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« THE WORLD IS ON THE EDGE OF A DEFLATIONARY BLACK HOLE | Main | Africa has world’s largest in-situ reserves and resources of gold »
Wednesday
Sep282016

John Embry – The Fundamental Attraction of Gold

For investors who are both just beginning their foray into gold investment, and for those who have been long time proponents of gold, Sprott Senior Advisor John Embry breaks down the recent history of the U.S., highlighting the pressures that have brought fiat currency to the brink, U.S. debt liabilities to staggering heights, and gold back to the institutional investor’s crosshairs. It’s a must-hear, dispassionate and highly instructional speech for anyone seeking to fully understand the state of the global economy and its implications for gold and silver, and why gold remains a cornerstone of a well-constructed portfolio today.

To quote Voltaire: “Paper money eventually returns to its intrinsic value. Zero.”

The U.S. has provided the world’s reserve currency since Breton Woods. Though we did not lose the implicit gold backing until 1971, the pressure of the 1960s set the stage. As President LBJ tried to fund both his Great Society program and the Cold War era arms race and the Vietnam War, cash was flying out of U.S. coffers. In the process, an ever-greater amount of U.S. cash – gold-backed cash - was ending up in foreign hands. At the time, only central banks could redeem U.S. currency for gold, and they came forward with arms outstretched.  By 1970, the U.S. gold reserves were depleting at an alarming rate, causing Nixon to close off the vaults and unpeg the dollar.  Few could imagine the financial engineering that was to follow.

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 gold and silver drift lower as we await an ignition for precious metals, $1310.00/oz must hold to avoid a quick drop into the low $1200s. 

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