Here’s a quick update on the situation.
You would have to be living on Pluto to not be aware that we are on the verge of a total meltdown of the financial system Europe-wide.
Let’s hope the worst of the fallout can be averted but I’m not trusting politicians to watch my back and I don’t think you should either.
About the only weapon left in their arsenal is to run the printing presses flat-out (again!). That may stave off a precipitous collapse, but the end result will be currency debasement leading to high inflation; maybe even hyper-inflation.
One of the few things you can do to protect yourself against that is to hold gold or silver as these represent one of the few forms of real money.
I am not alone in being a gold bull of course!
French President de Gaulle once praised gold as the ultimate from of money and wealth when he said: “There can be no other criterion, no other standard than gold. Yes, gold which never changes, which can be shaped into ingots, bars, coins, which has no nationality and which is eternally and universally accepted as the unalterable fiduciary value par excellence.”
Global demand for physical gold is accelerating.
Russia bought 19.5 metric tons of gold in October bringing their total gold reserves to 871.1 tons according to IMF data released today.
“The gold price is rising due to the fundamentals of supply and demand,”says Byron King, resource expert. “More and more people across the world are buying.”
“I still recall one scene in a gold souk that I visited in Istanbul last year. Men with fat wads of cash — dollars, euros, Turkish lira, etc. — were just peeling off bills and buying gold, literally with both hands. It was kind of surreal, if not medieval.”
“All this gold buying and demand growth is happening while global mine output — aka ‘supply’ — is shrinking. Indeed, overall mine output may face a precipitous decline in the not-too-distant future.”
If you haven’t yet consider buying gold I’ve written a special report for you on the subject.
You can download it for free here:
Over the next few weeks I will be writing a silver report which I will let you have free as well.