Hurrah before The Dark Years
The comments below are an edited and abridged synopsis of an article by Egon von Greyerz
This autumn will be momentous in the world economy, markets and politics. We are now seeing the Last Hurrah for stocks, bonds, the dollar and most asset markets.
The world economy has been living on borrowed time since the financial crisis. Things should have collapsed then, but central banks managed to keep things going. Zero/negative interest rates and printing enough money to double global debt seemed to have solved the problem. But rather than saving the world from economic collapse, debt growth and asset bubbles have created exponentially higher risk.
Global problems of the magnitude that we will experience in coming years will start in Venezuela, Argentina and Turkey (VAT countries). We are seeing multiple examples of local wild fires that will soon spread to the core of the world economy.
Deficits, debts and currency collapse are the normal warning signals, and these are present in the VAT countries. The best indicator of problems is gold, which in Venezuelan bolivars is rising exponentially. Since May 2018, gold has gone up 2.3 million percent; in Argentina 14,500% this century; and in Turkey, 26% since May.
Up for discussion: Europe is bankrupt; US debt has doubled from $21 trillion to $42 trillion; a collapsing infrastructure; the last hurrah; the East; Comex and bullion banks to blow up
Gold and silver equal life insurance right now. Waiting to buy precious metals will be the costliest mistake anyone can make. When prices go up, most will miss the boat and be without the protection they so badly need. Precious metals are not an investment; they are the ultimate form of wealth protection. This time, they could save your life.