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Gold and Silver price targets

<<Gold and Silver Charts>>

Gold price projects

From: $4,000 Gold! Yes, But When? Since September, 2001, the exponential growth rate for the national debt averaged 9.7% compounded annually, while the rate averaged over the last five years is 12.3%. The exponential growth rate for gold is a bit larger – about 18% per year compounded annually. I attribute this larger rate, in excess of 12.3%, to the realization that gold is a competing currency, mining supply is growing little, most governments are aggressively “printing money,” investors are increasingly interested in gold, and central banks are buying, not selling gold.

Since gold correlates closely with national debt, we now have a clear, objective, and believable proxy (national debt) to model the future price of gold. Extend national debt and gold prices forward for the next five years based on the exponential increase from the last five years, and the result is the following table. Bracket gold prices, high and low, based on past annual volatility at about 15%.

Date
National Debt $
(in Trillions)
Gold Price $
Low
High
9/30/2012
16.1
1,670
-
-
9/30/2013
18.0
2,000
1,700
2,300
9/30/2014
20.3
2,500
2,100
2,900
9/30/2015
22.7
3000
2,550
3,450
9/30/2016
25.5
3,650
3,100
4,200
9/30/2017
28.7
4,400
3,750
5,050

A chart showing the price of gold, on a logarithmic scale, with high and low trend lines, can suggest when the earliest and latest dates will reach $4,000. Those dates are November 2015 through June 2017, which are consistent with the above projection based on the tight correlation to the national debt.

Gold closing and Silver average price and volume

Average annual price of silver on the London Fix (reference and reference) and sales of American Silver Eagles in years 2007 - 2011 (reference and reference).

Historical Silver (London Fix) average prices in U.S. dollars and American Silver Eagle sales

Year
Price $
Sales (oz)
Notes
2003
4.85
8,495,008
2004
6.65
8,882,754
2005
7.22
8,891,025
2006
11.57
10,676,522
2007
13.39
9,887,000
2008
15.02
19,583,500
2009
14.66
28,766,500
2010
20.16
34,662,500
2011
35.11
39,868,500
2012
31.15
33,742,500
US Mint ran out
2013
--
--

Historical Gold closing prices

Year
Price $
% Gain
2000
271.50
--
2001
278.10
2.43
2002
347.50
24.96
2003
415.20
19.48
2004
437.10
5.27
2005
516.60
18.19
2006
636.00
23.11
2007
833.30
31.02
2008
880.80
5.7
2009
1,095.60
24.39
2010
1,421.60
29.76
2011
1,566.40
10.19

Silver in 1980

In 1980, silver spiked to about $143 per ounce in today's (inflation-adjusted) dollars (reference). (The actual 1980 high was $49.45 on January 18, 1980, but dropped precipitously shortly thereafter to a low of $13.99 on March 28, 1980. The historic low since 1980 was $3.54750 on February 25, 1991, reference.) Here is the Silver 1980 chart.

Greater consumption and investment demand. However, it should be noted that the supply and demand dynamics for silver are very different today. Both industrial and investment demand has greatly increased these last several years, and it is expected to continue. Demand from industry alone is snapping up more than half of the silver mined each year. Moreover, "Every day, the world takes roughly 1.75 million ounces of silver from the earth. But we consume more than 2 million ounces. This kind of consumption is quickly drying up our dwindling silver reserves" (reference).

Greater commodity distortion in paper to tangible asset. It should be noted that the daily amount of silver traded at the Comex (i.e. paper silver) is generally more than 160 times the 2 million ounces of silver consumed each day. And this is only the futures market for silver; it does not include SLV (the very popular silver ETF) and other silver funds. Compare this to oil, which is 5:1 paper to tangible oil, and we see a very distorted futures market for silver.

Greater number of investors with more wealth. Since 1980, the world population has increased by more than 60% (from about 4.3 billion to 7.0 billion individuals). The number of people that are able to participate in the silver metal bull market today is much, much higher today than in 1980 because so many of the people in Asia were prohibited from owning silver then. Not only can people in Asia own silver today, the government of China actually encourages its citizens to own precious metals and even makes them available via state-owned banks. Intuitively, the number of the world population which can own silver today is probably on the order of triple what it was in 1980. Perhaps more importantly, the number of people in the world that have accumulated wealth enough that they could actually use some of it to purchase silver has grown exponentially. In 2009 Merrill Lynch estimated that more than 10 million people worldwide had a net worth in excess of $1 million USD, about 0.15% of the global population, but for the first time since records have been compiled the number of millionaires in the Asia-Pacific region (3 million) exceeded the number in Europe (2.9 million).

