* I recorded my last podcast on the afternoon of April 19, and I wanted to announce that later that evening, my first daughter was born - we named her Lilyan Ruth after both of our maternal grandmothers - so we now have Lilyan Ruth Schiff, she was 7 lbs 2 oz. of pure cuteness!

* If you just looked at the close of the gold and silver market, you wouldn't know that much went on, gold closed up under $5 - silver was up about .04, but you wouldn't know that earlier in the morning gold was up better than $25, we did trade back above $1270

* Silver made a new high for the year - silver was up about 75¢ early in the morning, in fact I think it made its peak during the Draghi press conference

* We were above $1760 and then, just around 9am or so, there was a huge seller in the gold and the silver market and the whole complex went negative and we managed to close slightly positive on the day, but we had a huge sell-off intra-day following a big rally

* That doesn't mean the top is in - I think it's interesting; we just got a huge correction out of the way and the price went up - we flushed out a big seller and now that seller is out of the market and this market is still going a lot higher

* I put an article on my Facebook page about how gold stocks are way up this year, and they are way up this year, but the article basically said, "Don't buy", because gold is going to sell off.

* I'm seeing a log of mainstream articles now about why you should not jump on this bandwagon, how dangerous the gold market is

* And all this is just music to my ears.  If you are bullish on gold, this is exactly what you want.  You want everybody to be skeptical.

* You want this wall of worry, that gold and silver are going to climb, and we're going to climb with it while everybody else is worried about the crash, because they still don't get it.

* They're still talking about how the Fed is going to raise rates, and how that's bad for gold

* It's not bad for gold - it all depends on how the Fed raises rates

* If the Fed raises rates Paul Volker style, really jacks them up there, yeah, that will be bad for gold

* But they're not going to do that.  If they raise rates, slowly, which is the only way they can do that if they even raise them, they will be slower than Greenspan was

* When Greenspan raised rates, that was great for gold, because he was very slow

* Well, Yellen is going to be even slower

* So if gold did well under Greenspan, it will do even better under Yellen hikes, if we even get hikes

* If we even get hikes.  We could get cuts, QE4, negative rates

* If the Fed raises rates a little bit, that's bullish for gold; if they don't raise rates at all, even more bullish for gold, or they cut rates, and gold goes ballistic

* Either way, gold stocks are going up

* Meanwhile Wall Street is looking at amazement at the rally and it wouldn't dawn on them to participate

* The mainstream investment world is not on board.  The train has left - there's nobody on it

* Eventually they're going to buy, just like they piled in to the gold trade when it was 17-18-1900, that's when the big firms started finally noticing it

* Eventually they are going to realize... I think it is going to take Yellen admitting the economy is weak, of the Fed actually cutting rates, but by then the prices are going to be much higher than they are now and we keep getting bad economic news

* But I want to talk first about the Draghi press conference

* Mario Draghi of the ECB, leaving interest rates unchanged, and continuing their QE program

* The euro initially rallied, even during the Q&A, but then at the end, the euro turned around with the gold market, and the euro ended up unchanged



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