While it is still too early to determine whether
inflation or deflation awaits in the near-term, Peter Schiff writes of
Gold as the “canary in the coal mine:”
Like a battering ram in a medieval siege, gold keeps
hammering away at the gate. For the third time in less than twelve
months, the yellow metal is once again crashing into the $1,000 per
ounce level. As of press time, it looks like gold will close above that
level today and will set a new record in the process. Even if the breach
is fleeting, who can doubt that it will mount another assault soon? In
the meantime, there is no shortage of market analysts who are not buying
gold while questioning the motives of those who are. Although they
offer a variety of strained reasons, they nearly all agree that it has
nothing to do with inflation, which is nearly universally considered
dead and buried. As a self-confessed gold bug, I can assure all that
inflation is the only reason I buy gold. And recently, I’m buying a lot.
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