Cartel on the Precipice

by Andrew Hoffman
Miles Franklin

I have watched every tick of the Precious Metals market for 14½ years, since the fateful day in May 2002 when I bought my first 100 shares of Newmont Mining, en route to putting essentially all of my liquid assets into the sector. Frankly, the 1% position I have taken in Bitcoin is as exciting as any development in my investment career – as until Bitcoin, I have not come across any asset class since 2002 worth investing in. And by investing, I mean the classical definition of such, not today’s bastardized concept of speculating in overvalued assets based on the expectation of what Central banks and government manipulation operatives might do. To borrow from Richard Russell’s lingo, I take big positions in primary trends I deem to have extremely high return/risk profiles. And the more confident I am in such a trend, the more I invest. Hence, my 1% position in Bitcoin, versus 90% in physical Precious Metals.

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