What is NOT uncertain is that the current global fiat money system is DOOMED. The longer it is kept on life support, the worse its eventual demise will be. Gold has been telling us that for more than ten years. But now, more and more people are beginning to listen. – Bill Buckler, The Privateer…August 27, 2011
I urge you to find the time to read the entire Jim Willie article in today’s daily. It is outstanding! Also, I vent a bit at an Email I received from a disgruntled reader in the Mail Box section. If you want to be critical of what I write, at least have the decency to read what I write.
Gold finished August at $1824.20. That is the highest monthly finish ever. It is up $203.90 in just the last month. And all this, in spite of last week’s assault on the price. Now comes September, and with September, and with the cooler weather and falling leaves will come the annual rise in price. I expect an announcement of more Quantitative Easing when the Fed meets again for two days, later in the month. Then, the price should really uncoil. I think you will be surprised to see how fast $2000 is reached, and breached.
Those of us that climbed on board the bull market way back when gold was fighting to crack $300, and when a daily gain of $5 was a big deal, are few and far between. In those days, we were hoping that somehow, gold would surpass its previous high of $850, but few dared to dream that $1,824 was in the cards. No one I know of, not even Jim Sinclair, spoke of such a lofty number. Sinclair was ridiculed with his prediction of $1,650. Nowadays, few take his current prediction of $12,000 seriously either.
Yes, this is what a decade-long bull market looks like – and I can honestly say that I have been fully invested in gold and gold mining shares since the start.
From 1990 through 2001 Miles Franklin was primarily a company that referred business to Switzerland and set up hundreds of our clients with Swiss Annuities. By early 2002, we worked diligently to move our clients out of francs and into gold and silver. We reasoned that gold and silver would outperform the franc, and so they did, by hundreds of percent. Our reputation for professionalism and service had spread and we were able to make our mark, early on, in the precious metals industry.
There really hasn’t been a major correction, except in late 2008, since gold started to rise. That, in itself, is remarkable. Gold has finished higher every single year since the bull market began, over 10 years ago. All of the nay-sayers, all of the deflationists, all of the bozos over at CNBC have been wrong. I am one of a handful who really was in tune with the bull market from the very beginning. I not only wrote passionately about the need to own gold, I also invested all of my money in gold, silver and mining shares. My family and friends thought I was out of my mind! They are probably right, but not because of my lust for gold and silver. I do march to a different drummer. Susan, my wife of 47 years, sums it all up – “In all the years there has never been a dull moment!”
We have more than 11,000 readers and over 5,000 clients at Miles Franklin, and a good many have been with me since the start. They listened and they have prospered. We have given good advice all along the way. We have held your hands with every dip and challenged every voice that shouted “gold is a bubble; gold is over-priced; expect a major pull-back.” It really is difficult to ride the bull all the way up. I don’t know if I will be able to hold on to the very top, but I am in it for the long haul and this bull market still has many years left to go. I know they say that “past performance doesn’t guaranty future performance,” but then it sure looks good on the old resume. Miles Franklin was one of the pillars along with Jim Sinclair, Bill Murphy, Jim Dines and Richard Russell, who ignored the masses and got behind the metals in the beginning.
The big gains are still in the future. Percentage-wise, the big gains are behind us, but dollar-wise the big gains are waiting in the wings for those of you who are patient.
Thank you, to all of you who have become our clients and graced us with your business. Your loyalty is much appreciated. We will never take advantage of you or take you for granted. Our staff has built close and lasting relationships with many of you. To us, you are like family and we are thrilled to be a small part of your financial success.