and other times a catastrophic play. Fortunes are made or lost on timing. I am grateful for Larry's work because, without it, I am certain I would be right along with all the other emotional buyers and sellers losing as much as I possibly could and certainly more than I could afford to lose.

bob July 20, 2015

i just tried to watch Larry's video, but couldn't get through it. the volume was so low i couldn't hear much of anything.

b July 20, 2015

sold gg at $18.28 stop and slw at $17.26 stop 6 weeks ago .There going to go lower at maybe to $8.00 A SHARE.. The miners will take a beating like a baby seal before this is over its going to get bloody before it gets better. Best to hold gold & silver in hand the spread on silver eagles is more than 25% so there is no real loss......

Dave July 20, 2015

I have a few ounces of gold I bought at about $1300 and intend to get more, up to 5% of my investments. Am I going to sell? No. Gold is best viewed as catastrophe insurance, which goes up in value when you need it most. As such, it is also a component of asset diversification. There is no one "best investment", as many people find out the hard way.

Puunjabi Kahkmeede July 20, 2015

Please come join us for a delicious meal of raw camel dongs and roasted goat testicles!

Puunjabi Kahkmeede July 20, 2015

My favoritealbum can't wait until when it will be open to get in my posts above all other smelly farts. Take a drink for the most part this world is all the way up and then you can slip out of your rectum to see if they didn't want hairy white dudes chasin after dem bigfoots!!!

mule July 21, 2015

Physical gold/silver, at a rate you can afford, average down till it bottoms, if it turns around at any point you're all good. Take some profits on any substantial bounces, then return to the average down process.

Hugh Gainey July 21, 2015

Maybe when Kerry gets to Cuba he will be a better flag raiser than he was a negotiator. With friends like that, who needs enemies?

Tom July 21, 2015

Hi Larry -- I respect your opinion but must respectfully disagree. I think gold (as well as other commodities such as oil) are headed for a long-term bear market that will last four years. Meanwhile, I think the bull run for equities will last another four years. Naturally, gold will have its ups and downs, especially as the Fed moves to raise rates later this year, but overall it will move sideways from its current lows. Having said that, if there's a world catastrophe gold will spike, which is why I'll continue to hold about 5% of my portfolio in gold. It's an insurance policy, nothing more.

joe arcaro July 21, 2015

I THINK GOLD IS A GREAT BUY AND IF IT GOES LOWER JUST KEEP BUYING THE NEXT CRISIS IT WILL GO TO 5000 PER . CANT KEEP PRINTING MONEY AT THE RATE THAT AMERICA IS PRINTING THERE IS NO WAY OUT OF THE MESS THAT THESE JERKS MADE THEY WILL RUIN THIS COUNTRY

Martin July 21, 2015

I would be lying if I said I was not shaken by the plunge in gold. I hold a lot and thought it would be worth a king's ransom now. However, I am quite stubborn and will hold on to it for the remainder of my life and bequeth it my son. Perhaps one day the world and the markets will come to their senses. Fortnately, I bought mine a very long time ago and I doubt that I will ever actually loose money. I feel for those who bought above 1300.

Jim July 21, 2015

Convergence: If the government collapses and their payments cease and there is blood in the streets of every major city, it won't matter what I own or don't own. It is very hard for me to believe some leveraged ETF is going to keep me and my family safe. If 99 per cent are unprepared no one will be safe or solvent. If thousands of banks and brokerages go bust who is going to pay me? What will I buy with whatever I get paid. I and most of the people reading this will probably be dead in short order! Jim

Robert Russell July 21, 2015

I have followed Larry's comments and advise these past 5 years and find directionally he is on-point; and he has been careful to admonish that no one can pick a top or bottom. So we must exercise judgement and not be too greedy. For example, I bought into DUST (3x inverse gold fund) at $44/share only to watch it tumble to $12 plus change. I sold out of 2/3rd of those positions as the price recently increased at 30 - 50% gain per position. Net of the higher cost positions - I am up 21%. Having worked in the oil industry 38 years, and now employed in Thailand in construction management - I offer these comments to those who throw out "how long" before the commodities bear trend ends - especially oil. I was the Shell Technical Manager on the first "shale development" in the USA - the Antrim Shale. Oil pricing is sensitive to small moves in production and in demand, and also black swan events. Factor in oil production decline in US shale play, increase in demand from lower prices (except here in Thailand where diesel is still at ~$3.6/gallon), increase in demand in India, Africa and Asia. and increase from new (geopolitical) supply from Iran et seq. I will let you do the math and estimate the time where supply gets "tight" and prices firm. Add in black swan events from the "war cycle" Larry has spoken of - decrease in supply and increase in prices; or from economic suppression or collapse (oil prices decrease), or from disruptive technology and you get top and bottom curves that envelope the longer term price forecast.

Robert Russell July 21, 2015

Errata - I should have noted that I bought DUST as the price collapsed - at the end of the first paragraph. Sorry-o.

