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So I think now of all times this is a good time to have a large allocation to metals, really for the first time in many years. — Jared Dilllian, The Daily Dirtnap, August 1, 2018.
. . . so writes Ben St. Clair in a recent issue of The Wall Street Journal. The essence of St. Clair’s argument is that gold is down 4% this year and that lower prices have not generated buying. But, has gold lost favor as a safe haven? No, and here is one reason why
“The great financial crisis of 2007/08 will be eclipsed. In a nutshell, this time the quantity of new money required will likely lead to the destruction of the “full faith and credit” in the currencies themselves, which until now has been broadly unquestioned by ordinary members of the public.” — Alasdair Macleod
Excesses are signs of economic tops. They readily appear in stocks, real estate, and art. If inflation is running amuck, gold and silver can see excesses. Right now, though, we can be certain that there are no excesses in the metals.
Whenever corporate debt-to-GDP has had sharp runups, reaching levels of 40% plus, recessions have followed. Three times since 1986, aggressive taking on of corporate debt has been followed by recessions.
If you watch the financial news networks, especially Fox, you are told that “All is well,” that the economy will grow this year somewhere near 3% and that stocks are still good buys. However, there are indicators of strains on the economy that are not often mentioned on Fox.
But, a repeal of Dodd-Frank is not without its downside risks and upside benefits for gold and silver investors. The 2010 enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) will be eviscerated when the House passes an amendment to the law. Because the Senate passed the amendment with a bipartisan vote, the House
In my post No reflation?, I discussed the perma-bulls’ continued recommendation of “buying the dips.” In support of their position, TV talking heads speak of an “improved economy and higher corporate earnings” as reasons to continue buying stocks. However, if I’m reading David Stockman’s reports correctly, what the perma-bulls are really counting on is “reflation”
David Stockman issues one of the most thought-provoking newsletters I’ve read in years. He combines his experience in the Reagan administration as Budget Director with his more than 30 years in the investment world, much of it with some of the best-known firms on Wall Street, to present views rarely found elsewhere. Stockman has constantly
Gold bugs know the dire circumstances of the federal government’s financial condition, but now mainstream columnists and talking heads are throwing out statistics that should cause even the most devoted stock investors to consider buying gold or silver:
