As we come to the end of 2017, here is a sign of the times.
By Bill Fleckenstein President Of Fleckenstein Capital
December 19 (King World News) – The market was modestly lower through midday, and in the afternoon the indices mostly drifted sideways. With an hour to go, when I had to leave, the Nasdaq was 0.5% lower, with the Dow/S&P doing a little better. Away from stocks, green paper was mixed, oil was flat, fixed income was weak again, particularly at the long end, which was hit hard, and the metals were slightly red, with the miners OK-ish…
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Net-net, for the last week or so the miners have on balance acted better than they have for the prior group of weeks. We will just have to see how meaningful that turns out to be, but the worst of the “puke-age” could easily be behind us for the miners and any decent move in gold could see them catch up in a spring-loaded fashion. Obviously, that is just a hypothesis, but I could easily see that playing out, although most likely not until early next year.
Talk About Your “New Money”
Meanwhile, the crypto craze is in full bloom, with wild speculation taking place in the roughly 1,350 of other non-Bitcoin “coins.” It would not surprise me to see this madness carry on through the holidays as folks use their idle time to make money in the easiest way possible (so they think), i.e., owning cryptos. It will be interesting to see how that market (as well as many others) trades in early January.
“Though It Has Never Put a Scrap of Gold or Silver In My Pocket…”
As usual at this time of year, I would like to remind readers that I will be matching all donations to Shepherd’s Counseling Services through Jan. 15, 2018. To take advantage of the matching, simply indicate that you are a Fleckenstein Capital subscriber in the Notes/Instructions box on the Review Donation page.
“…I Believe That It Has Done Me Good”
For those who may not have donated before, I would encourage you to go to the site and read some of the testimonials that have been shared over the last year and see if you can’t find it in your heart to give something to help people who have been through some of the worst experiences a person could ever have to deal with.
Included below are three questions and answers from the Q&A’s with Bill Fleckenstein.
Sign Of The Times
Question: Sign of the times. At the behest of his 13 year old son a co-worker opened a bit coin account and let his son purchase BTC with some of his “birthday money”. Recently dad followed suit with his own cash (so far, small amounts). One may hope that only small lessons will be learned.
Answer from Fleck: “There will be zillions of those stories over the holidays, I expect.”
If People Start Worrying About Inflation…
Question: Dear Bill, I agree with mr Skin that we are close to a top and a correction is probable in January or in April. I am just trying to figure out what will do the price of gold and the gold mines in this case. Could they correct as the market but bouncing a lot more as soon as the fed will begin a new QE ? the inflation is bouncing in us …this could help all the material sector, not only the gold sector? Thanks from Torino Italy
Answer from Fleck: “I think gold will do better if the stock market slides, as I have said many times. As for materials, I’m not so sure. If people start worrying about inflation, there will be lots of repricing everywhere.”
“I Expect He Is Right”
Question: “Gold will outperform Bitcoin in 2018” Jim Grant – Grants Interest Rate Observer Dec 15, 2017
Answer from Fleck: “I expect he is right.”
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***KWN has just released “the most important in over a decade” top trends for 2018 with Gerald Celente and you can listen to to the remarkable audio interview by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: Is This Signaling That The Price Of Silver Is Set To Explode Higher? CLICK HERE.
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