Timing & trends

Shorts on Metals ETFs are Nearing a Big Squeeze

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Posted by Jonathan Yates

on Wednesday, 20 June 2012 09:13

There has been an increasing number of investors taking short positions on gold exchange-traded funds (ETFs) – but they better watch out for what's ahead this summer.

In fact, each day that passes brings us closer to what could be the day of reckoning for those holding massive short positions on the ETFs for gold, silver, copper and related investments.

You see, the Federal Reserve Bank of Kansas City in late August will host an economic policy symposium in Jackson Hole, WY. Speaking at the conference, as he did in August of 2010 when he introduced the second round of quantitative easing, will be Federal Reserve Chairman Ben Bernanke.

There is much to believe that QE3 – if not declared sooner – could be announced at Jackson Hole. Should this happen, the prices of gold, silver and copper will likely soar like back in 2010.

That means anyone holding shorts on gold ETFs or similar investments could find themselves scrambling to cover their positions.

QE2 and Gold Prices

QE2 consisted of inflating the Federal Reserve balance sheet through the purchase of $700 billion in US Treasury bonds. QE2 ran from November 2010 to June 2011.

During that time, the PowerShares DB US Dollar Index (NYSE: UUP) slipped about 2.5%, while SPDR Gold Shares (NYSE: GLD) rose 12%, iShares Silver Trust (NYSE: SLV) 25% and iPath DJ-UBS Copper TR Sub-Index (NYSE: JCC) 7.3%, as investors piled into hard assets.

This trajectory in price trends for the greenback and metals ETFs has since reversed. The dollar index is up 6.6% since July 2011, and up about 2% over the past few months.

For the last three months, GLD is down 2%, SLV is off by nearly 12%, and JJC is down more than 13%.

Even though famed investors such as Jim Rogers and George Soros buy gold, the point of view of investing icon Warren Buffett has led his followers to remain bearish on the yellow metal. Just look at what Buffett had to say about gold in March 2011, when GLD was trading around $140.

"I will say this about gold," said Buffett. "If you took all the gold in the world, it would roughly make a cube 67 feet on a side...Now for that same cube of gold, it would be worth at today's market prices about $7 trillion dollars – that's probably about a third of the value of all the stocks in the United States. For $7 trillion dollars, you could have all the farmland in the United States, you could have about seven ExxonMobils, and you could have a trillion dollars of walking-around money ...Call me crazy, but I'll take the farmland and the ExxonMobils."

Shorts on Gold ETFs

Investors thinking like Buffett have been constructing massive short positions on gold ETFs as well as other metals-related investments.

A 5% short float is considered to be troubling. At present, there is a 4.47% short float for GLD, and 4.40% for SLV.

Short floats are much higher for individual company stocks in the industry.

For example, Eldorado Gold Corp. (NYSE: EGO) now has a short float of 27.60%. Now trading around $13.00 a share, the 52-week high for Eldorado Gold is $22.12. Before QE2 was announced in the summer of 2010, Eldorado Gold Corp was trading for under $16.


But the monetary stimulus measures happening around the world are reason to be bullish on metals.

Central banks have been working together to bring the world out of The Great Recession, and will continue to do so. The Bank of Japan initiated a round of stimulus measures earlier this year.China appears to be on the verge of another massive program.

QE3 could soon be introduced to the world in late August at Jackson Hole by Federal Chairman Bernanke.

If so, the great sucking sound being heard around the world will be the shorts on silver, copper and gold ETFs being squeezed.

Jonathan Yates is a contributing writer for Money Morning.


Timing & trends

Global Investing: The Next 40 Years

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Posted by Chris Mayer for The Daily Reckoning

on Tuesday, 19 June 2012 08:25

“Travel — its very motion — ought to suggest hope. Despair is the armchair; it is indifference and glazed, incurious eyes. I think travelers are essentially optimists, or else they would never go anywhere.”

— Paul Theroux, The Tao of Travel

International 22

I know that things look bleak on many fronts: the crisis in the European Union, the fiscal and monetary insanity in the US and the looming debt troubles in Japan — to name just three. For a lot of investors focusing on just these markets, it must be hard to get out of bed in the morning.

But the world is changing. The dominance of these Western markets (including Japan) is not what it once was. And they are becoming less important as time goes by and as the rest of the world catches up.

