"Such is the rule of our warfare. We advance by yielding; we rise by falling; we conquer by suffering; we persuade by silence; we become rich by bountifulness; we inherit the earth through meekness; we gain comfort through mourning; we earn glory by penitence and prayer. Heaven and earth shall sooner fall than this rule be reversed."
John Henry Newman
Someone passed along some comments found on the web, that Bill Fleckenstein characterized as demonstrating 'an epic extreme in [negative] sentiment' for the precious metals, or something to that effect.
And those of us who watch these things are scratching our heads, because as we see this extreme negativity in sentiment, with the 'open interest' on the Comex rising at the same time to very high levels, ahead of the active month of August. I have included the latest 'claims per ounce' chart below.
Things do make sense. There is a reason why the price of gold and silver are getting pounded against strong buying in paper here, and especially in physical bullion overseas.
But it does take some willingness to look at the facts of the whole matter, rather than failing theories that lead us from bubble to crisis, one after another, or the group think of the thug class.
I hope that both those who yearn for meaningful financial reform and those who seek an end to the manipulation of precious metal markets have no illusions about how formidable a power is allied against them It is a shame that they cannot see how much they have in common cause, despite their ideological and political differences, most of which are based on conditioning and political maneuvering. Sometimes it is necessary to put aside politics, and the hope for personal advantage, and just let your conscience lead the way.
This is the nature of our warfare. Nec laudibus, nec timor.
Have a pleasant evening.
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