Loading ...Dan Norcini : Dear John
This is a reply via private email from Dan to a detractor .
(Posted without permission ) shhhh
John –
Traders study the charts. When they say “sell” – one sells. When they say “buy” – one buys.
It really is that simple.
The gold hucksters never say “sell” and always say “Buy” for the very reasons you are citing thus their groupies end up losing all of their wealth in an asset that has been in a bear market for nearly 4 years now.
This is the reason that less than 5% of people ever learn to become successful traders. They cannot leave their opinions behind and learn to understand the opinion of the markets.
Gold is simply an insurance policy. You own the physical metal as insurance against currency debasement/inflation and then you forget about it and learn to put your money to work where it can obtain the most return on invested capital.
I have never seen any group of people so OBSESSED with looking at their insurance policy day after day and hoping their house will burn down so that they can collect on the policy.
The gold cult world is a world in which people hope the system crashes so that they can watch their asset of choice/inflation policy pay off after which they can then revel in their “wealth”. I personally find the mindset of the cult offensive as I would not want to live in the world they seem to relish in wishing for nor would I want to see if for my children.
Buy the damned metal, put it away and get on with life is my advice. You will be happier and more profitable.
As for the gold cult gurus, I have nothing but contempt, disdain and disgust with that band of hucksters. Every damned one of them have never and will never tell their followers to sell the metal.
I have been at this a very long time and can well remember when gold was stuck in a 20 year bear market. The leaders of the gold cult where preaching the same crap then as they are now. They NEVER CHANGE their tune.
“can the leopard change his spots? So too can these people change their wicked ways”.
They leave a path of ruin and devastation behind them, a path of wrecked lives, broken dreams, ruined marriages and misery. That may not bother you one way or the other, but it sickens me as I have read and continue to read their emails and see their heartbreak.
So please spare me your nonchalant attitude toward their ruin.
I have no more time to respond any further this time and probably should not have taken the time to even do that having wasted more time over the last 4 years dealing with people who will never, ever sell their gold or gold stocks under any circumstances all the while they are is dropping lower and lower and lower.
“There is a time for everything under the heavens” says the writer of Ecclesiastes,. He went on to say that “there is a time to keep and a time to throw away”. Learn what this means if you want to acquire wisdom.
Have a Merry Christmas and A Happy New year.
Dan
Sir Fully.
Nicely written thought on “gold bug”. It echoes the sentiment I have. AND been the victim of them.
BUT.
There is no comparison to Gold/real estate property (as acreage) as wealth building on a long term basis for family asset.
If Jesse Livermore had left 28571 gold coin in 1929 from a portion of his wealth $1000000($1000000/$35)those coins at $1000/oz price is worth 28,571,000. (return 28.5 times).
All the companies in DOW component from His era have disappeared except but on GE.
Not every one can trade successfully. 80% of them loose.
That’s why Chinese and Indian consumers have the largest gold reserve. AND Now Indian gov is trying to monetize that gold held by her citizen for generations. None of these people even know or heard about Gold bugs. But it is their inherent tradition to store property of value gold/real estate.
Yes gold will not go to the moon in our life time- EW is telling us and I am convinced.
Long ago, during the antediluvian age. A man named Noah was building an ark. There was a man named Dan who was scoffing at old Noah week after week as he labored. “Look at this crazy old man, wasting money, time, and precious resources on a ridiculous venture. Do not follow this Noah’s example, I implore you. Crazy Noah wishes the world would become completely flooded, destroying everything. What kind of world is that? Not one I want to leave to my children I tell you.” When the rains finally came and Noah entered the ark with his family and closed the door, Dan assured the nervous crowds, “Don’t be afraid my friends, ’tis only a passing shower.” Some time later, when the deluge had brought the water level up to their knees, Dan exclaimed, “Alright everyone, maybe we should try to build a raft!”
Funny
But off the mark
Dan advocates Gold for insurance .
He will be on your Arc….If not he has his own
Meanwhile goldbugs (Gold stock bugs…which is most of the lot) are emotionally and financially crippled
That’s the point///but you know that
Sorry about that. Perhaps I was a bit hard on Dan. The thing is, with rates supposedly going up soon, I think it’s time to get on the golden boat if you aren’t already on it. I know Dan thinks rising rates are going to be bad for gold, but I think gold could rise in tandem with rates just as they did in the ’70’s.
I’m in Dan’s camp here for sure. Gold is insurance and it’s great for trading related vehicles. The Noah analogy worked once in the history of the world. Most of us don’t have 4.5 billion years to be right 😉
lol