My new book World Right Side Up: Investing Across Six Continents is primarily about this new world and the opportunities it creates. I think the story it tells will prove to be the most important investment trend of the 21st century.

I’ve talked about the book on radio and TV. And I’ve had countless private conversations about it as well. I thought I’d write up some of the most asked questions I get and my answers to them.

Here goes…

What is your favorite emerging market right now?

I like many of the so-called “frontier markets.” Right now, I’m pretty jazzed up about Mongolia. The pace of growth there and the potential is mind-boggling. I plan to visit in June. I recently recommended a play on Mongolia to my subscribers. But I’m hoping my visit turns up some additional ideas. I also think Myanmar could be the next big story in Southeast Asia and I’m keeping an eye out for opportunities there.

I see a lot of opportunities in certain Africa markets. My favorite way to invest in Africa is through Francis Daniels’ Africa Opportunity Fund. I visited him in South Africa last year and we’ve maintained a correspondence ever since. The fund is a smart, opportunistic way to invest in Africa.

What are your least-favorite emerging markets?

I get asked this a lot too. Of the markets I’ve been to and follow, I’d say I’m worried about China. I think China is due for more than just the soft landing everyone seems to expect. I think China is starting to lose its cost edge in certain areas of manufacturing. I see spiraling wages and surging costs of living. I see a vulnerable banking system and shaky property market.

Longer term, I think China’s economy will be much bigger than it is today. But there will be hiccups, and the risk of having one now is high. What happens in China will affect a lot of markets, so I’m watching it carefully.

I am not a fan of Brazil at the moment. I see a heavy-handed government making a lot of bad moves lately. Brazil is also a difficult place to do business. In South America, I’d rather invest in Colombia, Chile or even Peru.

What’s the role of the US in all of this?

There are two ways to look at it. One way is to fret over a US that will have less influence and less importance in the world. Another way, the way I like to look at, is to think that we’ll have a much more expanded marketplace to work in.

I think of this analogy: Would you rather live in a mansion in a neighborhood in shambles? Or would you rather live in a nice house surrounded by other nice houses? I don’t feel threatened by other countries getting wealthier. I look at it as an opportunity.

It might be worth pointing out that the chapter on the US is the longest one in my book. In other words, I think there is still plenty to do right here at home.

Have you ever gotten sick on your travels?

I don’t know why, but people like to ask me this. In all the traveling I’ve done, I was only really seriously sick once. It was my first time in India, on my second-to-last day, after nearly three weeks there. Remember Slumdog Millionaire and the bottled water trick of resealing old water bottles? It got me. I got very sick that night, and after several hours of unsuccessfully battling it, I called the hotel to send a doctor. I asked the hotel to let him in my room, because I was in no condition to do so.

Next thing I remember, I wake up with this angelic doctor by my bed. He gave some shot in the butt. Took blood. And then came back a few hours later to check on me. I was much better. I remember paying him about $80 in cash — for two house visits, blood work and meds. Cheap!

What’s the strangest place you’ve ever been?

There are a lot of images that come to my mind. I remember sitting in a bar in Cambodia where people drank cocktails from shell casings. I remember a restaurant in China that looked like a pet shop because you picked what you wanted to eat from one of the tanks and it later arrived on your plate. Very fresh!

I think it was pretty strange to be in Bangkok during the floods last October. I remember cars parked on the highway bridges. I remember sandbags around many of the buildings. And I remember being greeted by name as I walked into the hotel. I was the only one checking in that night!

What’s next?

I just turned 40 years old and celebrated the event by hiking the Inca Trail to Machu Picchu with a buddy of mine from high school. I’ve always wanted to go there. And I figure it would be a good challenge to hike it. I had been training every day for a few months, just to make sure that no one had to haul me off those mountains!

But that trip was just for kicks. Investment-wise, I have a long list of places on my radar to check out in the future. Markets are constantly changing. New opportunities open up all the time.


Chris Mayer
for The Daily Reckoning

Chris Mayer

Chris Mayer is managing editor of the Capital and Crisis andMayer’s Special Situations newsletters. Graduating magna cum laude with a degree in finance and an MBA from the University of Maryland, he began his business career as a corporate banker. Mayer left the banking industry after ten years and signed on with Agora Financial. His book, Invest Like a Dealmaker, Secrets of a Former Banking Insider, documents his ability to analyze macro issues and micro investment opportunities to produce an exceptional long-term track record of winning ideas. In April 2012 Chris will release his newest book World Right Side Up: Investing Across Six Continents

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Read more: Global Investing: The Next 40 Year http://dailyreckoning.com/global-investing-the-next-40-year/#ixzz1yFPywGRV


Timing & trends

Gold Mining and the Dow Gold Ratio : Are we headed for a major gold rush...?

