(I began publishing my monthly newsletter The Bob Livingston Letter™ in 1969. The following is an excerpt from the August 2005 issue, in which I advised my readers to buy gold because a new bull market was beginning and warned that manipulators would be at work once the price of gold went too high. Six years later, gold had gone from $430 an ounce to more than $1,900. Then, the manipulators kicked in and began driving the price back down. Investors who followed my advice just for the gains saw a 322 percent increase in the price.)
The gold market is a normal bull market and on schedule. In fact we have a new bull market in gold.
You remember we said that there are three phases to any bull market: The first phase is when almost nobody is aware of the beginning of a new bull market. In this phase, big profits are made by the few who recognize what’s happening early and get in with both feet. Note here that this is a stage of very contrary opinion. The public is not only indifferent, but they are hostile. A new gold bull market sounds weird, crazy and unbelievable. It’s only the hardcore who keep their focus on the markets and the currencies.
Stage two is beginning now! Blue chip gold stocks are now beginning to be bought by the funds. But the big news is that gold is now breaking out against all currencies including the Swiss franc. This will greatly expand the gold market as this event will cause gold to gain momentum.
This second stage could last two or three years with a minimum advance above $850.00 an oz., gold’s high in the last 1980 gold blow-off. Keep in mind please that in 1980 dollars, gold is around $250.00 an oz. Now, extremely cheap. Gold will catch up… Okay, now for the third phase of this bull market. Timewise, it could be seven or eight years or longer — nobody really knows. The third stage should begin in another two or three years.
The third stage is when the public gets in for the blow off. You’ll know when this happens. Prices go to the moon and at the same time, there will be flight from the national currencies into gold…. Any time gold gets really high, there are crisis times and government suppression becomes more intense. People are accused of hoarding and speculation.
Exchange controls will be invoked. Who knows, but it may not be much different from Nazi Germany… Continue to accumulate gold and silver coins. Hide them yourself. Silver has been lagging but we bet on silver being at $10.00 per ounce by the end of this year (it continued to lag in 2005 but passed $10 in March, 2006 — BL). It has been basing in a symmetrical triangle for 18 months. I like silver because as pre-1964 U.S. coins, it is still legal tender. They are still sold in bags of $1,000 face amount, the same face amount for dimes, quarters or halves.
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