Precious Metals
Resource Of The Week: King World News- Broadcast
As I’ve mentioned before, I like to listen to a number of financial and personal safety podcasts on a regular basis. Recently, I’ve started listening to a new one.
A couple of years ago, I happened to catch Eric King on the Financial Sense Newshour. I was pretty impressed by what he had to say, and shared the same concern he had of a “strongman” along the lines of Hitler and Stalin coming to power after a U.S. financial crash. I knew King headed up King World News (KWN), and when I finally headed over to his website to listen to one his interviews with the sort of people who correctly-called the U.S. housing bust and Great Recession, I kept coming on back for more.
Enter King World News- Broadcast.
From Wikipedia:
Eric King created King World News (KWN) in 2009 to fill a void he saw in mainstream journalism’s lack of coverage of essential information about financial markets. Each week, King conducts audio-only interviews with important people from business and finance.
In addition, King broadcasts something called the “KWN Weekly Metals Wrap” each Saturday. From the website:
We have added new segments to the KWN Weekly Metals Wrap covering gold, silver, trading and a plethora of other factors affecting the precious metals markets. I am giving King World News listeners globally access to what has long been my secret weapons in researching where gold and silver are headed directionally along with the COT Report. We Cover the Commitment of Traders Report in detail as well as a number of other factors which can influence the gold and silver market price action.
Looking back to the beginning of May, King has interviewed notable members of the financial/investing community like:
• Art Cashin (most recent)- Director of Floor Operations for UBS Financial Services & CNBC Market Commentator
• William Kaye- Founder, Vice Chairman and Senior Managing Director of the Pacific Alliance Group of Companies
• James Turk- Founder & Chairman of GoldMoney
• Andrew Maguire- Whistleblower & Independent London Metals Trader
• John Hathaway- Senior Managing Director & Portfolio Manager, Tocqueville Funds
• John Embry- Chief Investment Strategist for Sprott Gold & Precious Minerals Fund
• Dr. Paul Craig Roberts- Economist, Co-Founder of Reaganomics
• Jean-Marie Eveillard- Senior Adviser, Portfolio Management for First Eagle Funds
• Dr. Stephen Leeb- Chairman & Chief Investment Officer of Leeb Capital
I, myself, have King’s interview with James Turk uploaded into my mp3 player and ready to be listened to when (if) I have the time this weekend.
Eric manages to extract very insightful material from such well-informed individuals. Perhaps you might find what they have to say valuable too?
The latest King World News- Broadcast can be accessed on the KWN website here.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s note: Link added to “Resources” page)
CNBC Tries Calling Out Peter Schiff Over Gold Price
Anyone remember those “Peter Schiff Was Right” YouTube.com videos that went viral right after the U.S. housing bubble popped and the global economic crisis really reared its ugly head in the fall of 2008?
Here’s probably the most popular one out there.
Well, I’m convinced a clip or more of Thursday’s installment of the CNBC show Futures Now, hosted by CNBC Reporter Jackie DeAngelis, will be included in a future “Peter Schiff Was Right About Gold” YouTube video. From an exchange between DeAngelis and the CEO and chief global strategist of Euro Pacific Capital:
SCHIFF: You’re talking about investors’ demand for gold going down. I would disagree. Because I own a gold company too, Euro Pacific Precious Metals. And we’ve never had more demand from our clients in the history of my company than we have now. I would say speculators, speculative demand, is what went down. I think a lot of people who came late to the gold rally were speculating in gold. They were simply buying it because the price was rising. They wanted to hop on that train. They use ETFs. They use futures markets. So I think the speculators have been flushed from the market in this pullback. But the investors- they’re still there. Because all of the reasons they’ve been buying gold for the past 10 or 12 years- those reasons have never been stronger. And so investor demand continues. We’ve flushed away the speculative demand. But I think the speculators will come back in the next rally.
