Another day of “PM-bearish, everything-else-bullish headlines,” and another day closer to the inevitable, and perhaps imminent, end game for history’s largest, most destructive fiat Ponzi scheme. Yes, it appears the powers that be have markets under “lock down” in the weeks heading into most important election in U.S. – and by proxy, world –history, in their attempt to once and for all, completely commandeer government, and subsequently milk society of every last drop of wealth they’ve accumulated. However, simple math says they will fail, irrespective of whether “career criminal” Hillary wins the rigged election, whilst reality guarantees that the best plans of mice and men go awry – particularly when attempting to exploit billions of angry, disenfranchised people.
To that end, I’m not sure how much more I can implore you to play your part in preventing this worst-case scenario from occurring. Or, for that matter, how much time I can devote this financial blog to political issues. However, suffice to say, it is easily the most important financial issue I can recall, given how a Hillary win depicts a rapid path to war, socialism, and hyperinflation; whilst a Trump win, while unquestionably giving America a chance to return to past glories, will equally unquestionably be a market event on a par with 9/11 – or, as I put it last month, “BrExit times ten.”
To that end, we still have two weeks left, with an increasing tenor of uncertainty, as proof the election is “rigged” grows stronger. Not to mention, the relentless flow of damning evidence against the integrity, and propriety, of everything Clinton-related, such as last night’s third Project Veritas video, which implicates her personally in Watergate-style corruption; relentless WikiLeaks disclosures regarding DNC plots to over sample national polls; and this horrifying interview with Charles Ortel, regarding the historic charity fraud of the Clinton Foundation.
That said, it’s not just political issues that should have you running to the safety of Precious Metals; let alone, the historic pre-election suppression campaign – starting with October 4th’s “Deutsche Bank Destruction” raid – which have put prices at pre-BrExit levels, despite all that has occurred since. More importantly, economic fundamentals continue to implode, starting with this morning’s horrific Caterpillar earnings release – yes, the same Caterpillar that Jim Cramer claims to have the “only conference call listening to,” given its role as the “source for his global outlook.” To wit, not only did it report its 46th straight monthly revenue decline; but, in citing “economic weakness throughout much of the world,” reduced its 2016 revenue guidance, from just three months ago, from $40.0-$45.0 billion to $39.0 billion, and 2016 earnings guidance from $3.55/share to $3.25/share.
And then there’s Banca de Monte Paschi of Italy – which, as I strongly anticipated, is looking less and less likely to receive the “bail-out” its former CEO promised this summer, reigniting pressure on the European banking sector (stay tuned!). Not to mention, official confirmation that Obamacare premiums will rise, on average, by 25% in 2017, including a whopping 145% (no, that’s not a typo) in Arizona, where only one coverage carrier remains. Which of course, masks the much larger increases in deductibles, co-pays, and miscellaneous fees – the latter of which, in true Well Fargo fashion, you are likely being charged without even knowing it. Case in point, I went to an emergency room facility when I hurt my knee earlier this year – which, amidst a long, arduous grievance process, filed because the level of care I received was so poor, I learned that the doctor charged me hundreds of dollars for a mythical splint, plus equally mythical “services” related to its supposed installation and testing. In other words, per family healthcare is likely going to increase close to 50% in 2017; let alone, if Hillary becomes President, and attempts to shift Obamacare to a single-payer system, including an expansion of Medicare to a much larger group of citizens, legal or otherwise. Oh, and did I mention the Yuan was again devalued overnight, to a fresh six-year low? And the rapidly weakening “oil PPT” effort to hold the world’s most oversupplied market, crude oil, above $50/bbl, ahead of what may well be the biggest public relations, and market, disaster in OPEC’s history on November 30th?
OK, now that such “housekeeping” is out of the way, let’s get to today’s cause celebre, my five year anniversary at Miles Franklin! Frankly, it’s hard to believe the time has so rapidly passed, particularly in light of the abject misery I’ve dealt with, in joining the firm barely a month after dollar-priced gold was brutally attacked from the all-time high it achieved on September 6th, 2011.
