Today a famed short seller said investors will be buying gold at a remarkably higher price.

By Bill Fleckenstein President Of Fleckenstein Capital
April 6 (King World News) – 
Overnight markets were essentially flat, but that didn’t stop the SPOOs from rallying about 0.4%, then declining a touch less than that. Following that bit of what I would call “stock market roulette,” the weakness gave way to a modest rally through midday. What I mean by “roulette” is the seemingly completely random 0.3% to 0.5% (or larger) moves in stock indices these days. Of course, there are also the days where almost nothing happens, but I do like that term. It seems to fit the environment…

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Spin Moves
The market built on the early rally and the Nasdaq (today’s index leader, powered by intense biotech speculation) was 1% higher by mid-afternoon when the entirely predictable Fed minutes hit the tape and seemed to halt the rally, before they then seemed to power a continuation of it (though I can’t tell you why either should have occurred). In any case, by day’s end the Nasdaq was 1.5% higher, while the Dow/S&P tacked on about 0.75% and 1%, respectively.

Away from stocks, green paper was initially quite strong before it gave up its gains to finish slightly weaker on the day. Oil popped for 5%, fixed income was weaker, and the metals fell 0.5%.

“Just Sitting Here Watching the Wheels Go Round and Round…”
I wish I had something insightful or intelligent to say about the current environment, but I really don’t. The next test for the market I suspect will be earnings season, and I don’t think it will be very impressive, but we will see soon enough.

King World News - Bill Fleckenstein - The Longer A Mania Goes, The Worse Off Everyone Will Be When It Ends - The Aftermath Of This Is Going To Be Extremely Brutal, Plus A Bonus Q&A

Included below are three questions and answers from the Q&A’s with Bill Fleckenstein.

Bonus Q&A

Question: Of all the disparaging headlines I’ve seen about gold over the years, this one wins the prize: As an Investor, Osama bin Laden Was Bullish on Gold

King World News - Famed Short Seller - Investors Will Be Buying Gold At A Remarkably Higher Price

Answer from Fleck:  LOL, in the end all these losers will buy our gold from us at some truly stupendous price.”

Question: Fleck, as you know, I work for a large bank. Well, people very close to me were just laid off. My brother in law lost his job recently, and now I was at a party and a close friend lost his. Honestly, this does not feel like 4.9% unemployment at all – it just doesn’t “feel” right given what I am seeing. This is actually scaring me and I am losing sleep over it. It’s weird the disconnect between what our leaders say and what I am experiencing.

Answer from Fleck:  “Our “leaders” are mostly incompetent or liars… Don’t expect the truth from them.

Question: I believe we are finally in the up cycle for gold and it started late last year or early this year – what I really love right now is the short story – the short story is….”the commercials are heavily short” and they are never or hardly ever wrong – that’s the investment advice these days – don’t buy gold bc the commercials are very short and it might drop back under 1180. Brilliant just friggan Brilliant

for the Elliot wave crew – this should be the 3rd wave up and that is the longest wave of them all so if you thought wave 1 to 1900 was special sit on your hands and like you say fleck do not fight the last battle.

Answer from Fleck:  I agree, the “analysis” that is behind the logic to be short is pretty lame.”

***To subscribe to Bill Fleckenstein’s fascinating Daily Thoughts CLICK HERE.

KWN has now released the outstanding audio interview with Stephen Leeb and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

KWN Leeb mp3 4:2:2016

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