All that glitters is not gold nor silver …
Illustration 1: Datta Phuge’s 3.3 kg gold shirt cost him US$250,000 … right before gold’s collapse …. Impeccable wrong timing !
Asianmacro had been busy slaughtering the pigs in the gold market. That is why I was quiet and did not have time to comment on the markets in recent days. The old saying, ”Bulls make money, bears make money, but the pigs get slaughtered!”‘ is always true on Wall Street. The gold bugs that have held onto their End-of-Days view or the debasement of wealth via fiat money explosion due to QE …. whatever theory that you pick … they are all beyond my intellectual comprehension. Asianmacro only know that in the long run, we are all dead and there are just too many stubborn longs out there.
Never had so much fun shorting something that cannot even muster a bounce and the last time it was such must be like 1997 during the Asian financial crisis when Asian currencies and rates move at such speed and pace.
$1250 gold and $18 silver is not unthinkable.
*Asianmacro is a beach bum managing his own wealth. Besides deciding what to have for lunch (or hitting the gym sometimes), he is mostly found listening to loud music while trading and investing for himself. While every care has been taken in preparing the information in and/or materials, such information and materials are provided “as is” without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials. The opinions expressed do not constitute investment advice and independent advice should be sought where appropriate. In no event will Asianmacro be liable to you for any direct or indirect or any other damages of any kind arising from or in connection with your reliance on any information in and/or materials attached herewith. Asianmacro may already have or intend to have a trading or investment position in the financial instruments or products referred to in this communication. This is not intended as an offer or solicitation for the purchase or sale of any financial instrument and Asianmacro may also have interests different from or adverse to your interests.