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The following email, from a long-time fan of Miles Franklin, is typical of the anguish that so many of you are suffering through.

David,

Everyone around me has gotten out of gold…and tells me I should sell my bullion and buy ETF’s

Sinclair’s words are soothing, though my panic days are back big time…..

Since the gold people have all moved their IRA’s etc. out of gold…

not sure where to go from here…

ah.

Jeni

Jeni,

Read the Wednesday and Thursday daily very closely.  Take my comments in Wednesday’s daily very seriously. Focus on the James Dale Davidson report and the Weiss Research interview.

You are worried about the wrong thing.  The problem is NOT falling gold; it is what is about to follow (the end of the Petrodollar and an inflationary storm that most are simply not prepared to handle).  Falling gold is a blessing.  It allows us to buy more, cheaply, for the last time.

Do not listen to your friends.  They are the herd heading off a cliff.  When there is blood in the streets, I buy (Rothschild).  In the near future, gold will be your best asset.

Best wishes,

David

And then there is my friend Marc, who is equating the current drop in gold to a repeat of 2008.  He is freaking out!  I had to remind him to look what happened after 2008.  In round numbers, gold fell 25% in 2008 only to rebound over 150% in the next 36-months.  So far, gold has dropped almost 20%.  The end of the fall is near.  But this time, the rebound in the following 36-months will dwarf what happened in 2008.

I urge all of you to be patient and look forward 12 – 24 months and ask yourself what you think gold (and silver) will be worth when the trillions of new yen, pounds, euro and dollars hit and work their way through the global economy.  For most of us, the coming inflationary storm will be unlike anything we have ever seen in our lifetime, and if James Dale Davidson is correct, you will not want to own any fiat currency.

Larry Edelson, who has been bearish on gold and silver, predicts it will only be a short while before we see $5,000 gold and $150 silver – and that assumes NO FURTHER MONEY CREATION.  More global QE will push the prices even higher.

So let me get this right – we have a chance to buy an asset for around $1,500 that recently cost around $1900 that is going to at least $5000 and instead of being grateful, most of you are scared out of your wits and ready to sell what metals you already own.  That’s why, dear readers, so few people win as investors.  Most of you will buy on the way up and sell on the way down.  If you do, you’ve got it backwards.

Most of you spend your time checking the prices every day or every hour instead of looking at the fundamentals and the big picture…in spite of my urgings to do just the opposite.

Most of you will be thrilled when the price of gold (and silver) starts to rapidly move back up and sets new highs.  I will not!  It will be the signal that the crap has finally hit the fan.  The canary in the mineshaft will have taken its last breath.  What good is money or profit in a world where you will be afraid to venture out and enjoy it.  And trust me, everyone’s standard of living is about to take a dive.  Yes, your wealth can increase and at the same time your standard of living can fall and that is where we are all headed.  The worse case scenario is to lose you money and try and deal with the crushing inflation and social unrest that will accompany it.  Money ain’t everything, but you’re gonna need a lot of it to get by.

Yesterday’s piece by Davidson and today’s article by the boyz at Weiss Research should tell you all you need to know about why you need gold (and silver) now, more than ever before.  And low and behold, you can buy it at a big discount.  But only those of you with the ability to see beyond today’s falling price (which will end shortly) and have the strength of conviction to act will benefit.