I have to apologize to everyone who I have encouraged to buy gold, silver, ETF’s of same or precious metals stocks. Apparently the run up in precious metals prices was just a commodities bubble created by those evil speculators. The same ones who have been trashing our precious U.S. dollar for absolutely no good reason.

Thankfully, a few words and a promise to bail out a couple of financial institutions that I would rather not see bailed out with my tax money uttered by a couple of privileged ones in Washington and the bubble is popped. The truth is out; no worries, mate. It’s all Ok now.

According to Paul Van Eeden who has revised his gold model thanks to someone’s insight, he feels that gold as money is worth $760 per ounce. Well, at least he feels it still is money.

No, the U.S. government’s unfunded liabilities of Social Security and Medicare Parts A, B & D of $99.2 TRILLION is no big deal. Why even talk about it. Richard W. Fisher of the Dallas Federal Reserve Bank must be smoking something pretty good if he’s worried about that (see Storms on the Horizon). Or maybe every man, woman and child in the United States (except me) ponied up his/her $330,000 to cover it and just didn’t hear about it because I was busy watching the Olympics? Wait, I haven’t been watching the Olympics.

It was all just another punch bowl party that drove gold and silver to such dizzying, unfounded heights. Thankfully Mr. Market has come to his senses now that his foolishness has been pointed out by Helicopter Ben.

And NOBODY wants to buy that crap anymore, that’s why the online coin dealers have this kind of warning on their website:

High Activity Market Alert

The precious metals industry is experiencing a substantial surge in activity which may increase the possibility of logistical delays; including customer service response time, product processing (incoming and outgoing), and product transport/fulfillment. Certain silver products are delayed as much as 2-4 weeks. Please review Catalog descriptions for notices regarding such delays. We are working diligently to fulfill all orders in a timely fashion while maintaining competitive prices. We appreciate your patience and understanding.

Gary North was right. You have been selling more of your gold every $50 it drops, haven’t you? (In fairness, Gary suggest keeping “core holdings”. How many of you have gold or silver that isn’t a “core holding”?)

Either we were all mistaken about the credit crisis in the first place or a few well spoken words by How Much Can We Print Hank and How Much Can We Drop From Helicopters Ben and now it’s all Ok, it was just a bad dream. We can wake up now. Shoot, the U.S. Dollar index is probably headed for 100, don’t you think?

Or, maybe because the EuroZone is in worse shape than we are and because the Chinese will only grow their economy at 5% (while we struggle to stay above 0%) the U.S. Dollar is the place to be and there is no reason to own gold, silver or even oil. Darn those evil speculators.

The good news is that since oil is heading back to $11per barrel - there were no supply and demand fundamentals that drove it up, just evil speculators - maybe my township can afford to oil and chip my road. As long as chips plummet in the popping of the commodity bubble too. Glad I didn’t fill my heating fuel tanks up. At this rate, by September 15th the fuel company will probably be paying me to take that worthless stuff off their hands. AND THEY BETTER NOT OFFER TO PAY ME IN WORTHLESS GOLD AND SILVER!

Jon Nadler of Kitco.com revealed today that the famous Aden sisters were ready to throw in the towel on gold if the December contract would close below $819. Nadler seemed to report with glee that today it did just that. Nadler probably totally dismisses the notion of GATA.org that the gold and silver market are manipulated and that blowing a number like that isn’t really hard if the powers that be put their full muscle into it.

Never mind that Kitco.com, Jon’s employer, actually sells that garbage we call precious metals. Nadler condemns people he calls perma-bulls yet IMHO can be nothing but a perma-bear with regard to gold and silver. I hope he has a backup job in line for when Kitco goes out of business - and they should indeed go out of business since no one should be buying that worthless trash in the first place.

I emailed David Galland at Casey Research today, although I think he’s in Chicago presently, to see if he could help me understand Jon Nadlers supreme delight in reporting on the carnage wrought to the gold and silver markets. I’ll let you know if I get an answer.

I wonder if anyone will look at the near vertical line on the dollar index chart, going up, and comment that maybe this dollar rally is a bit overdone? Naw. It’s just getting back where it belongs, and since it has such a long way to go, is starting off with rabbit style start.

If my sources end up being right about the ultimate direction of the price of gold and silver, and their related mining stocks (up, that is); then I fear that the forces that be are simply pushing down on a spring and coiling it ever tighter. If that is the case, look out when they let go - or are bumped away.

IF THAT HAPPENS, I would love to see the look on these people’s faces as they peer at their portfolios of financial stocks and short position in gold and gold stocks. And I won’t shed one tear for them.

Silver is getting hammered tonight and gold is back at the 7 handle.

Either sell all you have… or buy. Your choice.