Fleckenstein
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Often wrong, never in doubt. – Bill Fleckenstein

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Q: Bill-do you have an opinion on Bob Moriarty owner of the site "321 Gold. Thanks.

Q: No question, but: I feel like "panic" selling my PM and PM Stock positions. In the past, that feeling has nearly always called a bottom, at least for a trade. So I guess I will stay put, since I have learned a bit of patience in this complex.

Q: I just did not expect this beating! At what point do we just punt on our disbelief in CB policy? Tell me why the dollar will not be the only alternative?

Q: Nibbling on any gold miners yet? In some cases the price drops seem overdone vis-a-vis the price of gold.

Q: That little noticed - perhaps insignificant - three day reversal in the SPX appears to still be there. All the hoopla over WMT (insane gap job by the brainless machines' collective market orders "at the open") sure did let a lot of sellers exit the stock "gracefully". Meanwhile the entire market universe had one of the largest number of outsized "gaps" on record. They were all over the place, both up and down. It almost looked like "machines only" placing all the opening orders at the market. This further supports analysis that suggests the "real", profit motivated, thinking investor is largely absent from the market. It's just basically the HFT crowd, plus the "quants", plus the other assorted "AI" entities (with "AI" presumed to be far superior to human reasoning - an insane notion fostered by millennial snowflakes and tech addicts). I think many of the formerly "thinking" investors have given up and adopted some form of "robot" device, or simply faded away into their benchmark ETFs. Days like today feel like some exhaustion is creeping in. This late in a cycle usually finds some really weird market behavior, regardless of whether it's machines or humans driving the game. Heading into September, the headlines will likely promote the fact that September is the market's "cruelest" month supported by historical charts, etc. Whether the "machines" take that bait or not, will determine whether this craziness might get a bit out of hand. Also, there will be another Fed rate hike and maybe another one projected for December. One of these days, there will be one hike too many and the whole thing will cave in. All it takes, AT THE MARGIN, is for a single big player to head for the exits. That's how they always start.

Q: Hi Bill:

If gold and miners bounce along some bottom, whether it is here or 20% lower or whatever, how much time can pass for the bottoming process before miners are scalded by low gold prices. I personally can wait for a turnaround but miners cannot, right? THAT is the part that sucks and I am definitely not savvy enough to estimate such things. I wrote you earlier this week and said I was trying to break even after a 30% miners loss right now but obviously time is one dimension that is critical. Seems like the gold ceiling lowers the longer the bottoming takes, eh?

Thanks!

Q: Recently I've noticed many companies commenting on surging transportation costs. Which made me think of the company most at risk to transportation costs - my guess was Amazon since they deliver every item sold. The stock price continues to surge higher, but their transportation costs are now over 26% of net sales..(see link: The Growing Weight of Amazon's Logistics Costs) Any thoughts to were my reasoning is off?

Q: Fleck, There seems to be a common belief that is dollar gets stronger gold MUST get weaker. However, in theory, does that have to be? Why can't you have both a stronger dollar and rising gold prices at the same time? Is it just because the price movement has been correlated this way for so long?

Q: I will start by saying this is not a political comment. I hate Trump, I hate Obama, I abhor all politics and all parties.

But OMG, I can't believe what he proposed. Eliminate quarterly reporting???? PLEASE, PLEASE let that happen. It's the first great idea I've heard from this presidency. Thinking about it, it must have been a staffer that put that forth, but who cares. Ram that one through as soon as possible.

The fact that brainless CNBC shill Bob Pisani is vehemently opposed to it means that FOR SURE it's a great idea!!!! :-)