DEANGELIS: Alright. Well, Peter, let’s step back for a second because you kind of jumped in there on the conversation we were having and I definitely appreciate your opinion on that. But I want to talk about the gold price that we’re looking at right now. $1,383.60. That is the price that we’re looking at at this point. We’ve had you on the show multiple times before, you said that gold was going to skyrocket, you say it’s going to be a bumpy ride and you can’t tell us exactly how we’re going to get there. But tell me today, Peter, why have you gotten it wrong?
(Editor’s note: Bold added for emphasis)
SCHIFF: I don’t think I have gotten it wrong. You just said I said it would be a bumpy ride. Look, it’s been bumpy, but I’ve been on this ride since gold was under $300 an ounce. It’s not like gold is down from that point. It’s off its highs. But I think what’s going on right now is you’ve got a false narrative out there that the U.S. economy is improving. It’s not. All the data points have been negative. A deluge of negative data came out today. The only evidence of a rebounding economy, is the stock market going up, or the real estate market going up. But that’s not because the economy is sound. That’s because of all the cheap money created by the Fed. That’s the same reason why stock and real estate prices were going up in 2006 or 2007. It is a bubble. The economy, meanwhile, is actually getting worse. And all this talk about the Fed getting ready to take away the punch bowl is all talk. They’re going to spike it even more. They’re going to up the size of QE. But people who are speculating of an early end are getting it wrong. Gold is going through a correction. All bull markets have a correction. It is a buying opportunity.
“Schiff: Gold a Generational Buy”
CNBC Video
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
Marc Faber: ‘I Would Be Very Careful Being Overweight Equities’
On Wednesday, The Globe and Mail (Canada) published an interview it conducted with “Doctor Doom” Marc Faber, a Swiss-born investment who publishes the monthly investment newsletter The Gloom Boom & Doom Report. Dr. Faber, who became famous for advising clients to get out of the U.S. stock market one week before the October 1987 crash, has been warning for some time now about another 1987-like correction in the stock market. When I last blogged about “Doctor Doom” back in March 13, he had this to say about the nice run in equities:
I believe it will end badly this year.
The Canadian publication alluded to this and asked what could precede such an event. Dr. Faber warned:
Something could come along, geopolitically or otherwise. I would be very careful being overweight equities. I still have 25 per cent in equities and 25 per cent in corporate bonds.
The article added:
He said he feels “deeply uncomfortable” with that much allocation to equities, but also doesn’t want to shut stocks out entirely given the possibility they could still rise significantly before a correction.
Faber, who also predicted the ongoing bull market in gold, revealed that his maximum allocation to gold at the time of the interview was 25 percent of assets.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
Source:
“Master of doom Marc Faber is feeling gloomy about Canada.” The Globe and Mail. 8 May 2013. (http://www.theglobeandmail.com/globe-investor/inside-the-market/master-of-doom-marc-faber-is-feeling-gloomy-about-canada/article11788240/). 11 May 2013.
Deutsche Bank, BNP Paribas Cut Gold Price Forecasts
Some major global financial institutions aren’t very bullish on gold these days. First, there’s the German banking and financial services company Deutsche Bank. According to a Reuters piece picked up on The Economic Times (India) website earlier today:
Deutsche Bank cut its forecast for gold prices in 2013, 2014 and 2015 on Friday, citing the sharp price correction in gold last month and upgrades to its US dollar outlook.
The bank lowered its 2013 gold outlook 6 percent to $1,533 from $1,637. It downgraded its 2014 gold outlook by 17 percent to $1,500 and its 2015 gold outlook by 25 percent to $1,450.
On November 14, 2012, I blogged:
Back in December of last year, Deutsche Bank predicted that gold prices would hit $2,000 an ounce in the second half of 2012.
The highest London P.M. gold spot price recorded last year turned out to be only $1,791.75.
The third largest bank in the world, BNP Paribas, isn’t too hot about precious metals’ prospects in the near-term either. Here’s what the Dow Jones Newswires had to say about the Paris-headquartered banking group and gold on the FOX Business website Thursday:
BNP Paribas Friday cut its outlook on gold prices for this year and next, but said it expects the metal to trade back above $1,600/oz in six months.
