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From David’s Desk

“It’s not one iota different than Greece,” Sprott Asset Management’s John Embry says of Uncle Sam’s massive debts. How will they be resolved? “It will either be inflated or defaulted, it will not be paid back under any circumstance,” he tells King World News.

Either way, he says you can be assured of two things: “One is that the standard of living for the average person will be crushed, and two, there will be some form of civil unrest because people confronted with this reality are going to become extraordinarily unhappy.”

Mark Lundeen

Keep in mind that silver was only pennies from a new all-time high one-day, to a 30% crash in only seven trading days.  No doubt about it, silver got whacked by the “regulators.”  We know this to be true if this ever happened to one of the major stock indexes, the “regulators” would be out head-hunting to “find the bastards who did this!”  That they don’t investigate silver’s “flash crash” only tells

us they already know who was behind it – the “regulators” themselves.  Yep, it’s pretty corrupt, but over the long term it won’t make a difference.

Since the start of its bull market, whenever silver was knocked down 30%, it took over a year before it recovered its losses, and again made new highs for the move.  So really if silver should see new highs for the move before Christmas, its darn bullish for silver.  Right now it looks like silver is looking for a bottom.  If May’s crash lows hold up for the next week or two, and I expect them too, it will be interesting to see how quickly silver can go on to new highs.  If you like buying low, this seems a good time to be buying silver.

Same old drill – hit gold and silver in London.  In the chart, below, look how they take gold down every day at the same time, around 4 a.m., New York time.  Be patient!  It’s that time of the year when gold and silver languish.  I have set my sights on the fourth quarter for the real fireworks in precious metals.  Meanwhile, I wait, bite my lip and do my best to ignore the drag on my portfolio – and I plan to use any extra funds to keep on accumulating gold and silver.  I have been saying this for many years now, and I will repeat it again – one year from now, you will wish you purchased more gold and silver at these prices.  That statement has been true for a decade and it will continue to be true for a number of years to come.

Scoreboard, year to date

Gold +6.7%

Silver +12.4%

Platinum +1.9%

Copper -9.2%

Palladium -.06%

Crude +6.5%

Ethanol +16.7%

Heating oil +2.1%

Nat. gas +5.5%

Unleaded gas +22.2%

Coffee +24.4%

Cattle -4.4%

Corn +24.4%

Cotton +4.2%

Soy beans -0.8%

Wheat -6.5%


David Schectman

Miles Franklin