Last week we attended the Agora Financial Conference in Vancouver. Nine hundred people from 29 different countries paid $1,000 each to be at the conference. Miles Franklin was one of three gold companies invited to set up a booth and talk with the attendees. The other two companies pitched numismatic coins. We are the “bread and butter” gold bullion and silver bullion specialist, and were very well received.
Andy gave a 40 minute presentation on gold and silver and talked about the shortages that the industry will have to deal with in the next year or two. It is an important and seldom discussed topic that is just starting to get some traction. In fact, in his latest newsletter, Jim Willie (The Hat Trick Letter) quoted Andy. He wrote Andy Schectman is a widely known and respected gold bullion dealer from Miles Franklin, with focus on coins. He warns that the trend in coin purchase demand is powerful and exceedingly one-side, with paltry supply coming forward from sales. In fact, he warns that coins might not be available at all before long. He said, “In years past, we used to do a lot of business with people wanting to sell. Today, virtually no one is selling their coins back to us. In fact, for every 100 transactions we have, maybe one is a seller, the other 99 are buyers. Our largest supplier, who provides over 60% of all bullion to the US market, told me earlier this month they have days without one single buy back. And this is from the largest supplier in the United States.”
The Agora Conference opened with a moving presentation by David M. Walker, who served as the seventh Comptroller General of the United States. He warned that “the US faces a looming fiscal crisis. With escalating deficits, mounting levels of public debt, growing unfunded promises for large individual entitlement programs and increasing reliance on foreign lenders. We as IS citizens should be very concerned about the deteriorating financial condition of our nation.“
Rick Rule was brilliant, as usual and is excited about the opportunities in natural resource stocks. Doug Casey entertained a full house with wit and great insight into our economy. Casey said the ONLY TWO areas he recommends now are farmland and GOLD.
Andy will be a featured speaker at the upcoming Casey Conference which will be held in San Diego in early October.
Having been gone for a week, there is a lot to catch up on. Today, I will focus on Jim Willie’s latest article on gold (www.goldenjackass.com). Willie is one of my all-time favorite writers and his newsletter should be on your short list to subscribe to. It is right up there with the newsletters from Doug Casey, Richard Russell, Jim Dines, Shadowstats and LeMetropole Café. I consider them all to be mandatory reading. It is well worth the money to subscribe to these letters. I give you highlights from their letters, but I am just skimming the content.
If we brought all American soldiers home our budget would be balanced and the rest of the world could kill each other. Would that be a bad thing? Jim Willie