Greater monetary supply. Since 1980 the world money supply has increased by a factor of at least 10 and probably more than that, meaning worldwide there is something like 1,000% more dollars, yen, euros, pesos, francs, yuan, etc. in existence today versus 1980. See Global Money Supply Data.

Fibonacci moves since 2003

Silver has made Fibonacci range moves since 2003. The Fibonacci Sequence is 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, and so on. Here is the Silver 2003-2011 chart. You will notice that the 2003-2004 breakout move was roughly $3 (i.e. from $5.49 to $8.42), then the breakout move from $8.42 to $15.22 was roughly a $7 ($6.80 to be exact), the 2007-2008 breakout move from $15.22 to $21.34 was roughly $6 ($6.12 to be exact), then the 2010-2011 breakout move from $21.34 to $31.23 was $10 ($9.89 to be exact), and the $31.23 to 49.79 breakout move was roughly $19 ($18.56 to be exact). Thus, we are getting a fibonacci sequence set of numbers--viz. 3, 7 (overshot fib # 5 by 2), 6 (undershot fib # 8 by 2), 10 (undershot fib #13 by 3), and 19 (undershot fib $21 by 2). Given this pattern, the next fibonacci number in the sequence is 34 and, as shown in the table below, should yield a price target of $84 (plus or minus 10-15%).

Breakout date range
Price range
Increase
Fib
Over/Under
2003-2004
$5.49 to $8.42
$2.93
3
--
2005-2006
$8.42 to $15.22
$6.80
5
+2.8
2007-2008
$15.22 to $21.34
$6.12
8
-1.88
2010-2011
$21.34 to $31.23
$9.89
13
-3.11
2011
$31.23 to $49.79
$18.56
21
-2.44
2013-2014 (projected)
$50.00 to $84.00
$34.00
34
--
2015-2016 (projected)
$84.00 to $139.00
$55.00
55
--

The Fibonacci Time Zones from 2006 high of $15.22 (in 5/7/2006) to 2008 high of $21.34 (in 3/2/2008) is 22 months, from the 2008 high to the first 2011 high of $31.23 (in 1/2/2011) is 34 months. This suggests that the next major fibonacci event is 55 months from Jan, 2011 or the summer of 2015. However, the other major high in 2011 of $49.79, was likely a reset of the time sequence. Thus, with the reset fibonacci time zones, we get April and December of 2012 as time periods to watch for possible tops, then December of 2013 or January of 2014, and finally a top in the June to September 2015 timeframe.

For gold, here is one suggested by Goldewave, assuming a parabolic rise.

Waves
Price $
Date
Fib
% Retrace in time
W1
1,032
03/17/2008
W2 (pullback)
681
10/24/2008
34
8.7%
W3
1,920
09/06/2011
W4 (pullback)
1,522
12/29/2011
21
9.0%
W5.1 (projected)
3,495
06/01/2013
W5.2 ( pullback)
3,041
07/28/2013
13
8.8%
W5.3
6,233
04/14/2014
W5.4 ( pullback)
5,734
05/12/2014
8
8.8%
W5.5.1
10,899
09/19/2014
W5.5.2 ( pullback)
10,354
10/03/2014
5
8.8%
W5.5.3
18,712
12/14/2014
W5.5.4 ( pullback)
18,150
12/14/2014
3
8.8%
W5.5.5
31,672
01/16/2015

German Marks in 1919 - 1923

German Marks needed to buy one ounce of gold in the period 1919 - 1923, illustrating what a hyperinflationary event looks like.

Date
German Marks
Projected
Jan 1919
170
Sept 1919
499
Jan 1920
1,340
Sept 1920
1,201
Jan 1921
1,349
<-- We are here
Sept 1921
2,175
<-- End of 2012
Jan 1922
3,976
<-- 2013-2014
Sept 1922
30,381
Jan 1923
372,477
Sept 1923
269,439,000
Oct 2, 1923
6,631,749,000
Oct 9, 1923
24,868,950,000
Oct 16, 1923
84,969,072,000
Oct 23, 1923
1,160,552,882,000
Oct 30, 1923
1,347,070,000,000
Nov 5, 1923
8,700,000,000,000
Nov 30, 1923
87,000,000,000,000

20th Century Hyperinflations

When inflation fears rise, fear of fiat currencies grow exponentially.

