“He who does not bellow the truth when he knows the truth makes himself the accomplice of liars and forgers.” — Charles Peguy
If there’s been one overriding theme I’ve stressed from when I turned bullish on gold at just over $300 in the spring of 2003, it’s that the financial industry and most of those who report about it and the markets hate gold. I said it’s foolhardy to expect there ever to be a universally bullish view for gold, and that we should appreciate that there will always be forces whose desire is for gold’s price to be suppressed, lower than where it would be in a free market. Ironically, those who support such price suppression are the ones who call people like me and the good people at GATA tin-foil hat wearers, fanatics, or worse.
While most of those who may be bearish on gold now or have been so recently are legitimate forecasters who just see the cup as half empty versus my view of half full, there is one human being (as a Christian, I’m desperately trying to remember that we’re all God’s children, even though this person makes me think that God must experiment at times or at least have a good sense of humor) whom I have called the Tokyo Rose of Gold Forecasters and who has not only had the worst track record since the mother of all gold bull markets began about a decade ago but who also twists facts and tries to change his own history to conceal that he has been anything but bullish and that he has missed the greatest run in gold’s history. I’m speaking of Kitco gold market analyst Jon Nadler.
A few weeks ago, I issued this challenge:
https://www.grandich.com/2011/12/a-million-reasons-why-i-love-gold
While newsletter writer Dennis Gartman took the high road when I criticized him and we actually became friends over it (although I won’t challenge him to a round of golf at his own country club), Mr. Nadler once again tucked his head between his legs and resorted to twisting and turning in hopes that his past comments and predictions never received scrutiny. To see how delusional he becomes, one has only to read his December 15 comment to Marketwatch –
“… Nadler said he doesn’t make gold forecasts and has, for three decades or more, consistently advised a core 10% gold holding for anyone with assets worth protecting — a higher percentage of gold ownership than mainstream financial advisors generally recommend. “I merely try to point out that not all opinion about gold is wildly bullish and that should serve to put things into perspective for tempted investors” –
and compare it to what he really has said in his commentaries. To claim that he has always argued for a significant gold holding and to suggest that he was on the same side as those of us who predicted that gold would rise more than 500 percent but merely tried to temper excessive enthusiasm was as devoid of fact as it was when Baghdad Bob said Iraq was defeating the invading allies. Mr. Nadler has constantly used his daily column as a sounding board against higher gold prices and repeated as many negative comments about gold as he could find.
There have been others who have seen Mr. Nadler for what he is, and, more importantly, for what he isn’t as noted below:
• https://www.buygoldco.com/nadler-bearish/
• https://www.youtube.com/watch?v=Ghm3xAPYgSo
• https://www.tomaveni.com/Commentary/Nadler-01.htm
• https://seekingalpha.com/article/266717-how-reuters-dropped-the-ball-on-gold-story
• https://www.hardassetsinvestor.com/interviews/1836-jon-nadler-gold-not-in-bull-market.html
• https://www.youtube.com/watch?v=KnftNNaV76o
• https://www.commodityonline.com/news/gold-might-fall-to-$500s-jon-nadler-12397-3-1.html
• https://drschoon.com/articles%5CGoldBearsPredictingThePriceOfGold.pdf
Unfortunately, many in the news media never ask why Nadler has been so wrong for so long.
Mr. Nadler again misstated the facts in his December 29 column:
“… Bullion spot bid prices thus touched the $1,521 level and brought into question the subject of whether or not the $1,500 pivot point might be able to hold up against the swollen tide of liquidations. Just weeks ago, some were willing to bet their life’s savings on the belief that gold would not reach such a number — certainly not before printing a $2K record into the logbooks. Today the precious metal came to within $22 of touching that ‘Unholy Grail.’ Ooops. If and when $1,500 happens, we might suggest making a donation to charity, as a nice gesture of contrition.”
But the bet I offered Mr. Nadler was not for anyone’s “life savings” but for a million dollars, and it did not include a $1,500 downside target price for gold but rather a price of $1,000.
He did this sort of thing a few years ago when I offered him a $50,000 bet and challenged him to debate me. He declined even after Canada’s most-watched financial television network offered to host such a debate. You would think that he could have used such an audience to debunk me and those like me he disparages.
Enough is enough.
I hereby challenge Mr. Nadler again, this time raising my wager to $2 million — still not anyone’s “life savings.” I’ll increase the bet’s target price by $100: that gold will see $2,100 before $1,000. The winnings are to be donated to charity.
It’s a shame that someone can continue to be so wrong without being questioned. When Mr. Nadler resorts to misrepresenting me, it’s time for him to put up or shut up.
If Mr. Nadler’s forecasts have been so profitable to him and his readers, why wouldn’t he accept this challenge?
I have arranged for the law firm of Lomurro, Davison, Eastman & Munoz of Freehold, New Jersey, to hold the wagered funds in trust. My offer to Nadler is good until 12:01 a.m. ET January 9, 2012. And since my side of the wager is derived from my personal funds, Mr. Nadler’s $2 million match to my wager shall also be certified as deriving from his personal funds or funds derived from the assets of his immediate family.
Additionally, I announce that I’ll assign my winnings to the many charities I’m involved with, including but not limited to:
• Ashley Lauren Association
• Operation Warm
• Fealgood Foundation
• Athletes in Action
• Fellowship of Christian Athletes
• Good News International
• James Volpe Foundation
My views on gold remain the same. The mother of all gold bull markets continues and, after the current correction, it shall once again bloody those bears who stand in its way as it rises to a new, all-time real high within the next 24 months.