by Andrew Hoffman
From my perspective, as Marketing Director of one of the nation’s oldest, largest bullion dealers, and a daily contributor to the Miles Franklin Blog; my sense is that a aura of “surrender” has occurred on the part of many Precious Metals investors. The reason being, that the Cartel’s “pre-election” suppression campaign – starting with the blatant, over-the-top “Deutsche Bank Destruction” raid on October 4th, when China was closed for its “Golden Week” holiday – has given way to a belief “the powers that be” are in total control; of financial markets, economic data, and the election process.
Of course, nothing could be further from the truth – even regarding the election, which is far from over, in my view. Not to mention, that as regards Precious Metals, both scenarios are wildly bullish, as discussed in last week’s “Trump vs. Clinton – Who’s ‘better’ for gold?” I mean, what part of the Chinese Yuan’s accelerating devaluation – at 6.78/dollar as I write, well below last summer’s low of 6.70/dollar, and less than 1% from the PBOC’s 2008-10 “line in the sand” of 6.82/dollar – are people missing?