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Posted by Adrian Ash: BullionVault

on Tuesday, 19 June 2012 07:29

IN THE PAST, major Gold Mining exploration has tended to occur when the Dow was down and out. In this interview with The Gold Report, geologist and Exploration Insights writer Quinton Hennigh talks about a coming gold rush and what that could mean for existing companies. 

The Gold Report: While the NYSE Arca Gold BUGS Index (HUI) is up a bit from its May low, it is still lagging the Gold Price and not living up to expectations based on the role it has traditionally played as a safe haven for investors. Are we close to a turning point in that dynamic?

Quinton Hennigh: Many investors and speculators are deservedly frustrated and dejected by the recent performance of gold and, more specifically, the Gold Mining sector. For many of us in this business these ups and downs are the norm; however, I see the current down as a critical one. 

Something is going to happen. It could be a month, six months, a year or two years from now. We can't know. We may continue to see more pain in junior stocks until then, but a change is coming, and investors should take heed.

TGR: Where are we in the cycle now?

Quinton Hennigh: Below is a chart of the Dow:gold ratio over the past 112 years. The peaks generally mark points when the Dow was running hot and gold was in the dumper. Conversely, troughs mark times when gold was riding high and the Dow was down. I have added a few interpretations to the chart. First, I projected this chart forward 25 years with a red line that I believe reflects a pattern that we are likely to experience, given a look back at history. Note that the red line bottoms out as the chart did in 1932 and 1980 and then slowly rises over the subsequent 25 years. 


(Figure 1: Dow to gold ratio from 1900 to present and projected to 2035. Vibrant periods in the Gold Mining and exploration sector are highlighted in yellow.)

Second, yellow shading has been added to highlight periods when Gold Mining and exploration were generally more vibrant than other times. 

TGR: How do you define more vibrant times for gold miners?

Quinton Hennigh: This is a bit subjective, but I see these as times when gold mines often made consistent money, the public felt comfortable investing in this sector and perhaps most important, exploration was well-funded, thus contributing to a plethora of great discoveries. 

TGR: Why wouldn't Gold Mining and exploration proliferate as the price of gold rises and the Dow:gold ratio falls? 

Quinton Hennigh: At first glance, this pattern does appear counterintuitive. When the Dow is down, uncertainty and doubt rule as they do now. We are still climbing the "wall of worry" and that does not aid investment in possible future rewards. 

Vibrant periods in the gold world appear to commence around peak Gold Prices and persist as gold slides downhill. Answers to this conundrum can actually be seen in the world around us right now. The Gold Mining world is presently experiencing ever increasing capital costs, unpredictable and almost universally high cost of production, and other uncertainties, such as increasing taxes and royalties in countries eager to take advantage of the rising Gold Price. It is not a comfortable time to invest in this sector. 

TGR: So, when will that change?

Quinton Hennigh: I do not profess to be an economist, nor do I know when this pivot point, the bottoming of the Dow:gold ratio, will happen or at what level. I simply see this pattern as rather compelling. In fact, it is so simple even a geologist can understand it. 

TGR: How can investors capitalize on these trends?

Quinton Hennigh: Mining and exploration trundle along during the "white" periods, but it is during the "yellow" times that things are really hopping. These are times when the "gold rush" mentality is alive; geologists are scouring new frontiers for fresh finds and big discoveries are made, one after another. During the period from 1980 through 1997, for example, there was a succession of world-class gold discoveries: Hemlo (15 million ounces (Moz)), Goldstrike (60 Moz), Pipeline (12 Moz), Yanacocha (35 Moz), Pierina (9 Moz) and Busang, the ultimate bubble top. These were discoveries that "made" companies. 

Many investors scored huge returns on explorers that struck it big. Investments in majors also paid off. Looking back to the gold rush period from the 1930s through the 1950s, huge discoveries were made in the Witwatersrand of South Africa as well as numerous gold camps across the Canadian Shield. Again, these were discoveries that "made" companies. An investment in Homestake Mining in 1929 would have returned 600% by the late 1930s, the height of the Great Depression. 

