For those who follow the sector, this will come as no surprise. But for newcomers, just imagine the football (thats what we call "soccer") editor of The Sun continually criticising the game and telling people to stop watching live matches because at these prices, there are far better things to spend your money on .
Bizarre as that may sound, it is parallel to the commentary Nadler is putting out on the gold market; and coming from someone in his position, it all seems rather surreal.
If you are a commentator in the gold business and your paymasters are bullion dealers, how could your views be considered independent? And some may assume you could even be conflicted in your interests....
If you are a commentator in the gold business and your paymasters are bullion dealers, how could your views be considered independent? And some may assume you could even be conflicted in your interests....
Not that this bothers Nadler!! Kitco give his commentary pole position on their site and in return he very eloquently talks down the gold market on a daily basis.
I was reminded of Jon Nadler's surreal role whilst listening to this interview today on King World News with John Embry from Sprott Asset Management. A highly successful investment strategist, he has a fundamentalist approach to Gold and the gold market, having lived through the 70’s gold bull run, he certainly knows how many beans make five.
He doesn’t buy Nadler's stance for one minute. Quoting Eric King, paraphrasing Jon Embry:
“as long as Nadler keeps getting press, it is reasonable to assume we are a long way from the end of this bull market in gold”
As the interview reminds us, people often forget or put to one side, the possibility that those in a position of influence are also in a position to “talk their own book”. So if Nadler is indeed talking his own book, then that would suggest Kitco are angling for sellers rather than buyers, which would then indicate their long term efforts are focussed on sustaining the supply side, rather than the demand side of their business - and if that is the case, then suddenly Nadlers position starts to make sense.
Perhaps this is a cynical view, but in reality could Nadler's game perhaps be nothing more than an upstream version of those "cash in your gold” TV campaigns? Who knows!
The interview is well worth a listen (click here to listen) ahead of what promises to be an interesting week for the precious metals.
You may also want to hear Ted Butler's take on last week's trading activity and his opnion that we may be at or near a bottom in the Silver & Gold markets– now where have I heard that before? Certainly not from Mr Nadler!!
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