Kurt July 21, 2015

China's lying!!! Do u really believe China is going to show its hand before its currency recieves reserve status? China's not going to disperse its gold. Its simply going to hedge its yuan with real wealth currency. And the USA has more gold deposits than they also lead on. We just haven't dug it up..... yet. Just like over night we are the number 1 oil producing nation...... Suprise. This Sept/Oct may have a few suprises yet to come. Its all a big dance. Question? Any guesses why Cuba is our buddy now? Keep our friends close and our enemies property lines closer. Remember the 70's? Missle crisis? Now our leaders can focus on increased taxes and more government bailouts.

Angus July 21, 2015

Despite the 'likely' continued road south for gold and precious metals, it seems to me sensible to have a position now in both gold and silver. My own personal feeling as a qualified gardener, is that silver will do better as things rise and that regardless of sentiment, at some point the industrial need for silver will push prices higher. Timing is everything of course, but you will never call the bottom exactly which is why I too have a largish position in both metals and will happily add if the prices drift. With regards to China, well we only have their word for their current stockpile. I'm not sure how, or if their purchases are fully transparent, but if you wanted to add cheaply and could influence the price wouldn't you declare lower than market expectations. Patience, as sure as night follows day prices will rise, just hope it's before Armageddon!

Glen July 21, 2015

Pencil in $400 according to Mike Stathis..

The Practical Economist July 21, 2015

STOP blaming deflationary trends on Gold. It's a lie. It's about monetary policy and about the TYPE of deflation. Get it right. You lose your credibility when you write things like this. I'm not going to bother to explain the difference in types of deflation. You figure it out.

NOTHANKS July 21, 2015

The mongols ruling china had a gold standard for about 13 years, before they pulled a FDR and confiscated all precious metals. Nothing new under the sun.

Jim July 21, 2015

First rule of trading: Buy when others are selling, sell when others are buying. Right?

Woody Lowery July 21, 2015

The Bible speaks of wealth as gold, silver and precious stones

Qamar July 21, 2015

The uses of Gold are indisputable. If one has the holding power and a good eye on its trends, there is a remote chance of a loss. It is also a known fact that when prices of such metals fall it is time to BUY.

Irving Hunter July 21, 2015

I'm new to this game but feel the time to buy is close. I don't want to buy the actual metal as I live in a very insecure part of the world. Please advise what is available online,

nevvy July 26, 2015

Buy Perth Mint Gold certificates. The only mint in the world with a government guaratee

Bradley Lewis July 21, 2015

Excellent points in this article on China's long history including almost 300 years of early paper money and its not having a gold standard, and also the observation that it makes no sense to go to a gold standard. And Milton Friedman, in his book Money Mischief, pointed out that China was hurt badly in the 1930s while on a silver standard because of U.S. support for its silver industry--a matter of purely domestic policy to win support in the western U.S. states that had silver mines. One more reason not to lock ourselves into a metal standard. I get the point about not wanting to get rid of non-electronic money, precisely so there is a degree of privacy in using it, so insisting that we keep paper and coins makes a lot of sense. It's ironic to me that people who want to see alternative monies like bitcoins assume that somehow those electronic versions won't end up being regulated.

wolfgang July 21, 2015

By suppressing the NYMEX/COMEX prices with unbaked paper shorts ( naked ) on the futures exchanges .. you can get the physical metals on the cheap using zero% fed funds. The manipulations/ swindles are all done with political help as regulation is NOT being done .....and won't be . Take my advice based on history .... do not put your long term trust into FIAT and yes I do ; I keep my spare ammo catch even though it does not earn interest either. AG/AU is a comfort .... .308, .223, and 9MM is also a security measure 911 ............................... FORGET IT Government Bonds ..... forget it anything supported by adverts ........ forget it

Peter Berlin July 21, 2015

I always follow your lead Larry, except I don't know options. I am down a-lot in gold but I am holding on based on your advice. I am also holding some cash and waiting for your signals. Overall, my portfolio is only 1/3 of what it was when I started. I am somewhat discouraged.

Mike July 21, 2015

I'm thinking back a couple of years when Ben Bernake was Fed Chairman and he fielded a question about gold after one of their public addresses. He said something to the effect that "gold was one type of investment." Although it does not "circulate" as legal tender, the truth is, gold is money, it always has been and will always will be a measure of value simply because nothing else has been invented that represents real value. As you pointed out in your message, governments (and others) are doing everything in their power to suppress its role in economics and at a minimum, gold should be that measure of value against the creation of paper money, something that can be constant. The price of gold does react up or down to the strength of a currency according to its perceived purchasing power. But the artificial influences on such a role is so severely manipulated through future contracts and short selling that it is not being allowed to function even in that role - otherwise the price would be greater based on the printing of money to fund deficit spending - I.E. the money which will never be repaid and is real "inflation." The more of anything you have, the less valuable it becomes. I would say that 18.4 trillion dollars in that category makes the currency pretty worthless ! We're living in a land of make-believe. Better buy something of real value as a hedge against impending disaster while there is still time.