The bank now sees gold averaging $1,580 a troy ounce this year, down 5% on its previous forecast. In 2014, it expects gold to average $1,520/oz, also down 5% on its earlier outlook.
In my opinion, the fundamentals supporting higher gold prices appear intact.
Which they have for quite some time now.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
Sources:
“Deutsche Bank cuts 2013 outlook for gold prices.” Reuters. 10 May 2013. (http://economictimes.indiatimes.com/news/international-business/deutsche-bank-cuts-2013-outlook-for-gold-prices/articleshow/19989072.cms). 10 May 2013.
“BNP Paribas Cuts Gold Outlook, But Sees $1,600/oz Retaken in 6 Months.” Dow Jones Newswires. 10 May 2013. (http://www.foxbusiness.com/news/2013/05/10/bnp-paribas-cuts-gold-outlook-but-sees-1600oz-retaken-in-6-months/). 10 May 2013.
Jim Rogers Predicts Gold ‘Will Go Much, Much Higher’
I just got done reading an insightful article on the London branch website of U.S.-based investment research firm Morningstar. Legendary investor Jim Rogers was being interviewed by Morningstar’s Chris Menon concerning his thoughts about investing in gold. Here is an excerpt from their exchange:
MENON: Over what time horizon should investors expect to make money by investing now?
ROGERS: Certainly, over the course of ten years gold will go much, much higher because I don’t see any possibility that governments are going to stop printing money in the next decade. And as long as that’s going to happen then gold is certainly going to go higher and probably much higher.
The former investing partner of George Soros also shared his views on purported gold manipulation, whether or not gold’s recent plummet in price is a buying opportunity, and the various vehicles for investing in the precious metal.
As for Rogers himself? He tells Menon he likes coins (something I’ve blogged about before)
You can read the entire interview on the Morningstar (UK) site here.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
Peter Schiff On GDP Calculation ‘Makeover,’ Delaying Our ‘Day Of Reckoning,’ And Gold Speculators
Lots of catching up going on around here today. I just got finished watching Peter Schiff’s latest entry on The Schiff Report YouTube video blog. The CEO/Chief Global Strategist of Euro Pacific Capital zeroed-in on the “makeover” in calculating U.S. gross domestic product, delaying our “financial reckoning day,” and the situation small speculators may find themselves in after helping fuel gold’s price drop the other week. Regarding GDP, Schiff pointed out the following in yesterday’s video blog post:
When the government gets around to delivering the news for the second quarter, the U.S. economy is going to be quite a bit larger than it was during the fourth quarter. Now, it’s not going to be because we’re actually more productive, it’s because the government is going to launch a brand new methodology for computing the GDP. They’re going to change the way they’ve been doing it all these years. And they’re going to start to include a bunch of things that in the past, they never included. They’re going to include things that no other country includes when they calculate their GDP. And as a result of this makeover, these brand new additions, I think instantaneously the U.S. economy is going to be 3 percent larger. That’s a big number. It’s like 4 or 500 billion dollars of GDP is going to be conjured out of thin air just based on the change in the methodology for computating GDP.
You know, this is what the government does. They change the way they compute statistics. Unemployment’s too high? Okay, we’ll calculate it another way. Now it’s not as high. Inflation’s too high? Wait a minute, let’s find another way to calculate the inflation rate. Oh look, we’ve solved the inflation problem- there’s not that much inflation.
Now, the government wants the economy to appear bigger. Why? Well, because it makes the debt-to-GDP look smaller. A lot of people are talking about debt-to-GDP now. Well, if they can make the GDP larger by figuring out another way to calculate it, well now they can make that ratio appear better.
Also, people are talking about government spending as a share of GDP. Okay, let’s make the GDP larger, and that means that government spending has now come down as a share of this larger number.
Schiff, who correctly predicted the U.S. housing bust and “Panic of ’08,” had this to say about the coming U.S. financial crash:
The fact of the matter is, governments are borrowing too much, they’re printing too much, they’re spending too much, and it’s all in a vain attempt to try to artificially stimulate an economy that’s been overstimulated, and to delay the “day of reckoning.” And the problem is, the longer they delay it, the more we have to reckon with. And, ultimately, we’ve going to have to pay a huge price for the fact that we didn’t deal with these problems sooner, rather than later.
