Blood is in the streets, and precious metals investors are panicking this morning as silver was down nearly 8%, and gold nearly 4% at one point. Fundamentally nothing has changed- and with a long term view- the VERY BEST TIME TO PURCHASE PRECIOUS METALS IS INTO SEVERE SMASHES/ PRICE WEAKNESS!!
It is important for readers to review the fundamentals of why they invested in PM's in the first place at a time like this. Professionals do not allow emotion to influence decisions. Review the facts. Why did you choose to save in a hard currency vs. fiat in the first place?
Silver's investment demand will still set an all-time record for 2011, and we are not concerned in the least about the temporary slow-down. The factors that have driven silver from $4 to $50 over the past decade have not changed in the slightest, and are actually intensifying daily.
*US official public debt has now passed $15 Trillion and is now roughly equal to 100% of GDP.
*Greece has effectively defaulted with Italy, Portugal and Spain close on its heels leaving a euro-breakup imminent.
*The markets are being prepared verbally for QE3 by the Fed governors, even while QE light and The Twist continue.
*Commodities investors are now scared-to-death of leaving their funds in a broker-dealer account due to the theft of $1.5 Billion of client funds by MF Global (and confiscation by JP Morgan). If client funds can be comingled with institution funds at MF Global, they can (using client funds for internal repo agreements is standard industry practice as Jon Corzine advised the CFTC's Bart Chilton)
*The state and muni default tsunami is rapidly approaching.
*The $1.25 Quadrillion derivative bubble is still growing daily (and may not actually pay out in the event your neighbor's house burns down as the Greek 'non-default' default has demonstrated).
*The official unemployment rate remains over 9% (with the real rate remaining near 20%).
*Venezuela has called in the gold- physically removed their gold from Western Central Banks which had leased it to Wall Street banks which had in turn dumped it on the market
*The Occupy Wall Street movement has gone nationwide- if OWS can survive the Winter look for the first real violence to erupt in the spring.
*The laughable official CPI is in the process of being debauched further in an attempt to disguise rampant price inflation to the ignorant general public
*Libya has been invaded and overthrown over plans to develop a gold backed dinar and sell Libyan oil for gold rather than US dollars.
*Registered COMEX silver supplies remain near all-time lows
*The CFTC has finally approved position limits in commodities...including silver
*The US dollar remains major bear market.
*The general public is still so far from entering gold and silver that labeling either a bubble is BLATANT DISinformation
Are you getting the picture?
NOTHING HAS CHANGED. The fundamentals for owning precious metals only get stronger daily. There are literally DOZENS of more reasons to own gold and silver today than when we first entered the bull market in 1999.
Only PHYSICAL, IN HAND GOLD & SILVER can fully protect you from continuing currency devaluation, much less the potential end game of complete debt/fiat collapse.
