Jessie Cornish was my mentor in precious metals in the mid 1980s. He passed on in 1986 and I took over his position as the public spokesman for the largest (at the time) gold and silver company in America. I recently stumbled upon Jesse’s last will and testament. I used to mail it to all of my clients, in the 80s. It is still relevant and I am proud to insert it here:
Last Will and Testament Of Jesse Franklin Cornish
I, Jesse Cornish, being of sound mind, do of my own accord, make this last will, bequeathing all of my earthly possessions as follows:
To my son, Jesse, and my daughter, Candy, I leave all my owned real estate and equities and all my liquid assets in the form of checking, savings, and other money accounts to share and share alike.
To my son, Jesse, I leave my guns, fishing gear, boats and all other personal effects a father would normally pass on to his son.
To my daughter, Candy, I leave the things her mother left. I leave her also certain family treasures, and pieces of collected art described on the attached sheets.
To both my son, Jesse, and my daughter, Candy, I leave my total collection of African art goods, my automobiles, items of jewelry, photographs, music albums, and all household valuables to share and share alike.
To my grandchildren, I leave the faith and hope that your parents will pass on to you whatever is left of this bequest on their demise. And to this I pray that they will add their lot. The bequests I have named appear in the will that is it be probated. It is already in the hands of my lawyers who will see it through for you.
In your own safe-deposit boxes, where you found this private copy is a sealed letter addressed to each of you. You may open it now. Inside you will find specific instructions leading you to the location of special forms of assets I have secured and left for you. This wealth may well be the only thing of real value I have to pass on to you.
It is in the form of gold and silver coins and bullion. Nobody knows I bought it, there is no record of them, and nobody knows where they are except you today.
I did not buy it to speculate. I bought it to get out of paper assets and to preserve capital.
The bullion coins are worth five times what I paid for them and some or the numismatic coins have appreciated over 6000 percent in the last ten years. As the next inflationary cycle reaches double digit, their values will also double.
The numismatic, rare coins along with their certification are in the packets here that bear your names. In your names also are these storage receipts from the warehouses in Montreal and Dallas. They represent the numerous pieces of fine ivory and ebony art carvings I brought out of Africa over the years. You may claim them in person at any time. All of these items are in demand and maintain high liquidity.
I depart this life with the prayer that you will have the foresight and self discipline to leave it as it is until this nation regains fiscal sanity. When that finally comes about, there will be complete monetary reform.
Your gold, silver, and ivory will buy this new form of currency and could well be your only hope for financial survival. When I purchased the uncirculated coins to put away for you, I was afraid and didn’t buy enough. Now I see they have provided the highest appreciation of all, and any further additions to this private part of my bequests to you will include more of the same. It grieves me to inform you that I have also passed on to you a “Legacy of Debt.”
My generation found a way to lead the good life by borrowing from yours. We have lived out the last thirty years in a credit “dream world” of luxury and affluence and monetized the massive debt by offering the next two generations as collateral. The material wealth I leave to you will not even begin to pay your share of the bill we ran up during your lifetime and it will haunt you and cause you to ask, “How could my dad do this?”
Please know it was not what I did, but rather, what I failed to do. I just didn’t bother to get personally involved in the affairs of government at any level.
I filled my days to earn large sums of dollars and spent too may nights celebrating when I did. Like millions of others, I stood by as inept elected officials bought votes with your money and changed America from a capitalistic, free enterprise nation to a land ever-approaching mandated socialism.
The conventional investments I planned for your future failed the break-even point years ago. Savings, common stocks, and money funds were tied to the shrinking dollar and eroded away with inflation and taxes, just as they will when this economy turns around to monetize the most massive debt in history.
Over the past 15 years, most of my income was taken away in taxes to finance the enormous bureaucracy that now has a strangle hold on every aspect of our economy.
Even as I write this, I see the vultures circling -waiting to pick apart the probated portion of this will that was already riddled with taxes as I tried to keep it alive.
