Are the Gold Bugs Wrong?
It takes patience and courage to stay the course amid a groundswell of proclamations that the gold trade is dead, but our positive outlook isn't based on stubbornness. The evidence from history is very clear: You can neither solve debt problems with more debt, nor strengthen an economy by destroying your currency. Eventually, these sins catch up with you.
Today's ongoing economic and fiscal crises cannot end smoothly or without unpleasant consequences. Since none of the excesses that precipitated the 2008 financial crisis have been fixed, another round of crisis is baked in the cake and will likely inflict even greater damage. When that happens, gold will again be seen as the refuge it is, regardless of current popular opinion.
We're not alone in this thinking. As you've undoubtedly read, in response to the crash, global demand for physical metal soared at both the retail and wholesale levels. This reaction is extremely important: We can't identify a single crash, collapse, or crisis that ended with retail investors stampeding to buy the asset that had just been crushed. Not one.
In our view, the gold story is not over. Far from it. The reasons for owning gold are just as important now as they've ever been since the bull market started in 2001. I can't be sure the price is done falling -- but I'm sure it's not done climbing.What is going on with gold? Was it overvalued before the recent drop? Or is the price being manipulated? Is now the time to get in, and if so, how? These are just a few of the questions investors want answered. And while no one has a crystal ball that issues definitive answers, some people have been around long enough to have keen insights on what's happening and what's likely to happen from here. People like Doug Casey, legendary speculative investor; Eric Sprott, founder and chairman of Sprott; and Steve Feldman, former Goldman Sachs partner and cofounder of Gold Bullion International. Casey Research and TheStreet have teamed up to bring these great minds together, along with others, to discuss the questions asked above, and many more. You can hear their answers -- and more important, get actionable advice on what to do now to best position yourself for what's ahead with gold -- in an exclusive video event titled Gold: Dead Cat or Raging Bull? The Webinar will be held Tuesday, June 25 at 2 p.m. EDT. Reserve your spot now. ________________________________________
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