Bill Holter, JS Mineset, Released on 4/28/16
In response to my article yesterday The Chances Of A COMEX Default… (Public Article), Bob Moriarty decided to respond and attack me personally in this article http://www.321gold.com/editorials/moriarty/moriarty042716.html. He claims me to be a “GURU” (an insult according to him), a fool, a bad writer with poor grammatical skills (I agree), with poor logic …and a liar. To start, calling someone a “liar” is a very big leap because it means there is an “intent to deceive” as opposed to just being wrong or even stupid. Moriarty says I “feed people’s fantasies” to entice them to subscribe to our newsletter which is now one month old. I wonder had I written the article over a month ago when all of my work was public what he would have claimed my motives to be? Many have read my work since 2007 at http://www.lemetropolecafe.com/ and dozens of other sites, does anyone see a shift in my logic since those days in order “fool subscribers”?
As for my grammatical skills, I agree, they suck! People do not read my work to make sure whether proper tense or punctuation is correct, they read it for the logic. I try to take complicated subjects and break them down so the average person can understand what is happening. The logic in this case is there are several hundred ounces of gold/silver represented by paper contracts but backed by only one ounce. Put simply, COMEX is a fraud. A call on this contractual metal cannot be met because the metal simply does not exist. I believe when the “call” for delivery comes, COMEX will be forced to declare force majeure and settle with cash. As I asked in the article, is this a default or is it not? In the real world it will make no difference at all whether it is “legally” a default or not, “practically” IT IS! In the real world the prices of gold and silver will have exploded and the “cash” so generously provided by COMEX to “settle” will not purchase the ounces you thought it would. In essence, while gold and silver supplies go into hiding, you will be left holding a pile of devaluing and worthless dollars that will not “buy” what you were promised.
Bill Holter is currently a writer for Miles Franklin and Jim Sinclair’s Mineset where he posts weekly commentaries on gold and financial markets. Prior to joining Miles Franklin in 2012, Bill Holter Worked as a retail stockbroker for 23 years, including 12 years as a branch manager at A.G. Edwards. Later, he left Wall Street to avoid potential liabilities related to management of paper assets. Bill was a well-known contributor to the Gold Anti-Trust Action Committee (GATA) commentaries from 2007-2012. Bill became a writer for Jim Sinclair’s Mineset in 2015.