Nation
Year(s)
Peak Inflation %
Angola
1991-95
1 x 10^9
Argentina
1983-92
1.5 x 10^9
Austria
1922-23
500,000
Belarus
2000-08
1 x 10^8
Bolivia
1984-86
1 x 10^6
Bosnia/Hergez.
1992-93
5 x 10^7
Brazil
1967-94
2.75 x 10^18
China
1948-55
1.5 x 10^19
Georgia
1993-95
1 x 10^6
Greece
1944
5 x 10^13
Hungary
1922-24
n/a
Hungary
1945-46
4 x 10^29
Mexico
1982-92
1,000
Nicaragua
1987-90
1 x 10^6
Peru
1988-90
1 x 10^6
Phillipines
1942-44
100
Poland
1921-24
1.8 x 10^6
Poland
1989-91
10,000
Romania
1990-98
5 x 10^6
Russia
1992-98
1,000
Taiwan
1944-49
4,000
Ukraine
1993-95
100,000
U.S.S.R.
1921-22
n/a
Yugoslavia
1989-94
1.3 x 10^27
Zaire
1989-96
3 x 10^11
Zimbabwe
2000-08
1 x 10^25

Commodity Price Inflation from 2002 to 2012

Take from: United States 2012 Cash Deficit. All but natural gas has more than doubled in the past 10 years, with the average being 3.32X. Compare that to the government's own inflation calculation, CPI, at only 27%. Who are you going to believe?

Commodity
2002 $
2012 $
2012 / 2002 %
Silver
4.66
32.77
703
Gold
331.92
1,721.64
519
Copper
1,592.96
7,711.23
484
Oil
29.44
86.69
294
Diesel
1.43
3.96
277
Gasoline
0.81
2.82
348
Natural Gas
4.75
3.34
70
Coal
29.50
78.21
265
Wheat
168.98
361.00
214
Corn
107.01
321.54
300
Soybean
208.24
533.03
256
Coffee
38.52
102.94
267
Rice
185.27
590.73
319
AVERAGE
-
-
332
CPI
-
-
127
Average wages
15.29
20.00
131
S&P 500
879.12
1426.19
162

Money Supply:

  • M1 money supply divided by gold supply. A simple way to determine the revalued price for gold (if and when the U.S. dollar collapses) is to take the M1 money supply (see Money Stock Measures) and divide by the U.S. gold supply (about 8,100 metric tons). For example, as of February, 2011, M1 was 1,873.6 billion; and divided by the U.S. gold reserves (of 285.7 million ounces) results in $6,556 per ounce of gold. Jim Rickards explains it in this video dated September 16, 2010. M2 is the velocity of money. When that increases, according to Art Cashin (see interview), then inflation is not far behind. Also see: On Inflation, M2, and the Velocity of Money (posted 8/10/2012). However, Mises has a counter argument here: Is Velocity Like Magic? (posted 3/20/2002).

Notes:

  • Silver Price Forecast: Silver Bull Market Is Following The Structure Of The 70s Bull Market. Posted 5/9/2013. Predicting Silver to $140 by end of 2013 or early 2014.
  • Gold To Surge Over $460 & Smash Through Key $2,000 Level. Posted 3/14/2013. Top Citi analyst Tom Fitzpatrick issued a bullish call for gold. He predicts around $1,795 by May-July 2013 which is right in the middle of the major resistance level of $1,790-1,800. "We believe we could be seeing a dynamic whereby financial market and economic conditions in China stop USDCNY from falling, lead to more USD diversification as a consequence and thereby provide a strong bid in the market for Gold."
  • The Most Dangerous Gun in Human History. Posted 2/21/2013. What weapon, what gun, is this? Real Money. Thirty (30) days before the 1999 S&P 500 DOTCOM implosion, Gold hit bottom, after Gold had dropped for three months. The weapon warned of the implosion that was to come as real money was converted to fiat funny money in anticipation of the crash.

