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Apathy and $1500 Gold

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Gold has finally breached the psychological $1,500 level, and as far as I can tell, the hoopla surrounding this milestone is rather muted compared to what we saw at $1,000. We will probably need to hit $1,600 before gold becomes the talk of the town again. As it stands, this is still somewhat of a stealth rally.

As I’ve always said, gold is acting as a leading indicator to what lies ahead in this debt crisis. The problems we have swept under the rug are starting to resurface. We are hearing about debt concerns and civil unrest. Inflation is starting to rear its ugly head and gasoline prices are rising just in time for driving season. We will soon find out if Bernanke’s 100% guarantee that he can contain inflation is true. My guess?  Bernanke will be powerless to stop the inflationary storm that is on the horizon. Raising interest rates is suicidal. So is imposing deflationary forces on an economy that is on life support. If real estate were to decline another 50%, we would most likely see civil unrest.

We are clearly living though a seminal time in history, and quite honestly, putting all the pieces of the puzzle together is not easy. Will there be civil unrest? Will pensions be restructured? Are taxes set to rise? Is inflation in the cards? Will real estate rise? Will there be QE3? Will bonds collapse? These are the questions that will be on everyone’s mind very soon. As far as I can tell, all the predictions I have made are still valid, which is truly scary.

Apathy Reigns Supreme

It bothers me that people aren’t taking this debt crisis more seriously. Social Security is the very definition of a Ponzi Scheme, yet not enough people are up in arms about it. The Fed is buying Treasuries directly because there is not enough organic demand for our debt. The government continues to push the myth that there is no inflation when everyone knows food and energy costs are rising rapidly. Democrats and Republicans make a big deal about $38 billion dollars in budget cuts when we are running $1.6 trillion dollar deficits! This is just unreal.

Most people I talk to are just robots who repeat everything they read in the mainstream media. They can’t predict events any better than a 5 year old, yet they feel they are in a position to pontificate. The same people who told me $1,500 gold was impossible have gone into hiding. What people don’t understand is that this has nothing to do with being right or wrong. Leave your pride at the door. We are facing a serious debt crisis that is going to affect us all in profound ways. Future generations will pay dearly for our apathy, but this doesn’t seem to sear anyone’s conscience. Understand that the Fed can buy up all the Treasuries it wants but this won’t solve a thing because Congress will not stop spending. The dollar is getting pummeled, yet all short-sighted analysts can focus on are 3% increases in corporate profits. Interest payments on our debt are on pace to realistically consume all of our revenue in the next decade- historically a recipe for disaster- but this doesn’t seem to worry anyone. When will we wake up?

I hate to be brutally honest, but if you get crushed by this crisis a second time, it’s your fault. This is the most obvious debt crisis you will ever see. I have done my part to warn as many people as possible about what lies ahead using common sense and reason. At this point, you either believe or you don’t. You are either long gold or you are trying to pick the top for the 100th time. You can either have faith in your own abilities to think logically or you can have blind faith in the government. It’s your choice. But understand that no matter what you decide to do, this debt crisis will run its course, leaving quite the swath of destruction for the unprepared.

Apathy and $1500 Gold is a post from: Expected Returns


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