Wednesday, August 18, 2010

The Best Gold Interview of 2010

Much of what passes for “insider” information these days is often conspiracy-edged or largely conjecture. True inside information is actually hard to come by. So what follows is the refreshingly candid and uncut version of my talk with a first-hand participant in the murky and little-understood world of gold bullion, mints, and bullion dealers.

Customarily, when considering a company for a potential recommendation, I hold a series of discussions with management. It was during one of these vetting procedures that I spoke with Andy Schectman of Miles Franklin – and heard some disturbing reports about supply that every investor should know. Andy is a bullion seller, so you’re welcome to take his comments with a grain of salt. On the other hand, what he sees week after week and what he hears from his high-level industry contacts might just make you pull back on that salt shaker and re-inventory the number of ounces you own...
Jeff Clark: Andy, tell us about the kinds of contacts you have in the industry and where you get your information.

Andy: I’m associated with two of the six primary mint distributors in the United States. There are only six primary precious metal distributors here because the qualifications are very difficult to meet. Aside from having $100 million in annual sales, you have to extend a $50 million line of credit to the U.S. Mint, and very few companies can do that. So in working with these companies, I’m privy to information that many others aren’t.
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Analysts Foresee $1,300 Gold By Year-End

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  1. Yep.. and man will walk on Jupiter's surface by 2011. Markets rallied again, as they will continue to do.

  2. the markets start tanking bigtime, investors and traders are forced to liquidate assets to cover their losing bets, and raise CASH. So gold and silver will tank right along with the markets.

    Plus, large holdings in physical metals assume that one will be able to find and buy necessary items (i.e. food, water, power) with those metals. You can't eat gold.

    In my opinion, some holdings in small-denomination coins is prudent, the amount to be determined by the individual's available investment cash. Add to your holdings as the price comes down, and be prepared to sit on the metals for awhile. If we do get into a hyperinflationary trend down the road (and knowing politicians, how could we not?)the PM's will come in very handy indeed.
    If you can't afford to buy physical gold and silver, try to stock up now on some of whatever you hope those PMs will buy in the future.

  3. That's why 99% of people do NOT own gold. They own ipods, cell phones, houses, cars and useless paper money. The media has taught them good. Dumb sheeple.

  4. The bottom lines is that China and many others are increasing their holdings of Gold and Silver. With China advising its people to buy both and making Silver more available then in years past. Why? China cannot afford it people's money going to ZERO because that many people in revolution would bring down the Chinese government.

    7:41's advice to buy smaller gold coins is good idea at $5,000 an ounce then 1/10th oz gold coin is $500. Also have some silver.

    11:01 If people loose a lot of money in the stock market following your advice are you willing to cover their loss?

  5. 7:41 "you can't eat gold" , another dumb idiotic comment as gold goes up. Yes, munch on that paper money, you dumb imbecile. Gold will trade for all the land, cars, food you have.

  6. 9:21- This is 7:41 here. Congratulations, it sounds like you have a good stash of PMs. However, there seems to be a certain angry and fearful tone to your post. And you end your comments with an assumption that may or may not be true.

    For example, I lived through the 2004 hurricane season in Florida; three major hurricanes with more or less direct strikes on my house. My power was out each time for between three days to a week. A trip to the local grocery store after a storm revealed NO bottled water, toilet paper, or food. I loaned one of my spare land-line phones to a neighbor because cell phones didn't work. I tried to go to work the day after Hurricane Charlie and I couldn't get out of my neighborhood because of all of the downed trees. It put a very personal perspective on what is practical and necessary.

    So, while I have no doubt that you will be able to trade PMs for all the land and autos you want (as these markets are already tanking), the assumptions that (1.) The food supply lines to your area will be functioning, and trucking operations will be running, and (2.) That people who have food will be willing to trade for gold (some may, but at what premium?) are assumptions that I am unwilling to make. Also, although I never lost water service, what would you do if you turned on your tap and no water came out? What if the government decides to confiscate your gold?

    Another personal observation I will illustrate with the housing boom. "Real estate always goes up." Remember the frenzy around real estate not so long ago? It kind of paralleled the tech stock frenzy of the late '90s. So I sold my house in June '05 for a nice profit. My point being that gold is at such a frenzy point now as real estate and tech stocks were in their day.

    Ultimately, I must admit to myself that I don't know what is going to happen. There are so many variables, and given the increasing social mood of fear and anger, logic is not a reliable predictor. I think the people who will fare the best in these times are the ones who have meaning and purpose in their lives, who have strong support networks, who can view their situations objectively, and who can keep options open and maintain flexibility.

    By the way 9:21, I don't have much gold, but what I do have, I bought in the late '90s for around $300/oz.

  7. "What if the government decides to confiscate your gold?"
    Oh yes Mr. Government I have some right here in my flower pot.
    Government: Thank you.

    You: WAIT! PLEASE don't go! I have some in the yard I buried. I'll go get it.

    Government: That's an obedient good little citizen.

    Oh God what is this world coming to with insane comments like these (italics)

  8. Forget Gold, buy LEAD. The Revolution is coming.


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