Tuesday, February 18, 2014

on Grant Williams at PDAC

So someone suggested I go see Grant Williams at PDAC.

I never blindly follow the suggestions of anyone. Even with people I like and follow regularly, I recognize they sometimes exhibit disastrous judgment in their own reading material and news sources. So, I did some quick googling and found this:

The Gold Report - Greg Weldon and Grant Williams.

Now, there's nothing better than reading an interview about gold from February 2012 to determine whether a guy is worth listening to. And I'm sorry but this article is just plain embarrassing. Here's some takeaways:

1. Grant Williams thought gold was going to $2200, and silver to $60. Grade-A fail.

2. He's all about the "money printing" and "devaluation", which means he had no clue about the economic situation of the developed world in 2012.

3. He misread the Euro crisis, which means I don't care what he has to say for any future predictions.

4. When he said "This 11-year ascent in both precious metals is only going to change when central bank policy surrounding it changes. I just don't see that happening in the foreseeable future until they get this debt problem under control," he got the next two years in precious metals disastrously wrong, and he got it wrong via incompetent incomprehension of reality.

5. He uses the word "fiat". He uses it in that way.

6. Oh and he (elsewhere) thinks Eric Sprott is clever.

If I'm going to listen to a person speak in a room full of smelly goldbugs 4 levels down at the MTCC, I want that person to (a) be competent in his purported subject matter, (b) always be more-or-less right, or at least not regularly caught flat-footed, and (c) not be full of talking points cribbed from the Republican Party echo chamber.

Grant Williams fails at all three. So in place of his talk at PDAC, I'll be taking a smoke break.

1 comment:

  1. He is a smart guy, but he's gold perma bull and doesn't even try to balance his view. He might be worth listening in the same way zerohedge is worth following. You will get biased interpretation of selected information, but you will most likely get some new and/or good stuff.

    Just to write a comment after some time. :)