Looking still further back at the cycle that extended from the late 1800s through the early 1920s, gold rushes abounded in the western US, Australia, Canada, Africa and beyond. Great gold producers made investors fortunes during this boom. 

TGR: Are many of these companies still around? 

Quinton Hennigh: Not surprisingly, most major gold producers have roots in these "gold rush" periods. Although there were miners that found their start during the "white" periods, most of these are no longer around, likely because they were gobbled up in the subsequent frenzy. It will be interesting to see what happens to up-and-coming producers over the next few years—do they get bought or survive through acquisitions?

TGR: What comes next?

Quinton Hennigh: If the next few years play out as I think, we could be approaching a pivot point, one that ushers in the next gold rush. Given current market conditions this may sound crazy, but we could soon see a massive inflow of money similar to what occurred when gold last peaked. 

Such a capital influx will likely accompany a sharp run-up in Gold Prices. Euphoria over gold, although likely short-lived, will pull in speculative money fleeing other sectors that are losing value. This influx of money will likely feed the next cycle of discoveries and acquisitions as it did in the early 1980s.

Again, I don 't know when this pivot point might occur. It could be a month from now, six months, a year or two years. The significance of the cycles is that legitimately profitable deposits will be highly sought after as we roll into the next "up" cycle for gold acquisitions and exploration.

Some 2,000 junior exploration companies are struggling to survive right now. They universally claim to be cheap and in possession of stellar projects. Some actually are cheap and a few do own above average projects. It is our conviction here at Exploration Insights that the few companies holding exceptional properties and deposits will outperform the general junior market and be the target of larger mining company growth strategy. It is our intention to own some of these.

TGR: How can an individual investor know which companies are worth owning?

Quinton Hennigh: We need to be positioned for this turnaround; specifically we need to understand what a major company is after and how it makes its acquisition decisions. This is something both Brent Cook and I are experienced with and have been involved in while working for major mining companies. There is much more to it than a good drill hole or reading a third party preliminary economic assessment. The resource has to be evaluated in the context of mining, operating and capital costs. Furthermore, location, existing infrastructure, jurisdiction, sociopolitical realities and environmental issues need to be factored into the price a major can afford to pay for a mineral deposit. But rest assured, if history is any guide, a turnaround is coming. 

TGR: Thank you for your insights.

Buying Gold? Get physical bullion at the lowest prices on BullionVault...

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Timing & trends

Heads A Deflationary Implosion - Tails A Hyperinflationary Depression...

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Posted by Clive Maund

on Monday, 18 June 2012 09:36

The acute global economic crisis today is the direct result of the continued wilful obstruction and overriding of the normal checks and balances that should operate within a capitalistic system of commerce. This interference has been perpretated by powerful banks and governments acting in collusion, for reasons of profit and power. At every instance in recent years when it looked like the economy was slipping into a necessary recession they have assumed a godlike role and stepped in to head it off. These periodic recessions are necessary to prevent excess debt building up within the system, but the banks liked the ever growing debt, because it meant ever bigger profits for them as they created money out of thin air and then lent it to everyone and everything and raked in massive interest payments. Being immensely powerful they exerted more and more control over governments and succeeded in bending them to their will, culminating in them "coming out" by actually maker bankers into Presidents and Prime Ministers, as has recently occurred in Greece and Italy. So there you have it - the world is now controlled and governed by bankers. The problem with this situation is that their objectives, which are the accumulation of ever greater profit and power, are at odds with those of the population at large.

....read more HERE



Timing & trends

Double-Trauma Strikes Europe! U.S. Next?!

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Posted by Larry Edelson: Uncommon Wisdom

on Monday, 18 June 2012 08:33

An urgent report on the next, explosive stage of the European crisis now unfolding before your eyes …

Yesterday’s election in Greece is just one chapter in this saga.

Regardless of its consequences, the European Union, the largest economy in the world, is now suffering under the weight of TWO traumatic crises striking simultaneously:

Trauma #1. Europe’s governments are in big trouble — debts out of control, tax revenues plunging, interest costs surging.

Trauma #2. Europe’s banks are under siege — drowning in massive losses, swamped with withdrawals, and lining up for bailout money that no government can afford.

