Wednesday, 24 March 2010


John Myers:
So there doesn’t appear to be enough gold to satisfy demand, at least not at these prices. But there certainly has been an avalanche of money. Consider this: in the past half century the above ground levels of gold have doubled. Meanwhile M3, a broad measure of money, has risen from $300 billion to $10 trillion. In other words, there is twice the amount of gold as there was in 1960. But there are 30 times more dollars.

All of which leads me to think that Wall Street has it picture perfect once again; perfectly wrong. The real bubble is with paper assets. The only silver lining in any of it is that it will blow Wall Street to smithereens—right where it belongs.

I like that. Blow Wall Street to smithereens. And it will. We're approaching the end of an age, and you can help by buying gold. Personally I use bullionvault, but there are many ways of doing it. It will go to $2000, but it could go much, much further once the corrections start to happen.

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