Posted on May 14, 2012 by Scott Bell
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On March 16, 2012 my uncle went all-in on gold. For years he & my father have kind of served as a contra-indicator when it come to markets. And on March 17th I warned you:
As fate would have it, my uncle called me a couple of days ago, telling me that he heard something about March 21, 2012 "” Something about the Federal Reserve "devaluing the US dollar 40% (on that day) along with the rest of the world's currencies"¦" All on THAT day. And "” he wants to put ALL of his portfolio into gold, like right now.
I'm not sure what radio/internet news/commentary/stock-newsletter/insider god was sharing this date, but my uncle believes…
There was no amount of "?talking off the ledge' on this one.
Here's the deal "” my uncle served our country in the Vietnam war (actually according to my dad, my family has fought in every single US war "” except Iraq II & Afghanistan). My family & my uncle deserve my/our gratitude & respect. But they are also absolutely, certifiably, crazy at times.
…Although he rarely "trades", he does make these "bet the farm" moves about once a year. And when he does, I've learned to note what he says because he's usually in the ballpark of something, he just doesn't know whether he's coming or going. Personally, I usually do the opposite "” more so with my dad's moves.
So, last week I called him, “You’re down almost 5% and the world didn’t end on March 21st.” He agreed to sell. And, maybe gold will rally because I called him, instead of my uncle initiating the idea on his own. But guess what my uncle wants to do with the proceeds from the sale? For his next all-in bet, you’re gonna love this…
He. Wants. To. Buy. US Treasury bonds.
I almost wish I was making this up.
Fortunately, I think he’ll listen to reason on this one. But that being said, I’m certainly paying attention. My uncle wants to buy Treasury bonds…
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