Eric King:  “Keith, we’ve had this pullback in the gold market from $1,390 to the $1,280 area.  What are your thoughts on how gold is trading?”

Barron:  “Obviously the Ukraine and Crimea premium has evaporated.  The West is not going to do anything to Russia because they have reestablished themselves in Crimea.  Crimea used to be part of Russia, and it’s only because Krushchev gave it to the Ukraine in 1954 that it even became part of Ukraine....

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“But it was a meaningless act by Krushchev because the Ukraine was part of the Soviet Union, so what did it mean?  It didn’t mean anything.  And certainly after 95% of the people wanted to rejoin Russia, you have to listen to the people.  They have spoken and it’s over.

There have been some incendiary reports in the newspapers that Russia is going to take Finland back, or take part of the Ukraine back.  This is pure propaganda by the West.  It’s total nonsense.  So for now this situation has cooled down and the gold price has been knocked down a bit.  But this is just a buying opportunity for people and gold will restart the upward trend that began in January.”

Eric King:  “Sentiment in gold has deteriorated rapidly, with a remarkable 5% fewer bulls today than what was seen at the bottom of the 2008/2009 collapse low.  People feel like the next shoe is about to drop in the gold market, and maybe that’s a good thing from a contrarian perspective.”

Barron:  “You are right, Eric.  People still think this rally is a fake out, and that this move up from below $1,200 isn’t really sustainable.  I believe that it is.  I think that the gold market got very, very oversold.  We saw gold prices that were so low that the major companies in the world couldn’t sustain production at those levels.

The major companies’ margins collapsed and they were losing money at the lows.  The reality is that nobody is going to produce gold at a loss for very long.  The price simply had to move higher or we were going to see a real constriction in supply.

I was just at the Mines & Money Conference in Hong Kong, where I was one of the invited speakers.  It was kind of interesting to gauge sentiment in Hong Kong.  Most of the attendees were from Australia and South Africa.  Not many were from North America, so I got a different perspective than I normally would.

I would describe the audience as quietly optimistic.  The interesting thing is that the Chinese, whether they came from the mainland or already lived in Hong Kong, were very, very bullish on gold.  These people were looking for opportunities to invest.  I was at this same conference last year and the Chinese had the same bullish sentiment. 

The appetite for gold in these Eastern countries has certainly not diminished at all.  Meaning, China and the rest of the Asian countries will be happy to take all the gold from the idiot Western central bankers they can get.  London Gold Pool II is a disaster waiting to happen, and at some point it will collapse just like the first one did.”

Barron added:  “If someone is discouraged, they should hang in there.  If they have the ability to add to positions, this is a great time to do it, both in terms of buying  physical silver and physical gold.  I strongly believe this will be a short-lived pullback in gold.  Gold will regain its trend, and I also firmly believe that we are destined for gold prices north of $1,400 in the not-too-distant future, and we could easily see $1,700 before the end of 2014.  Again, I want to reiterate that I am absolutely convinced that gold is going to blow through $1,400 relatively soon.”

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