    Over one year of range bound trading and a sharp decline recently still keep gold trapped in a long term basing pattern between the $1280-$1300 range upwards to around $1800-$1825 per ounce. A retest of the lower end of this range, especially below $1380 indicates another monetary contraction is underway and a 30%+ correction will set off a panic in the currency wars and American economy. The only stability the average American can obtain during this upcoming period of economic instability is in fact real money loaded with silver bullets (coinage) as a shield against the hyperinflation which kicks into high gear after this next market correction.

  • Major Top in Stocks and Major Bottom in Gold. 2/20/2013. The author expects a similar pattern to the 2007-2008 for the stock market and oil, but this time it will be the stock market and precious metals.
  • Physical Vs. Paper: Is The Gold/Silver Price Correction Over? Posted 2/19/2013. My fund partner has been keeping track of the weekly open interest and COT report positions since early 2005. This chart shows the weekly hedge fund net long open interest vs. the commercial trader gross short position. It dates back to May 2005 and runs through Friday's COT report. You can see from the aligned red circles that the gold price hits a "cyclical" bottom after a period in which the large hedge fund net long position hits a low point and the commercial gross short position also hits a "high" point (the short position is negative, so a high point on that data series represents a low short position). Using this information, it appears to me that the current sell-off in gold/silver is at or near an end.
  • Gold At $10,000 – Silver At $400 – Here’s How It Will Happen. Posted 1/29/2013. Bubbles tend to follow the 80/20 ratio indicated in the Pareto Principle. Phase 1 takes approximately 70-80% of the time and covers approximately 10-20% of the total price change. Phase 2 accelerates so that it takes only 20-30% of the time but covers 80-90% of the price change. Extreme bubbles such as the South Sea Bubble and the Silver bubble experience approximately 90% of the price change in the 2nd phase. The ratio of the phase 2 ending price to beginning price is typically 4 to 8 – a huge price move.

    Assume that silver began its uptrend in November 2001 at $4.01 and that gold began its move in April 2001 at $255. Silver rallied to nearly $50 in 2011, and gold also rallied to a new high of about $1,900 in 2011. Assume that both surpass those highs about mid-2013 and accelerate into phase 2 thereafter. Using these assumptions, phase 1 for silver would measure 12.5 years and phase 2 could last until approximately late 2016 – early 2017. If we assume that phase 1 was a move from $4 to $50 and that represents 19% of the total move, the high could be around $250. The ratio of phase 2 ending price to beginning price would be 5:1 – reasonable.

