Nadler never gives opinions, he mearly posts other people's opinions and speeches within his commodity report.

Yes, and no HM. Nadler most definitely posts the opinions and articles of others, but he also interjects his own opinions in there. From his style, it's easy to get mixed up, but there's no doubt about it, Nadler is no gold bug.

I quote from the same article:

http://www.kitco.com/ind/nadler/may1...

"Go ahead and knock the research coming out of CPM or GFMS. The former, advised a famous US investor when he made a 138-million ounce silver play in recent years. The latter supplies the World Gold Council with the majority of its research. We are not talking bullion dealer hype here. We are talking facts and figures. And trends. And sea-change.

Call them heretics, isolate only their previously bullish quotes to build your ultra-bullish, perma-bullish case for gold. But, at the end of the day, you are still left with the same stark reality: Things do not look good on a fundamentals based level."

Those are Nadlers words, not the article he quotes, which appears below in red print.