“Slow ‘growth’,GDP makeover, Keynesians demand more debt and inflation”
YouTube Video
Finally, Schiff, who’s also the CEO of Euro Pacific Precious Metals, talked about gold’s recent price drop, who he thought was behind it, and what may be in store for them. From the video post:
I think the major selling in the metals market has come from the small speculator that trades on the futures market, that trades on the ETF. That’s where all the selling has been. The small speculators. I don’t think the larger investors have cashed in. They’re probably holding on. And the real buyers, the buyers in the physical market- who are not just trying to jump on a moving train to try and catch a small move because they want to get in on something that’s going up- the physical demand has been ongoing and consistent for years. But you have had some of the “Johnny Come Lately” hot money among smaller speculators. They’ve jumped on, they’re the ones that have sold, they cashed out. In fact, I think you have a lot of small speculators that are now short gold, that sold into the lows, and that are holding onto these positions with losses. And we’ll see how long they can hold those losses as the price moves higher and we turn up the heat. I think a lot of those people that were quick to short the market are going to end up covering at much higher prices.
Good insights as usual from this “crash prophet.”
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
Gold Price Takedown Leads To Buying Frenzy
“My view is that the US Federal Reserve and the Bank of Japan ’caused’ the gold crash. The rest is noise…
The world is still in a contained depression. Sliding commodities tell us global money is if anything too tight. ‘There is a threat of deflation almost everywhere. A lot of central banks will have to follow the Bank of Japan, whatever they say now,’ said Lars Christensen form Danske Bank.
The era of money printing is young yet. Gold will have its day again.”
-Ambrose Evans-Pritchard, The Telegraph (UK), April 17, 2013
Since I started blogging nearly six years ago, if I had a dollar every time I read somewhere “gold is toast,” I’d be a millionaire by now.
Fine. I’d have a hell of a lot of singles.
And a raised eyebrow from my girlfriend.
Seriously though, what is it with people who absolutely detest the precious metal?
I’m not a big fan of paper assets, but I don’t make it my life’s mission to crucify them whenever I get the chance (website and blog comments come to mind here).
My take on investing is- keep an open mind. Lest you squander major money making opportunities. Certain asset classes simply perform better than others at different points in time.
There’s a time for stocks, bonds, currencies, what have you.
And for a number of global investors, now is the time for gold.
Sure, the precious metal really got hammered in the price department the other week. But this resulted in a buying frenzy of the physical bullion. John Noble reported on the Financial Times (UK) website on April 22:
Asia is witnessing one of the strongest waves of physical gold buying in 30 years, with bargain hunters using the drop in prices to secure jewellery and gold bars.
The feverish buying has left many of Hong Kong’s banks, jewellers and even its gold exchange without enough yellow metal to meet demand. In Shanghai, the gold exchange saw volumes – often seen as a proxy for demand – rising to a record on Monday, while queues formed outside some jewellery shops in Beijing.
To give you an idea of just how crazy the demand is in China, Noble, who’s writing from Hong Kong, added:
Haywood Cheung, president of the Hong Kong Gold & Silver Exchange Society, said the exchange had effectively run out of most of its holdings as members looked to meet a shortfall in supply amid rampant retail demand for gold.
“In terms of volume, I haven’t seen this gold rush for over 20 years,” he said. “Older members who have been in the business for 50 years haven’t seen such a thing.”
The Times piece noted demand for the yellow metal is also strong in India. Something Biman Mukherji and Debiprasad Nayak confirmed on the Wall Street Journal website on April 23. They wrote:
Indian gold retailers are paying more in order to meet immediate demand, as customers scoop up every gold bar they can lay their hands on in the wake of a plunge in international prices.
Indian retailers say they are paying premiums of $8-$10 an ounce over the international gold price, which is around $1,425 a troy ounce. That’s four or five times the premium retailers usually pay for imported gold during periods of peak demand in India, according to traders.
