Friday, October 7, 2011

Who Is This Patrick Heller Moron?

Patrick Heller is a Michigan bullion hawker. I refuse to call him a "coin dealer". He regularly spews, whether he is aware of it or not, the John Birch Society "straight party line" on all matters related to economic policy in an attempt to lure the unwary into overpriced bullion purchases. That makes him either a dupe or a moron, IN MY PERSONAL OPINION!

I feel I have half a license to use incendiary language here because incendiary language is Heller's own schtick-in-trade. He can't even discuss a pullback in metals prices without throwing bombs like "...the U.S. and other governments had a huge incentive to suppress gold and silver prices in September and to instill fear in investors...". Are there really adults who believe that's what Presidents and Federal Reserve Chairmen do for kicks? Supress asset prices and intentionally instill fear in markets? Come on, Pat! Go back on your meds, dude, seriously now. They have Thorazine for this, you know?

The guy throws the word "Liberty" around in his company name. It's supposed to instill patriotism, I guess. Well, he's an  "-iot", alright, but the prefix is "id-", not "patr-". When I see "Liberty" being thrown around gratuitously, I see a John Bircher, or a Tea Party type (MOSTLY THE SAME THING). Not great thinkers, either of them.

He is on record predicting $100 an ounce silver by year end. Looking good there, Pat. As I type, it's October 7 at 3:40PM, and the spot bid price is $31.38. Looks like he's gonna need an annualized increase rate of over 1,000% to pull it off, eh? (More than tripled in less than three months.) The only way to turn more than triple your money in 11 weeks is "street corner pharmaceuticals". And people who think metals will go straight up forever are the ones already metaphorically "on crack".

Oh but wait. Pat had no idea how badly Ben and Barack would manipulate the metals markets, right?

Why does keep publishing this charlatan? Oh, yeah, I forgot. He pays them to publish him. It's just more marketing.

Here's the problem. The penumbra of the numismatic field is loaded with these guys. They call themselves "numismatic investment consultants". I call them "snake oil salesmen". They prey on unwary discontented investors looking for a decent low-risk rate of return, and they can't find it in equities, bonds, or real estate. Well guess what. Since silver topped out in late April at $48 an ounce, they aren't finding it there either. Yup, it's soon six months. Buying opportunity, huh? Not a market top, huh? When do we declare at least a short-term top, Pat?

But noooooo. At the very top in late April, Pat was not only predicting it would keep going up, he was predicting the trend would accelerate. Stop preying on angry investors, Pat. And investors, know this. You don't make any money on any asset until you sell it. I sold gold at ANA in August right at the top, and some silver bullion in early September at the very maximum date then, just before it went in the dumper. You have to sell to make a profit. Buying more crap from Heller is making him rich, not you.

Read stuff other than from marketers. Read Commodity Futures Trading Commission reports, for example. The data was right there about HUGE speculator overbuying in the face of producer and industrial consumer short selling, but the bullion marketers WERE the bullish speculators. They couldn't afford to admit what was in black & white - a crash was imminent.

It wasn't manipulation by the evil "gummint", Pat Heller. It was a market behaving as markets do.

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