To that end, the genesis of my relationship with the Schectmans goes back to that summer, when David Schectman, an avid GATA reader, approached me about joining his firm. At that point, I was three years into my personal accumulation of physical Precious Metals – which coincidentally, heated up at that very time, given that I sold my last mining share, never to return, in the Spring of 2011. I was well aware of Miles Franklin’s then-leading position on eBay, but otherwise did not know of the firm’s inner workings. Then again, in a business as opaque, and “unloved” as bullion dealership, very little information was available about the vast majority of industry competitors. Heck, the average person isn’t even aware that gold and silver can be bought outside of coin shops that charge exorbitant premiums, particularly if you actually want to sell something.
At the time, Miles Franklin was already one of the industry’s oldest, largest bullion dealers – having been around as a firm since 1989 (when it principally sold Swiss annuities), becoming a major bullion dealer when the industry bottomed at the turn of the Century. A family operation, David Schectman started it with essentially no capital, with the principal “assets” being the human capital of himself and his son Andy, who joined after finishing college shortly thereafter. Afterwards, the brokerage team was assembled, largely from David’s experience in the bullion business at the tail-end of the early 80s boom, when gold peaked at $875/oz and entered a prolonged bear market. Which, to this day, is essentially unchanged, owing to the loyalty of our team, and relationships developed over three-plus decades of “thick and thin” times. To wit, our average broker has roughly 25 years of experience – and likely, will be with Miles Franklin until the last ounce of gold and silver is sold. Which, in my view, may be a lot sooner than most can imagine, given how rapidly I expect the shelves to be cleaned out, once global monetary fear is irreversibly set in motion.
Also at the time, the firm was rolling out its industry-leading Brink’s storage program in Montreal – which has since been expanded to Vancouver; and shortly, will be in a third major Canadian city. This program, which features countless “bells and whistles” that many competitors do not, has been wildly successful – and I am proud to say, I have personally used it for more than three years. To that end, I cannot wait to unveil the latest, greatest editions to our Brink’s service offering – likely, in the next week or so; which I assure you, are unparalleled in the bullion storage industry, and extremely relevant in today’s world of increasing investor fears, about a great many issues.
And of course, there’s the Miles Franklin Blog – which, along with David Schectman, who started it decades ago; Bill Holter, who wrote for it for three years; and countless other contributors, I have helped to build into what I believe is the industry’s premier source for free economic information, particularly pertaining to Precious Metals. Over the five years, I doubt I have missed more than a handful of days of providing content – which, as a labor of love, I doubt will change one bit, until the aforementioned day when supply is no longer available. Or god forbid, if government interference makes it impossible for investors to acquire gold and silver through such mainstream channels.
In other words, I strongly believe that over the past 27 years – and particularly the last five, when several major competitors went bankrupt with tens of millions of clients’ funds – Miles Franklin has proven, in spades, that “Precious Metal bullion dealers are NOT commodities”; a fact that is supplemented significantly by the fact that that our home state of Minnesota, as of two years ago, is the only state to regulate bullion dealers – including, unlike essentially all of our competitors, the requirement that we post a very significant surety bond.
Personally, I am thankful for all this “third career” has given me – but particularly, the opportunity to work with the finest organization in the business, marketing products that not just I, but our entire professional team, believes in, and invests in personally. To that end, I look forward to serving your Precious Metals needs for as long as the industry remains; and thus, helping you PROTECT YOURSELF from the inevitable monetary outcome of the collapse of history’s largest, most destructive fiat Ponzi scheme.
Just a quick note to say thank you for keeping us informed with the truth.
Thanks for your hard work, Andy. Great column post. Today, in fact, having just seen the ZeroHedge article that house prices have now “topped” (since 2006), I recommended that a good friend who is moving from Chicago to Palo Alto, sell his house in Chicago immediately, and buy silver Eagles from Miles Franklin. I hope that he follows my advice!