Gold bugs gloat after Nadler and Kitco part ways
The pro-gold group is gleeful after Friday's news that analyst and bullion's damp squib, Jon Nadler, is leaving Kitco.
Nadler's former employer announced his leaving in a press release.
"We appreciate Jon’s contributions to the company and wish him well," wrote John Dourekas, Media Director for Kitco.
"Jon played a significant role in making expert commentaries an important feature of Kitco.com. We sincerely thank him for all the years on our team and wish him the very best in his future endeavors."
No reasons for the departure were given.
The Gold Anti-Trust Action Committee must have had fun with this headline when reporting the news:
Kitco cans analyst Nadler; gold rises $5.50
Silver Doctors took their own shots.
After 7 years of degrading precious metals investors and GATA, Kitco has finally let go bullion bank apologist and gold and silver perma-bear Jon Nadler.
Apparently 7 consecutive years of predicting massive declines in the midst of bull markets for gold and silver finally caught up to Nadler as Kitco stated that We are dedicated to having the best-of-the best expert analysis on Kitco.com.
While we would like to say we wish Nadler all the best in his career pursuits, we don’t recommend wasting your ink submitting a resume to SD, Jon.
The departure of Jon Nadler from Kitco was not only long overdue (and the wording of their release strongly suggests he was let go), but one of the few instances where gloating is most appropriate.
Nadler forecast a bubble building under gold due to ETFs and other factors and predicted a massive correction. He did recommend that investors keep gold as an insurance position, not as an investment.
In the same announcement Kitco said Peter Hug, Global Trading Director for Kitco Metals, and Jim Wyckoff, Senior Analyst for Kitco Media, will contribute regularly to the commentary section.
Here is Nadler being interviewed byKitco's Daniela Cambone a month ago about the outlook for gold in 2013.
Creative Commons image of a baskeball player from kristin osier