Silver COT Report
Fri, 01/22/2021 – 15:35
Kootenay Silver Inc.
Wed, 01/20/2021 – 09:53
MarketWatch/Shawn Langlois/1-20-2021
“Whenever you bought into the market when it was selling at the present multiple of, say, 22 times or higher, you’ve never really made any serious money one year, three years, five years out. I think that’s what we’re looking at.” – Leon Cooperman
USAGOLD note: As the late, great Richard Russell (Dow Theory Letter) used to say: “Trees don’t grow to the sky, and liquidity doesn’t expand forever.” Here’s another bit of wisdom from Russell: “[i]f all goes wrong, gold is real, time-tested wealth. Gold stands alone as money outside the central bank system. If the Federal Reserve was abolished tomorrow and the U.S. was to renege on all its debt — gold would still be money.” (Kitco,3/10/2006) That was roughly 18 months before the first signs of the oncoming credit breakdown emerged. The gold price was $540 per ounce.
Image: Dutch 10 guilder “Queen” gold coin
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Financial Times/Ortenca Aliaj and Eric Platt/1-20-2021
“Seth Klarman, the founder of hedge fund Baupost Group, has told clients central bank policies and government stimulus have convinced investors that risk ‘has simply vanished’, leaving the market unable to fulfil its role as a price discovery mechanism. The private letter to investors in his fund, seen by the Financial Times, amounts to a damning critique of market behaviour by one of the world’s foremost value investors.”
USAGOLD note: Nobody will be able to claim, as was the case in 2008, that they did not see it coming. We have had plenty of warning and it has not been across the fence in the backyard alone. It comes from many of the most respected minds in the financial game, including Baupost’s Seth Klarman. In 2008 during a visit to the London School of Economics Queen Elizabeth famously asked a question that was on the minds of many: “Why did nobody see it coming?” She asked the question again during a visit to the Bank of England’s gold room in 2010. Below Ed Stein captured the spirit of that moment in a 2010 cartoon:
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