Often wrong, never in doubt. – Bill Fleckenstein

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Fleck's Thoughts

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Q: no question but a thank you to the fleckster who provided some links to copper resources yesterday. i just wanted a few legitimate links so i can start my own due diligence without wasting too much time. once again flecksters are an invaluable resource of information and knowledge!

Q: Re. the reader who asked a question about a year-old "Ask Fleck" and you commented that it often happens. This happens (to me at any rate) if I have not read your daily letter for a little while (a week, maybe). When I click on the link in the daily email, it takes me to a Daily Rap from a year ago. I had been puzzled about some comments until I realized what was happening. Just FYI.

Q: I have a general mortgage question ( relates to my specfic case… I took out a 15 year mortgage few years back at 1.99% interest). So generally, on mortgages is there any way to pay it off but at the market value of the bond. I.e. is there a mechanism to buy back my specific mortgage at market price since i assume the market value of this mortgage is much lower that if i paid off my loan in full.

Q: I am reading that Lagarde gave a "hint" about raising the inflation target. If ECS or FED raises their inflation target - what would be the possible impact on stocks and bonds? I believe gold would explode higher.

Q: Fleck , re your comment:’ who knows if it’s a good trade yet’, you’re too modest , you bought low and sold at high…mate that’s a good trade! Whether you could have made more money holding the position long term as an investor ….now that’s a different question. IMO using the futures (admittedly given their exposure size, you need a substantial portfolio) is superior to investing in the precious metals equities.
1. You can adjust your leverage to the PM complex to suit your own needs and price outlook.
2. You avoid the cost pressures the miners are facing,
3. You don’t suffer the dilution caused by overly generous management pay packages.

Would you agree that with this or do you believe that more money is to be made in the equities than in a portfolio of futures due to roll cost and operating leverage?

Q: Bill, I saw that LMGDF announced a pre-feasibility study that seemed very positive to me and wondered whether (1) you agreed that it was positive and (2) you have spoken recently or plan to speak with Ross Beaty about it. I haven't heard or seen much from the company other than this recent news.