  • Rosen - Expect Stunning $233 For Silver As It Begins To Soar. Posted 1/18/2013. The $233 target could come as early as March, 2014.
  • The Dow Silver Ratio. Posted 12/27/2012. How long do we have until a single tube of 20 American Silver Eagle Coins is sufficient to purchase a single share of the Dow Jones Industrial Average? Currently, the ratio is about 500 silver coins to 1 share of the DOW. At the peak in the 1980s, the gold silver ratio went to 17 silver coins to 1 DOW share.
  • The Roadmap For $3,000+ Gold, $100+ Silver & 1,650 HUI. Posted 11/21/2012. Predicting $3,000 gold and $115 silver by February, 2014. Good charts to back up the prediction.
  • $4,000 Gold! Yes, But When? Posted 11/5/2012. Projects $4000 gold in late 2015 or mid-2017. This assumes a current annual growth rate of between 10% and 12% for the national debt. This is conditioned on a massive and devastating financial and economic melt-down NOT occurring in the next four to six years. Such an event would cause the price of gold to skyrocket, of course.
  • Some Incredible Gold [and Silver] Charts. Posted 10/31/2012.
  • $2,300 Gold, Here We Come. Posted 10/15/2012.
  • How A 12th Century Mathematician Just Doomed Bernanke's Wealth Effect. Posted 9/25/2012. Suggests the rally from June on Bernanke's anticipated QE3 (or QE-Infinity) may end this week and a pullback of 47 days will ensue into early November, 2012 before the next run.
  • Forget the $ - 1oz of Silver for 45 Acres! Posted 9/20/2012. Ratio investing. One denarius (or the equivalent of 1/10th of an ounce of silver) for one day's wages. The author calculates that the Louisiana Purchase of 529,920,000 acres of land was made for 729,300 oz. of gold or 11,668,800 oz. of silver (using 16:1 ratio). Thus, 45 acres were purchased for 1 oz. of silver. Another approach is: That the purchase was done for 15 million dollars back in 1803. Back then, the silver dollar was 0.7735 oz. of silver. Thus, the Louisiana Purchase was made for approximately 11,602,000 troy oz. of silver. The author speculates a possible 1:1 ratio of 1 acre for 1 oz. of silver when the economic collapse arrives.
  • $50 Silver "Virtually Guaranteed". Posted 9/18/2012. With gold having passed $1700 (twice the 1980 nominal high of $850) already, it stands to reason that $100 (twice the 1980 nominal high of $50) silver could be virtually guaranteed. Please note that the gold to silver ratio back in 1980 was 17:1, so a similar ratio (possible smaller, such as 10:1) should occur at some point in the coming spike.
  • Silver Price Forecast: Is Silver Fast On Its Way To $50?. Posted 9/17/2012. Very good analysis of the current silver price.
  • What Will Be Scarce: Liquidity and Reliable Income Streams. Posted 8/30/2012. A good summary discussion of scarcity, cost basis, opportunity cost, Also, the trend toward access versus ownership. For example, the trend is toward access (i.e. carpooling, renting, etc.) of autos and homes versus ownership. In the United States, what will be scarce is income, not commodities. The corollary is: All capital sunk into ownership-model assets such as vehicles and homes will become trapped capital (i.e. they will become illiquid, since there will be little demand for these assets). The trend of declining income for labor and the decline of the ownership model of resource-intensive assets such as vehicles and homes will continue into the future. Thus, the importance for finding reliable income and liquidity (the ability to sell assets quickly and safely for cash) going forward. The future of investing is "Local Control."
  • Silver likely to outperform Gold, Copper in Q4 2012: TD Securities. Posted 7/3/2012. According to BNP Paribas, "An improving macroeconomic outlook and high risk appetite should see silver outperform gold for most of H2’12 and 2013 although silver, like gold, remains vulnerable to waves of liquidation. As a result, the gold/silver ratio should decline to the low 40s by H2’13.”
  • Jim Sinclair’s ‘Most Important Message in 10 Years’: Gold to Target $3,500. Posted 7/3/2012. Jim Sinclair predicting that, in one to three years, gold will hit $3,500.
  • Can We Profit From Gold Price Seasonality? Posted 2/12/2012. Price projections for gold for 2012. Suggests $1,950 to $2,200 by end of year.
  • Gold’s Role During Periods Of Monetary Stress. Posted 2/9/2012. Gold’s job is, and will always attempt to, during periods of monetary stress, balance the INTERNATIONAL Balance Sheet of the USA. The equation is: Price of Gold = External Debt / 260,272,000 (ounces of U.S. gold; i.e. 8,133 tonnes). The external debt is currently slightly under $5 trillion; thus, the gold price should be a little over $19K.
  • James Turk reaffirms his $400 long-term silver target. Posted 1/31/2012. A 20-minute presentation where James Turk outline the reasons behind the $400 price target in the 2013-2015 timeframe. You need to register to watch the video. Essentially, he believes gold will go to $8,000 and the gold/silver ratio will be 20:1 by then, or a $400 price for silver.
  • The 'Gold Bubble' In Perspective. Posted 1/31/2012. Charts comparing gold's price to the monetary aggregates M2, MZM (money of zero maturity), and S&P 500 index.
  • Silver Price Forecast 2012:I Stand By $140 Silver Price In 2012. Posted 1/26/2012. Similar pattern to the 70s. See here.
