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Mark Leibovit, chief market strategist for VRTrader.com, argued that a deflationary cycle hurts most commodities. But, he added, “I was talking to a couple of coin dealers. They said they had their best week ever when gold collapsed.”
Fulp had harsh words for high-cost producers. “If you’re a gold miner and you can’t make money at $1,370 gold or $1,400 gold, then get out of the gold business…. I like this environment. I like the volatility that Bernanke gives us every time he stands up and gives a speech.”
My preference is for producers who have a cash flow that can grow organically and the project generators that don’t have to keep adding shares.—Jay Taylor, editor of
Gold, Energy & Tech Stocks
Taylor added that it’s “a fantastic buying opportunity” for stocks too. “But you have to be very selective. My preference is for producers who have a cash flow that can grow organically and the project generators that don’t have to keep adding shares.”
He believes charts show “we’re not that far from a bottom in gold” and the secular bull market will prevail.
But what about manipulation? “Is there a smoking gun?” Berry asked.
Leibovit said there’s evidence now and it’ll be even more obvious “when gold takes off again and we resume the bull market.” He views ETFs contentiously. “I very much believe there isn’t as much gold and silver behind them as they claim.”
Fulp simply stated, “All markets are manipulated. We should recognize that” and strive to make money regardless.
Taylor was the first to mention the Gold Anti-Trust Action Committee. He said GATA director Chris Powell told him that WikiLeaks documents from both China and the United States show the Chinese government knows about gold manipulation by the U.S. government. But, Taylor emphasized, the Fed’s money-printing “screws everything up, distorts everything…. We’ve forgotten free market capitalism completely. We’ve turned into a collectivist model essentially, so when you’ve done that, there’s [no market] that’s free anymore.”
Speaking last, Coffin was less committal. “I don’t know if the market’s manipulated or not,” he said. “At the end of the day it doesn’t matter. You have to deal with the market that you see and try to make money in the market in the way that it is.”
Coffin added that GATA chairman Bill Murphy “tried to strangle me a couple of times” for a comment “that’s less true now than it was.” The offending remark? Coffin said the time and effort needed to manipulate gold would assume “most people give a crap” about the metal’s price.
He sees it differently: “I don’t think most people give a crap.”
The World Resource Investment Conference 2013 continues May 27.
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