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One once ounce of gold : one year's wage, One ounce of silver : one month's wage

-- Posted Sunday, 26 September 2010 | | Source:

You think I am crazy?

I have been ridiculed, dismissed, hated and now I am feared, but no one has given me a reason to change my view.  I am still listening.

Unbacked paper money is fraud.  Most of the wealth is the world is an illusion.

Real wealth is productive capacity.  The world has orders of magnitude more productive capacity than in 1929, multiples of what it had in 1989.  But the paper illusions of wealth dwarf real wealth as never before.   Most of that paper wealth will accrue to gold and silver.

We will continue to see deflation in terms of gold and silver, inflation in terms of paper. From the perspective of gold, debt will default.  From the perspective of paper, debt will inflate.  One way or another, debt, which is the mirror reflection of the paper wealth illusion, will be destroyed.

Attempts to reform within the current system are useless.  You should write off all paper promises today, and plan accordingly.  Here is an incomplete list of what you need to kiss goodbye:

Government Promises

Social Security, Medicare, Medicaid
Deposit Insurance
Unemployment insurance
Food Stamps
Public sector jobs

Corporate Promises
Insurance Policies
Unbacked paper gold and silver
Home equity lines of credit

There is less than one ounce of gold per person on the planet, less than 1/4 ounce of silver.  As the screw tightens, every scrap of paper will be thrown at gold and silver.  But most of the gold and silver will be off of the market.  No one will want bonds, so the central banks will print trillions to buy them all.  But the bond market is just the tip of the spear.  Paper money will be destroyed when people insist on payment in gold and silver.   Only the demand for goods and services will bring gold and silver out of hiding. 

The price that I project, an ounce of gold for a year's wage, is near the all time historical high.   These are unreasonably high prices if there is a functional credit system, but not in the absence of a credit system.  Furthermore, those who hold gold and silver assets will be the source of the next credit expansion.  Even as the price of gold and silver goes down, the primary benefit of the next credit expansion will flow to those who have real capital.

by Vincent Bressler
-- Posted Sunday, 26 September 2010 | Digg This Article | Source:


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