  • When Will Silver Reach a New High? Posted 1/23/2012. If the averages of the prior corrections are any indication, silver will break to new highs in May, 2013. However, what's different now is that both industrial and investment demand for silver continue to be strong.
  • The Possibility of $1,000 Silver before Hyperinflation. Posted 1/3/2012. Assumes gold to reach $10,000 and silver $1,000 or a 10:1 ratio--i.e. silver overshoots its current ratio to gold.
  • Gold on the Cusp of $3,000+: An Update. Posted 12/19/2011. Uses fractals to arrive at the price target. Was accurate on target of $1920 in 2011.
  • Keynote Speech At Sydney Gold Symposium 14-15 November 2011 By Alf Field. Alf Field concludes that there is at least an 80% probability that the silver correction bottomed at $26.59 back in September 26, 2011. As for gold, he believes that there is a 40% probability for a retest of the range of $1478 to $1576. The higher the price goes above $1767, the greater the probability that the low was in at $1531 back in September 26, 2011. Once this correction has been completed, Intermediate Wave III of Major THREE will be underway. This should be the largest and strongest wave in the entire gold bull market. The target for this wave should be around $4,500 with only two 13% corrections on the way.
  • Silver Update 11-9-11 Range Expansion. Posted November 9, 2011. Good discussion on increasing silver range moves from 2004.
  • Gold is not in a Bubble: It’s on its way to $10,000 an ounce. Posted October 11, 2011. We can look at three features of gold’s rise that tell us, it is not only not in a bubble but, it will almost certainly rise to $10,000 an ounce and beyond. These features are: (1) the loss of purchasing power of global currencies, (2) the inflationary effects of money creation, (3) Irreversible trends will continue to cause gold to rise. Three of the most significant "irreversible" trends are: (a) the aging population, (b) outsourcing, (c) peak oil.
  • Goldrunner: The Gold Tsunami Wave Cycle. Posted September 25, 2011. Compares price action in gold/silver to the 1970s.Expecting 3 momentum runs over the next few years with the first already completed. Looking for a potential "bottom" next week (i.e. 1st week of October) and the beginning of the next wave higher. Upside targets for Silver for this next run into late 2011/ early 2012 of $52 to $56 should be achievable for silver, with $58 to $62 as real possibilities. Golds run will reach the $2250 level and $2500 level before a higher run takes us up to $3,000 Gold, or higher. 'We believe that we lie at a “load the boat moment” in this historic Gold and Silver bull for Gold, Silver, and the PM stocks.'
  • Silver getting ready for a breakout: Buy on weakness before the end of October (2011).
  • The U.S. goes Ka-Poom in roughly 2013-2014. It has parallel features to the Argentina's 2001 Economic Collapse.
  • $8,000 GOLD and $400 SILVER by 2013 - 2015: James Turk [Part 1 of 2]. YouTube uploaded on May 29, 2011.
  • Eric Sprott and James Turk on SILVER. Posted August 5, 2011. "Silver will be the investment of this decade."
  • The Imminent $2.5 Trillion Debt Ceiling Hike Will Unleash A Gold Price Surge To $1,950 And Higher. Posted August 1, 2011.
  • Gold Faces Short-Term Price Trap. Posted July 29, 2011. Pullback in gold prices based on U.S. debt ceiling resolution and re-emergance of global recessionary forces. However, an ultimate currency collapse will send gold prices even higher.
  • Gold Special Report: Erste Group. Posted July 4, 2011. A 91-page report detailing everything related to Gold.
  • Why Gold Above $15,000 Per Ounce By 2020 Is Realistic Without Hyperinflation. Posted June 10, 2011.
  • Seasonal Gold Price Trends Favor Summer Purchases. Posted June 3, 2011. Shows annual charts going back to 2001.
  • Silver's Destiny with 200. Predicting a pullback to the 200 day moving average which is currently at $28.79 (as of 5-6-2011) sometime in the summer.
  • Silver Criticality - Why Silver Might Crash. Ben Davies sees a correction into August and then new highs by EOY or 2012. See Interview.
  • Seasonality of silver. Suggests the summer months (June - August) is the best time to buy.
  • Silver approaching intermediate top in April/May 2011. Dated April 21, 2011.
  • Gold value presentation developed in 2010 by Paul Tustain, founder of BullionVault.com. His valuation on gold sets a conservative target price of close to $4,000 per ounce.
  • Gold and Silver price targets. Fractal analysis developed in March, 2011 giving a May-June, 2011 target of $52-56 for silver and $1860-$1975 for gold.
  • Update! These 86 Analysts Now on $5,000 Gold Bandwagon.
  • $300 Silver is beginning to look conservative! Here's why
  • QE2 and the Fate of the U.S. Economy. Argues for a buying opportunity in precious metals coming this summer, 2011.
  • What If Precious Metals 'Mania' Hits India Or China? (Part I)? And Part II
  • China’s "Rare" Commodity Monopoly Threatens U.S., Leeb Says (video). Includes comment on industrial use of silver rocketing silver past $100.
  • The Devaluation Against Gold Is The Inflation. Excellent interview on gold on various points. Mr. Rickards targets gold at $7,000 or higher if 1980 is repeated.