Find it hard to believe that the largest economy and banking system in the world is collapsing even as you read these words? Then, read on for the evidence …

Trauma #1. Governments in Big Trouble
Debts out of Control
Tax Revenues Plunging

Interest Costs Surging

Some people seem to think the European Union’s sovereign debt problems are limited to just a few countries that have been in the news.

Others seem to assume that the debts are relatively static and unchanging.

But the hard data shows that, in reality …

Europe’s debt troubles are widespread, making almost every country vulnerable to the contagion now spreading across the continent.

Of course you already know about the countries in the headlines:

Greece with gross government debt of $315.8 billion … Spain with more than double that amount ($839.9 billion) … and Italy with debts that are SIX times larger than Greece’s (nearly $2 trillion)!

But what about the countries that have so far been viewed as "stronger"? Are they debt free?

Absolutely not!

France’s debts are almost as large as Italy’s — $1.8 trillion. And Germany’s debts are actually larger than Italy’s — nearly $2.1 trillion.

Plus, don’t forget others in the European Union, including Austria ($230.1 billion), Belgium ($374.3 billion), Finland ($101.1 billion), Ireland ($180.3 billion), the Netherlands ($427.6 billion), Portugal ($188.5 billion) and more!

Needless to say, not all countries are equal. Relatively speaking, some are stronger and others are weaker.

But here’s the key: They all belong to the same economic entity (the EU) and they’re all entangled in the same financial mess (the sovereign debt crisis).

That’s why it’s so important to note that TOTAL government debts owed by EU countries are now $8.6 trillion dollars — all based on the data from official sources compiled by Weiss Ratings.

Worse, despite all the sworn promises of austerity and all the solemn pacts to control deficits, the hard evidence also demonstrates that these debts are growing by leaps and bounds.

Official data shows that EU countries have added nearly $1 trillion in new debts just since the sovereign debt crisis began! And that doesn’t even include the massive new obligations of the EU institutions providing bailout funds!

And what’s most shocking is that nearly every effort to cut deficits has resulted in even larger deficits.


The main reason: Government cutbacks have slammed the economy. They have strangled the finances of the people. And they have bankrupted their businesses. So when all that happens, the end result is inevitable — they can’t pay their taxes!

Spain is a classic example. In fact, right now, the collapse in Spanish tax revenues is replicating the pattern in Greece, where fiscal revenues have fallen 4.8% in the past 12 months and Value Added Tax (VAT) revenues have plunged 14.6%.

The Daily Telegraph of London says "Spain is in the gravest danger since the end of the Franco dictatorship."

Spain’s former premier Felipe Gonzales calls it "a total emergency, the worst crisis we have ever lived through."

And just remember: Spain is NOT alone!

Surging Borrowing Costs

Spain’s borrowing costs have soared to 7%, widely considered the dividing line between stability and chaos.

Italy’s short-term borrowing costs have jumped wildly, as much as 164 basis points in a single day!

Other European interest rates are on a similar path.

This means that …

On top of collecting a lot less in revenues, they now have to pay a lot more for the money they desperately need to borrow.

But sinking government finances and financing is just one of the traumas striking Europe today. Also consider …

Trauma #2. Banks Under Siege 
Drowning in Massive Losses
Swamped with Withdrawals
Lining up for Bailout Money

In addition to America’s banks and thrifts, Weiss Ratings now issues Financial Strength Ratings on all of Europe’s large banks.

And among the largest EU banks (with $200 billion or more in assets), there are now SIXTEEN institutions receiving a Weiss Rating of D+ or lower:


What does our rating of D+ mean?

According to a landmark study by the U.S. Government Accountability Office (GAO), it’s the equivalent to "speculative grade" (junk) on the rating scales of Moody’s, S&P and Fitch.

And also according to the GAO, Weiss was the only one that consistently warned ahead of time of future financial failures.

Indeed, if track record is any guide, our tougher grades — based strictly on the facts without any conflicts of interests — are consistently the most accurate.

Like Moody’s, S&P or Fitch, we look at each bank’s capital, earnings, bad loans, liquidity, and other factors.

But unlike the other rating agencies, we have never accepted — and WILL never accept — any compensation from the banks for their ratings.

Nor do we give big banks special credit based on the "too-big-to-fail" theory. We’ve said all along that, when push comes to shove, governments will have to save their own necks first and let failing banks fail.

