Posted on 12/14/2011 10:10:17 AM PST by appeal2
James Turk and I talk about the interesting times that we're all living through right now. As the founder of Goldmoney.com, James has a ringside seat on the financial chaos that has been sweeping the globe. Even though the prices of gold and silver have recently been hammered, James sees no rush by Goldmoney account holders to sell off their metals. The current downward price spike has taken place mostly on the world commodity exchanges, rather than in the physical market place.
It is probably just a matter of time until the decline ends and prices resume their 12 year bullish trend move, once again making new all-time highs. MF Global, while not a pivotal financial event in terms of the scale of actual losses suffered, has raised the issue of counter-party risk and begs us to question what really happens to your money or shares when you put them in an account. If Jon Corzine doesn't know where that $1.2 billion went, how can any ordinary investor have confidence that their account wont blow up and leave them with an unsecured bankruptcy claim? So it all comes down to owning assets that have no counter-party risk, gold and silver.
bump
I could go for a bit more boring times, thank you very much!
lol
I would say don’t sell your physical gold at all, dump any paper gold right now. The excrement is currently in contact with the fan blades and will be spraying all creation shortly.
AFAIK there were no derivatives in the world of 1929 finance, so we don’t have a preview what’s going to happen when our present day economic train finally comes off its rails.
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