QUESTION: Mr. Armstrong, our board has reviewed your forecasts for the past year against 3 others that our firm took. You were the only one correct. All others seem to be just personal opinions that got caught up in the crash scenario. Your forecast for the metals, which is our industry, was correct with the pullback into May when everyone else was calling for a stock market crash and a metals rally. I understand they call you the legend. I also understand that you will hold a special session for the Next Generation. I would like very much to bring my children. Do you have any idea when this will take place?
PD
ANSWER: We are shooting for Tampa on July 25th. We are waiting for the hotel to confirm. We will be posting the tickets soon. I have always had to defend against the presumption that I have too much influence, and that is why the markets perform as forecast. That stems from a fundamental misunderstanding of how the economy functions, and it all goes back to Marx, who proposed that the government has the power to control the economy, a view supported by Keynes. Therefore, I have been judged by that perception because they do not want to hear that cycles exist, since that would mean the government cannot control the economy, which invalidates central bank policy. This is NEVER my opinion. My errors are not in that category; they are my misreading the computer, which I have always said Socrates has beaten me every time.
Those who have been calling for the collapse of the stock market, as in 1929, base everything on chart patterns and completely fail to grasp that we live in a world economy and that everything is connected. That will be a special report I am doing for the Next Generation conference.
I will do a Metals Update on the Private Blog
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