Wrong way Jonn loves to be opportunistic by relying on the assumption that much of his readership is pretty ignorant about the PMs. He vacillates between being historically wrong and negative nit-picking. For instance one would likely never see him writing the FACT that investing in Warren Buffet’s Berkshire Hathaway Fund (often widely acclaimed as being the best investment of all), with an average annual return of 7.6% over the first decade of this century, was only half as profitable as investing in gold with an average annual return of 15% over the same period. Of course, to be fair, you won’t read this in most of the mainstream media either. Jonn knows how to play ball and is not very successful in his duplicitous role of bullion promoter for KITCO and “reluctant” gold basher. He is amazing at quoting negative articles on gold from the most curious of sources. This gives him the “out” of not having said it himself though.

I don’t read him much anymore because every time I do all I can see is a very biased and selective article that can easily be refuted if one cares to take the time. Who has that kind of time? Jon knows this too…so those who take him seriously are either ignorant or want to believe him. That is their problem. Many times over the years one could easily have shorted gold based on Jonn’s “visions” (he makes it clear that he does not predict which is another out clause in his one way contract with himself).

Jonn only came tenth in Adrian Douglas’ “The Moron of the Year Award” (MOTY) this year. The award “serves to take to task, in a small way, those journalists and public officials who feel they can misinform or lie to the general public and investors alike with total impunity. People who are paid to give information to others have a duty to check what they say is accurate to the best of their ability. But the truth has become largely irrelevant to many of these people; it is an inconvenience that must be "spun" out of the way”.

Here are a few more quotes from Adrian’s article via Bill Murphy’s Le Metropole Cafe:

“ABC has asked me to adapt the MOTY concept into shows to be called "American Idiot" or "Analyst’s got No Talent". I would head up a panel of judges, like a Simon Cowell of the gold world and wannabe analysts like Jonn Nadler or Dennis Gartman would be auditioned to see if they have any talent whatsoever to have a hope of one day making it as a respected analyst…..

Tenth Place: Jonn Nadler, Senior Analyst, Kitco

Last year Jon Nadler got inducted into the MOTY Hall of Fame but this did not deter him as he got off to a flying start with more moronic drivel in just the opening days of 2009:

http://www.commodityonline.com/news/Gold-to-plunge-to-$300-Oil-to-fall-below-$20-13816-3-1.html

In this article he actually gives credence to a list of "surprises" that UBS had put out as predictions for 2009…

QUOTE

After a year like the one that just ended, nothing should surprise anyone, anymore. But if UBS is right we better not let our guard down. They say a few more bombshells could very well drop – but here’s the twist – not all of them are bad! That’s right there could be some upside surprises on the horizon.

Here’s what UBS told CNBC just before Christmas, could be "Some Surprises for ’09".

1) Oil prices fall below $20 per barrel.

2) The dollar falls to new lifetime lows.

3) Global growth is negative for 2009.

4) Gold goes to $300.

5) Corporate default rates don't rise significantly.

I don’t have to tell you that gold did NOT drop to $300. And this is not 20/20 hindsight on my part. As soon as this was published I wrote commentary for the Midas Daily commentary that Nadler was living up to his Hall of Fame induction as a prize moron.”

So here we are today, Jonn is making hay pointing out the reduction of Indian gold purchases for 2009 by almost 50%, but also suggesting that China may take over the lead. But what Jon conveniently overlooks is that India has just resumed heavy importing:

“Sunday, January 03, 2010

India resumes heavy imports

On New Year’s Day the Bombay Bullion Association told Reuters it estimated Indian gold imports at 32-35 tonnes, about double what it suggested for November (and 11 times the level of crisis-torn December 2008). See

http://in.reuters.com/article/domesticNews/
idINSGE60004E20100101”

It goes on daily. Jon gets paid for all this. Jon is not a revisionist, just selective…a perfect example of Jim Sinclair’s MOPE (management of perception economics) crowd. If you want to pursue this go to Jim’s site and you will be informed thoroughly.

How any sensible, objective market observer could possibly believe Jon’s daily, selectively negative PM rant is beyond me given its glaringly stark contrast to the long term technical charts (gold being in the tenth year of a 20 year bull market) and the overwhelming fundamental data that is undeniable. But I guess when you have might and MOPE of the US political administration, the Fed, the US Treasury, Wall St. and owned media…well, I guess you could say Jon has formidable allies.

That’s my rant for today.