Jon: You know, scrap is going to bury the gold price. Johnny: Right, Jon, gold is no safe haven and never has been. It will be lucky to finish the year at $1650 Jon: Hopes of QE are so overblown. Johnny: Ha! Even more QE can't save the goldbugs now! We're probably in a new multi decade bear market. Jon: You are so right Johnny.
Jon Nadler, who does market commentary for Kitco, and has been oddly bearish for as long as I can remember. The only thing I can think is that Kitco is massively short pms as a hedge on their inventory, and Jon's job is to try an talk pms down so as to reduce the loss on the hedge. But then who wants to buy pms in a bear market? I don't know. Maybe he is just stupid.