Chill out, gold-dudes

 Posted by at 12:20 pm  Investing
Sep 182015

On Wednesday Bill Holter responded to my post Who is the player and who is being played? finishing up with “comments welcome (even from Bron Suchecki)”. So I emailed him last night. Right up I apologised for the inference that he was playing people – that was a rhetorical step too far. People who have been reading me since 2008 when I started my personal blog will know when I go after something I usually go hard. Probably something to do with growing up in a working class suburb, where you learn quick to get on the front foot.

Bill was surprised to get a reply from me, which I think reflects the expectation these days that many on the internet are willing to dish it out but can’t take it. I didn’t know how Bill would respond but the way he did speaks volumes. Others I’ve butted heads with get all personal or you can see the hate flowing through their responses. Indeed there was a lot of anger in some of the comments and tweets to my post and I found myself asking, why?

No doubt my calm approach to trying to understand these opaque precious metals markets infuriates those I disagree with. How can I be so cool when so much is wrong about how our economy operates? Simple – I own gold! (and I eat what I cook, storing it at The Perth Mint). Do I think the precious metals market will default any day soon? No, but if I’m wrong my gold has me covered.

I mean, chill out, gold-dudes, why all the anger? Isn’t that is the point of holding gold – insurance to give you peace of mind? If you not getting that from your metal, then you’re doing something wrong.

While many may find this hard to believe, the fact is The Perth Mint is on your side. That the West Australian Government has retained ownership of the Mint through waves of privatisation is, I think, a demonstration of its support for the gold industry. Precious metal ownership is only a few percent of the population so we should focus on what we have in common rather than what divides us.

Does this mean I’m not going to pull people up when I think they have the wrong end of the stick? Nope. But I will make a resolution to be civil about it, keeping in mind that we are striving for the same thing. For those  also after the truth that shouldn’t be a hard ask.