“We have not seen this kind of premium on gold imports in years,” said Suresh Hundia, president emeritus of the Bombay Bullion Association.
Gold demand is not too shabby in nearby Australia either. Jake Lloyd-Smith reported on the Bloomberg website tonight:
Australia’s Perth Mint, which refines nearly all of the nation’s bullion, said that demand has jumped to the highest level in five years after prices plunged, with the factory kept open through the weekend to meet orders.
There’s been strong interest, including from the U.S., with buyers speculating that the metal will rebound from the decline, Ron Currie, sales and marketing director, said in a phone interview from Perth…
“We haven’t seen levels like this since the 2008 global financial crisis,” Currie said yesterday. “Compared to March sales, April sales have doubled or tripled,” he said, without providing figures.
On Friday, April 12, the afternoon fix gold spot price was $1,535.50 per ounce. The price tumbled to $1,380 an ounce by Tuesday, April 16. Today, the London P.M. fix was back up to $1,467.50.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
Sources:
Noble, John. “Asian bargain hunters pile into gold.” Financial Times. 22 Apr. 2013. (http://www.ft.com/intl/cms/s/0/56244496-ab39-11e2-ac71-00144feabdc0.html#axzz2RuiP9ndw). 29 Apr. 2013.
Mukherji, Biman and Nayak, Debiprasad. “India Gold Premiums Soar as Demand Outstrips Supply” Wall Street Journal. 23 Apr. 2013. (http://online.wsj.com/article/SB10001424127887324874204578440242906344734.html). 29 Apr. 2013.
Lloyd-Smith, Jake. “Perth Mint Works Through Weekend as Gold Demand Surges on Price.” Bloomberg.com. 29 Apr. 2013. (http://www.bloomberg.com/news/2013-04-30/perth-mint-works-through-weekend-as-gold-demand-surges-on-price.html). 29 Apr. 2013.
Texas To Build Its Own Fort Knox?
“We’re trying to figure out the right amount of gold to have here in Texas. We don’t want just the certificates. We want our gold. And if you’re the state of Texas, you should be able to get your gold.”
-Texas State Representative Giovanni Capriglione (R-Southlake), who is carrying a bill to establish the Texas Bullion Depository, a state-based facility in which gold bullion belonging to the State of Texas and its citizens would be stored, on Forth Worth Star-Telegram website, March 21, 2013
Ever since I got back from Dallas, Texas, late Thursday night, people in Chicago have been asking me what I thought about the place since it was my first time in the “Lone Star State.”
“Buzzing” was how I described it. A vibe I hadn’t felt around these parts since the nineties (I was awake enough to see through the housing bubble-induced artificiality of the mid-2000s).
And the intensity of the buzz appears to have grown the last few days with news coming out of the former independent republic that a state-based and protected Texas Bullion Depository- a Texas “Fort Knox,” so to speak- may be in the works. From Aman Batheja and Emily Ramshaw on the website of the Forth Worth Star-Telegram on Thursday:
Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas.
And he may have legislative support to do it. Freshman Rep. Giovanni Capriglione, R-Southlake, is carrying a bill that would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Company, or UTIMCO, and currently stored by the Federal Reserve…
Capriglione said the bill is not about putting Texas on its own gold standard. Rather, a depository would give the state a reputation as being more financially secure in the event of a national or international financial crisis.
And bolster the perception of stability as the state continues efforts to attract business from other parts of the country.
On Thursday, Lauren Lyster of the Yahoo! Finance show The Daily Ticker discussed the proposed Texas Bullion Depository with Jim Rickards, senior managing director of Tangent Capital Partners. It was a good exchange, which you can watch in its entirety (less than 5 minutes) on the Yahoo! Finance website here.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
Source:
Batheja, Aman and Ramshaw, Emily. “Tarrant lawmaker seeks to create Texas Bullion Depository.” Forth Worth Star-Telegram. 21 Mar. 2013. (http://www.star-telegram.com/2013/03/21/4720491/tarrant-lawmaker-seeks-to-create.html). 23 Mar. 2013.