My final prayer is that you will use my shortcomings as a warning light to guide your way. And that you will try to find forgiveness in your hearts for the things I failed to do.
Get involved. Help get America back into the hands of the earners and the producers.
From my generation you have learned that you cannot feed and house the whole world. You also learned that the nation’s banks do not deserve blind faith. 60 of them failed this past year and 750 more are in trouble with assets represented by over-extended credit.
Don’t be afraid of what lies out there ahead, and don’t ever feel guilty about what you earned yourself. Don’t let elected officials give it away to the plunderers for the sake of re-election and self enrichment.
When the day comes for you to retire, the Social Security program will be bankrupt and gone. I paid into it for nearly forty years but never withdrew a dime.
There is an automatic $275 burial fee you could withdraw for my funeral expenses. I have already designated funds to cover this so please turn it down and afford me the last dignity of paying my own way out.
In everlasting love,
Jesse F. Cornish
State of Minnesota
County of Hennepin
Read these two quotes from Jim Sinclair:
There is no way that any entity, be it private, public or both, is going to manipulate away the debt situation faced today.
There is no way that the US is going to become a net exporter of energy in amounts that could even slow down this rate of growth in the debt.
There is no way this flat line recovery is going to turn into a boom in business.
There is no way that the unemployment figures are going to have a sustained improvement short of all the unemployed giving up hope and shifting to the underemployed list.
There is no way that you can set such records in increased liquidity and not have explosion inflation regardless of business activity.
There is no way that the Fed can liquidate its holdings of treasuries in an orderly manner without collapsing the Treasury market.
There is no way the Fed can liquidate any toxic paper it took on from banks internationally in the crisis of 2008.
There is no way the Fed can step away from QE which would mean higher interest rates without collapsing the flat line so called economic recovery.
– Jim Sinclair, There Is No Way…, February 11 2013
What does Russia know that is motivating their purchase of gold? What does China know that is motivating their intend to be the world largest owner of gold? What is behind the downside manipulation to separate you from your gold by scaring the hell out of you and you out of your positions?
This occurred in the 70s. It is nothing new. What is new is you.
The answer is very simple. Gold is not valued at $42 as the US Treasury would have you believe. The majority of the BRICs are going to mark to market valuation of their gold. That will put a necklace of gold on their currencies.
It is the major gold banks now operating in hopes of producing a waterfall of gold into which they will accumulate. Believe me because I know.
You are being royally had. You have a defense even if you are fully committed on a cash basis – simply do nothing.
If you are a coward, admit it and do whatever you have to do to get it over with. That certainly will memorialize the bottom before gold trades over $3500.
I can help people with logic. I have no hope of herding cats.
– Jim Sinclair, In The News Today, February 11 2013
This is as clear as it gets. These daily attacks on gold serve but one purpose, to get you to sell or scare you away from buying gold. The central banks want it for themselves and as cheap as possible. That, dear readers, is exactly the reason for you to be buyers now. They are subsidizing your price, if you are wise enough to understand the game that is being played.
One thing that you can understand – your eyes can see it – is that with great regularity, not-for-profit sellers enter the market and dump enough gold (paper contracts) on the exchange to cause a “waterfall” drop. Anyone selling to make a profit does it over time, and in such a way as for their sale NOT to cause a drop.
Check out today’s drop at just after 8:00 a.m. on the Comex. First, they sell gold into a very weak market, before Comex opens, then they hit it again at 8. Andy Hoffman has been pointing this out since the day he started writing for us. But this should not cause you to lose faith. The central banks and bullion banks have tried their best to hold gold back since 2001 and they have failed miserably. Call me, and say thanks when gold hits $3,500 – on the way UP from there. I am doing my level best to keep you in the game and to help you muster the courage to keep buying at these price levels. I am bullish on accumulation at any price level below $1,800. Congratulations to those of you who listen.