nick July 21, 2015

I sold my gold at or near the top in May of 2012, and bought a house for cash. That house has better than doubled since. Timing is everything. I loved holding and looking at all that shiny yellow stuff. But holding it did not produce $1500 per month in cash flow. Not to mention I was always worried that the manipulators would squeeze the value right out of it. Maybe now I should get back in because I feel too comfortable. If not hopefully real estate will not be affected as bad as it was in 2008. I think if you are not too leveraged up in real estate you should be alright. People have to live somewhere, right. One other thing that bothers me Larry, I got involved with that "contrarian German" Martin Weiss recommended. Your group was screaming that the sky was falling, and just so you know I lost money. What you say about money and markets is mostly common sense and legitimate, but predicting what is going to happen and when is another matter.

Gary Lundgren July 21, 2015

The Fed may just surprise everyone an raise rates .25% in September, but not for the reasons everyone is talking about. It will be to cause a crash in the Chinese stock market and their real estate market as billions more will start flowing to the USA. Thus, the IMF will see China as still an unstable country with no rule of law in their munipulated stock market and not allow them in to the SDR in 2015, but delay that decision for another five years. This will keep King Dollar in the cat bird seat for a while longer. Also, this would bring about the USA stock market correction of 20 to 40% Larry is talking about.The Feds interest rate hike will also drop the price of Gold killing two birds with one stone.

Cyd July 21, 2015

Gold is not money its only a metal. Its main values are that its malleable and does not tarnish, which made it highly prized in medieval times and for jewelry today. But its far too heavy to carry much around, which is why the Knights Templar invented banking and paper script. As for using it for currency in a crash, how would you buy food, water, or gasoline, if you offered gold how would you get change? Trading units for daily items would be I/1000oz of gold dust. Completely impractical. The value of US currency is set by the strength of the US economy, and its farms, ports, railroads, highways, airfields, communications, dwellings, etc. That stuff has real value. Rational people understand this, which is why gold prices are in for a long term decline. Sorry Gold Bugs.

Ray July 25, 2015

Amen! And I'd like to add military might to the mix.

Navillus July 21, 2015

Yes indeed. Some very well written comments here. Keep them coming and thanks.

Beth S July 22, 2015

Steve Suggerrand wrote that while foreign bank accounts ARE not 'invisible' due to FATCA, that Perth Mint certificates CAN be since the gold is not stored in a bank but in a vault and thus not reportable. Will you please investigate this possibiity's pro and cons, which you do so well and therefore I have come to trust? :

Adrian Vance July 25, 2015

What you say is logical, but precious metal backed currency has always been emotional and that is what drives markets. Could it be that people are realizing metals really have very little value other than use and money should be valued on stores of grain and other such commodities or even contracts for work to be done, i.e. something of real value of which metal has none. Google "The Two Minute Conservative" for clarity.

robert July 25, 2015

Gold has been going down a long time now ,we are being manipulated and no one can do any thing about it . we are th epawns in this chess game.

Ray July 25, 2015

Interesting opinion, but can you back what you just said? Or are you just venting here.

Jack July 25, 2015

My wife and I own a LOT of physical gold and silver. Our basis is approximately $800. With prices dropping, we'll be adding to our stash very soon. We cannot imagine not having a significant amount of physical precious metals. We are optimistic people, definitely not survivalists -- gloomers and doomers. However, if the unforeseen does happen and the need arises, we are ready. It is like living in a hurricane area and having an escape kit ready to put in your car, which you also keep pretty full of gas at all times. BTW we do NOT keep our metals in a bank safety deposit box or with a holding company.

Marc Hood July 26, 2015

I first 'chanced' with gold 26 years ago with ASA Ltd: have huge losses on 21,600 sh of it. Shortly thereafter bot the AmCenturyGlobalGold. Holdings there rose to $2,300,000 but today total $230,000( Ugh!). Largest gold holding is Vanguard VGXPM: 69,000 sh. Loss as of today $300,000 +. More recently bot 10,800 sh of ProSilver (AGQ). Loss is substantial. Maybe I'm a Champion of Fools, but last week I bot 1000 sh of PHYS (GOLD) at $9.15 per sh. Losses there started the very next day. So .. I have many holdings that never pay and (ain't gonna pay) a dividend. I'm 10 weeks short of age 88; may never come close to recovering losses. But a real and prolonged upward burst could resolve all of that mighty swiftly. So... have I been dreaming long enough or TooDamnedLong?

Peter July 26, 2015

Larry, I'm curious....since you say paper money is going to be replaced by electronic money, what's going to happen to all the paper money we have in our possession, in banks, in 401-K's, in IRA's, etc.? I'm especially interested in what happens to the cash in our personal possession. Thanks.

Ulf August 9, 2015

Larry, if some of your predictions regarding the Government comes true, should you pay off your mortgage in case all checking, savings and brokerage accounts are frozen or confiscated? Also, are you better being 100% in stock vs. cash to keep your assets?