Kris Sayce from Funds Early morning Australia attended the Sydney Gold Symposium this week. He admits no prizes for making the proper guess on the thoughts on gold and silver. “The concept was purchase the two. And buy them now.” Which he states, made him really feel a bit uncomfortable.
The following are Kris’ highlights from the convention – and a term of warning:-
Monday’s keynote speaker http://www.susanroane.com/keynote_speaker.html was Egon von Greyerz. The following are a number of choice quotes:
“There are a few types of money. There is money which is worthless (Zimbabwe), there is funds that will become worthless (US greenback), and there is actual funds (gold).”
“100,000 men and women earning average $ 40,000 have to operate for 350 a long time to produce as significantly earnings as Ben Bernanke can print $ one.four trillion in a fraction of a 2nd.”
What’s the distinction? The initial is largely productive work… The latter is a man pressing a button!
“Nixon must have been impeached for likely off the gold regular, not Watergate… or shot even! It was the worst criminal act I have actually seen.”
The afternoon session noticed our aged pal, Dan Denning get the phase:
“The gold normal really should be the buddy of the functioning man…
“You cannot have true liberty with no gold as actual funds.”
And on the sham of central financial institutions possessing an inflation goal, Dan pointed out an inflation goal of three% means the central lender is authorising the constant erosion of personal wealth… by three% every single calendar year.
But “below a gold normal [the people] can’t be robbed by the central bank in that way.”
The second day was a ripper too.
But as we ended up chairing, we did not have the likelihood to get as many notes as we would have liked. Richard Karn’s speak on specialty metals was the greatest of the crop.
His greatest slide in contrast nations’ cash supply growth and reported inflation rates. Turns out Australia’s funds supply is increasing quicker than the U.S. Nevertheless formally our inflation is under handle!
But obtaining back again to our stage from the commence of this letter, some parts of the Gold Symposium manufactured us How to Buy Gold feel a bit uneasy.
We know it was a gold conference. And we knew absolutely everyone would be bullish on the yellow steel. But nonetheless, we had hoped for some counter arguments. Or at the very minimum for a single of the speakers to say, “Of study course, if I’m wrong, this will happen…”
The closest any of the speakers came to this was (we think) John Embry of Sprott Asset Management. To paraphrase, he mentioned: “Be watchful what you would like for. If there is hyperinflation it will be terrible for everyone.”
It’s an argument we’ve produced the following a lot of times. We know the gold bugs won’t like us saying it. But the best final result for gold traders is most likely for the world’s economies to encounter much more of the same… bailouts and central financial institution money printing.
That will be negative news for those who don’t own gold as they’ll continue being unaware of the silent destruction of their wealth. But for gold and silver investors it could (or must) see cherished metals crank higher over time.”
The total post is obtainable at http://www.moneymorning.com.au/20111116/the-functioning-mans-and-womans-very best-good friend.html
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