The Ides of March—Gold at $14,463 and Silver at $669
Will March 15—the Ides of March—be significant? Some noteworthy events took place: The debt ceiling was reset, and the Fed met to discuss a rate hike. In addition, there was the Dutch election (followed by the French election).
In normal circumstances, none of these events would be earth shattering or have major consequences for the world economy. But we don’t have a normal world. We have a world that is financially and morally sick.
Von Greyerz discusses America’s $65 trillion of debt risk (with unfunded liabilities of around $200 trillion and derivatives around $500 trillion); why the US debt ceiling is a farce; how inflation is back; how US dollar weakness is coming; how the euro is about to rise against the US dollar; and Bitcoin.
In conclusion: “So in 2017, we are likely to see gold and silver reflecting all the major global risks as well as the continued growth of US and global debt. Also, the severe shortage in physical precious metals that will occur as the manipulated paper market implodes will have an explosive effect on metal prices.”
“But physical gold and silver should not be considered as an investment. Whatever price they reach is almost irrelevant compared to the protection they will provide against imploding currencies and a rotten financial system.”