Or, alternatively, they will have to print money and devalue the banks’ liabilities (YOUR deposits) in order to keep the banks alive.

Either way, depositors are at risk!

In Spain, we first gave Bankia its E+ rating (meaning "very weak") three months ago — well before its massive losses were revealed, setting off the latest phase of Europe’s debt crisis.

But despite its $396.3 billion in assets, it’s not the largest Spanish bank in jeopardy:

Banco Santander is FOUR times larger with over $1.6 trillion in assets and merits a rating of D-, also deep into junk territory; while Spain’s BBVA bank, with nearly $775 billion in assets, gets a D.

And based on our metrics, Spain’s Caixabank (a $350 billion bank) is just as weak as Bankia with a rating of E+.

In Italy, Unicredit SpA gets an E+, despite its $1.2 trillion in assets; Intesa Sanpaolo merits a D-, and Banca Monte Dei gets an E.

What most people don’t seem to realize, though, is that most of the largest weak banks in the EU — and in the world — are headquartered in …

France! Crédit Agricole (with a massive $2.2 trillion in assets) is a candidate for failure with a rating of E and Societé Générale is not far behind with a D-. Plus, there are two other large French banks in jeopardy — Natixis and CIC.

But here’s the biggest — and most important — surprise of all:

Germany is NOT the safe haven most people think it is, especially when it comes to banking: In fact, the largest weak bank in the world is Deutsche Bank with $2.8 trillion in assets and meriting a D.
Commerzbank, with $857.6 billion in assets, is even weaker, getting an E rating.

All based on the same kind of objective, conflict-free analysis that helped us name nearly all the major failures of the last debt crisis well ahead of time! (See "The Only Ones Who Warned Ahead of Time.")

Bottom line:

The total assets of just these 16 banks alone is $15 trillion, or about $1 trillion more than the total assets of ALL commercial and savings banks in the United States!

Who Saves Whom?

Late last year, the bonds of major European governments were sinking fast and Europe seemed on the brink of a meltdown.

So the European Central Bank (ECB) decided to come to the rescue with the aid of the largest banks.

The plan was simple:

The ECB hands the money over to the banks via special loans.

The banks hand the money over to sovereign governments by buying their bonds.

And everyone’s happy, right?


The plan has backfired: The government bonds have sunk anyhow. And the banks are stuck with even greater losses.

Now, a "new" old plan is hatching. Instead of banks helping to bail out their governments by buying their bonds … the idea is for governments to bail out their banks with money borrowed from the stronger governments of the European Union.

So one day they talk about banks saving the sovereigns. Next day, it’s the sovereigns savings the banks. They can’t seem to make up their minds as to who will save whom.

But …

Now the Public Is Beginning 
To See Through This Charade!

They remember how many times the authorities have vowed that "the crisis is over."

They know, first hand, how unemployment has gone through the roof.

They see the crisis feeding on itself.

So they are beginning to ask the real question of the day: Who sinks whom?

Will the sovereign debts sink the banks?

Will the banking crisis tear down the sovereign governments?

Or will they both go down in a spiraling cycle of bond market collapses and bank failures?

Our Suggestions …

1. Keep most of your liquid funds in cash, ready to be deployed on a moment’s notice, but as safe as can be right now. The best way: A short-term Treasury-only fund in the U.S., or equivalent.

2. Hold on to all long-term gold holdings. You do not want to let go of those. We feel gold could be headed to $5,000 an ounce over the next few years.

In the short term, however, we would not be surprised to see gold — and silver — move lower.

3. Consider prudent speculative positions to grow your wealth.

But no matter what you invest in — stocks, bonds or commodities — always be open to playing both the declines and the rises.

Even gold, silver and oil, despite major long-term bull markets, are bound to suffer further declines before turning higher.

And never forget this critical fact: As we’ve demonstrated here repeatedly, the U.S. government and U.S. financial institutions have made many of the same mistakes and are vulnerable to most of the same dangers.

Best wishes,

Martin and Larry

Larry Edelson has over 34 years of investing experience with a focus in the precious metals and natural resources markets. His Real Wealth Report (a monthly publication) and Power Portfolio provide a continuing education on natural resource investments, with recommendations aiming for both profit and risk management.

For more information on Real Wealth Reportclick here.
For more information on Power Portfolioclick here.


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