It’s been a pretty tough three months for Gold and Silver enthusiasts! In that time Gold has dropped $165 and Silver has dropped $5.80. Has anything happened to make me change my bullishness on precious metals as a way to protect my financial assets? NO! Emphatically No!
I was listening to Egon von Greyerz this morning on King World News. “Egon von Greyerz (EvG): Founder and Managing Partner of Matterhorn Asset Management AG & GoldSwitzerland - EvG forecasted the current economic problems over 10 years ago. In 2002 (gold $300/ oz.)” He talks about the horrendous financial problems of Japan, then follows with the U.S.’ He says the politicians are arguing over cuts in spending and raising taxes of $1.2 trillion over ten years while spending more than $1.5 trillion a year than we take in and adding another $5.5 trillion in unfunded liabilities each year for the next ten years. $70 trillion of new debt vs $1.2 trillion cuts in spending or increased taxes. They can’t be serious!
As long as we keep adding debt, the direction of Gold will be up!
Then Eric Sprott says in an interview on Zero Hedge that investors are spending 50 times more money on Silver than Gold, and yet there isn’t 50 times more Silver than Gold in the world,m only eight!
We will find some afternoon that Silver is $100 bid, none offered.
For information about how to buy Gold and Silver, read my eBook, “Gold Rush!” still available for $2.99.