GoldSilver.com Now Offers Valcambi Breakable Gold Bars
I have to hand it to GoldSilver.com, whose affiliate program I participate in (company reviewed here).
The Santa Monica, California-based instructor of precious metals investing/bullion dealer has been at the forefront of offering easily-portable gold products that could shine in a real crisis.
In December 2012 I blogged about their new product line of investment-grade bullion jewelry under the designation GoldWithoutBorders.
And last week, I learned about GoldSiver.com’s latest bullion product that might prove to be a life-saver should the SHTF. From their website:
Think gold is too valuable to use in trade or in a currency crisis?
The new 50 gram Valcambi Gold CombiBars ( 1.607 troy oz ) are breakable .9999 fine gold bars designed for easy division into smaller 1 gram Gold Bars for trade or crisis payment. These divisible Gold Bars are state of the art, produced by one of the world’s most trusted gold refiners, Valcambi Suisse.
Each dividable Gold Bar weighs 50 grams, each produced with precise break points allowing for easy separation into 1 gram mini gold pieces without any loss of gold material.
The size of a credit card, the 50 gram Gold CombiBars ( 1.607 oz ) are easily be broken into one gram pieces, each 1 gram Gold piece has it’s hallmark and purity individually stamped, making them very easy to identify as a gift and or use as money in times of crisis.
These breakable Gold Bars are IRA accepted and minted according to the high quality for which Valcambi Suisse is famous for. These new Gold CombiBars also meet the highest optical and technical standards in the bullion industry.
Each breakable Gold CombiBar comes with a unique serial code, including 2 letters and 6 numbers stamped on the bar, plus a serial numbered certificate.
PLEASE NOTE: GoldSilver.com makes a 2 way market for whole unbroken Valcambi Gold CombiBars. Broken Valcambi Gold CombiBars can be sold at our unpublished gold scrap bid price.
“Barra de Oro 50 g Valcambi – Mike Maloney – OroPlata.com”
YouTube Video
A really cool product. I would like to have a couple of these Valcambi breakable gold bars myself- if only I could afford them.
Oh well. From more information about the 50 gram Valcambi Gold CombiBar, click on the banner ad below, go to “Buy Gold & Silver” in the top menu, then go to “Buy Gold” and finally “Valcambi Gold CombiBar 50 g.” Please note that by clicking on the on the ad and purchasing a product, I receive a commission from the sale.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
Peter Schiff: U.S. Will Experience Cyprus ‘Bail-In’
Peter Schiff, Euro Pacific Capital CEO/Chief Global Strategist, talked about the proposed Cyprus “bail-in” despite Cyrpiot bank accounts having deposit insurance in his March 18 entry on The Schiff Report YouTube video blog. Schiff, who correctly-called the 2008 global economic crisis and U.S. housing bust, warned viewers:
You know, ultimately, the same thing is going to happen in the United States. We’ve got deposit insurance here in America. But eventually, we’re going to be faced with a similar problem. When interest rates rise, and big banks fail, the FDIC doesn’t have the money for a bailout. And, if the Fed is tightening, the Treasury doesn’t have the money to bail anybody out. So, we’re going to be in the same situation.
Schiff sees the Cyprus fiasco as being bullish for gold. He added yesterday:
I think, first of all, that this is a very positive development for gold. Now, the reason for that is that bank deposits are at risk. And if you think your money is at risk in a bank and you pull it out, what are you going to do with it? Well, putting it in gold is a great alternative. In fact, if you had euros deposited in a Cyprus bank, now you’ve lost about 10 percent, close to 10 percent of the value of those deposits, or 10 percent of your euros. But if you had gold in a safety deposit box in a Cyprus bank, you haven’t lost an ounce. So the people who have gold are whole, and those who have euros, or other currencies you had on deposit, but they’ve had a loss. So this highlights the safe haven aspect of gold.
“Insured Bank Deposits At Risk, America Burns While Obama Golfs”
YouTube Video
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
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