06/26/2016 Gold reached a high of 1358 late Thursday on the UK vote to leave the European Union, rising $100 in a few hours, and finished the week at 1315, above 1307 resistance but well off the highs. At the same time silver reached a high of 18.32 and closed the week at 17.74, for a gain of 25 cents. The gold-silver ratio was steady at 74.1. Miners rose 4.7% (HUI).
Given the historically weak summer season, we see a continuing consolidation for the next few weeks before a revisit of Thursday’ highs. We will buy any weakness.
Guns are what you talk about to avoid having to talk about Islamist terrorism. “Instead of debating the antiterror policy of the past seven years, we’re all arguing over gun control. Then again, if you were Mr. Obama or Mrs. Clinton, isn’t this the debate you’d prefer?” William McGurn, WSJ (image: Getty)
Why would anyone want a firearm? “Self defense, Locke wrote in his Two Treatises of Government, is a part of the law of nature and in consequence cannot be denied the community, even against the king himself.” Charles C.W. Cooke, National Review
Gold: Barbarous Relic
Cash or Gold? You decide.Watch full-screen.
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"I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my Country. Corporations have been enthroned, an era of corruption in high places will follow, and the money power of the Country will endeavor to prolong its reign by working upon the prejudices of the People, until the wealth is aggregated in a few hands, and the Republic is destroyed." — Abraham Lincoln, Nov. 21, 1864
The Fed Sets Another Trap
"In these days of froth, the persistence of extraordinary policy accommodation in a financial system flooded with liquidity poses a great danger. Indeed, that could well be the lesson of recent equity- and currency-market volatility and, of course, plummeting oil prices. With so much dry kindling, it will not take much to spark the next conflagration." --Stephen S Roach, Dec 23, 2014
The Fed’s balance sheet is a pile of tinder, but it hasn’t been lit … inflation will eventually have to rise.
Where will the price of gold be in 5 years? Greenspan: “Higher.” How much? Greenspan: “Measurably.” (New Orleans Investment Conference, Oct 25, 2014)
Mercenary Musings: "We should always be cognizant that gold is the only real money and its true value is never subject to the decrees, fiats, machinations, whims, let alone the dreams, fantasies and whimsies of elected and/or autocratic national governments." — Micky Fulp
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TradersGame ebook guide for long-term precious metals investors:
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How to Buy Gold and Silver Today (to Preserve your Assets Tomorrow)
A Balanced Portfolio
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Why deflation is unlikely (Apr 30, 2015) “We are living with a situation that is highly vulnerable to an exogenous shock... Meanwhile, the prices of gold and silver reflect the deflationary view to the exclusion of the likely outcome.” —Alistair Macleod, GoldMoney
They’re Coming for your Cash "It might sound like a conspiracy theory spun by right-wing crazies. But judging by the increasing desperation of governments to reboot the world economy, it just might happen. ’It’ is the recall or confiscation of cash, i.e., dollars, euros, pounds, etc., in physical form. And a key justification that those calling for this radical measure cite is that it reinforces the ability of central banks to impose negative interest rates. . . If you don’t already own some gold in fully allocated form, now would be a good time to consider buying some." — Mark Nestmann