Posts Tagged ‘Volatility’

The Public Be Damned

August 12, 2011 Leave a comment

by Theodore Butler - Butler Research | August 11th, 2011

Here’s an excerpt from an update sent to subscribers on August 10, 2011. For subscription information please go to

It is important to try to understand, as much as possible, what are the dynamics behind the large price moves recently. It is human nature to accept any plausible-sounding reason offered if it is in conformance with the price direction. In a big price move, we demand an immediate explanation and then we accept any explanation offered, even if it doesn’t stand the scrutiny of further analysis. For instance, big price declines in copper and crude oil are immediately explained and accepted as being due to weakness in the world economy. Yet we know that the world economy and copper and oil fundamentals can’t possibly change quickly enough to be the real explanation. Please allow me to offer what I think is the real cause behind all the crazy price volatility and then to suggest something constructive you might want to do about it.

What’s behind the volatility is unbridled speculation and computer-type HFT trading gone wild. Oil didn’t drop $20 a barrel or copper 25 cents a pound because there was a sudden fall-off in demand or increase in supplies. This was all about speculative trading gone haywire. Let me be more specific. The whole premise of the economic justification behind commodity futures trading has been bastardized. US law has sanctioned the trading of commodity futures for the express purpose of allowing legitimate producers and consumers to hedge or transfer their price risks to speculators. But the wild price swings we are witnessing are not related to legitimate hedging. The volatility is as a result of speculators battling speculators, with real hedgers largely on the sideline. This is relatively easy to demonstrate.

The big price moves are the result of moving averages and other technical signals being violated. Technical funds and other momentum type traders rush into and out of the markets, often on an intra-day basis, as a result of these price changes. Against those technical type traders are aligned the “commercials” that take the opposite side of these transactions. But these commercials are also speculators and are not the legitimate hedgers they purport to be. Real producers and consumers don’t hedge based upon changes in moving averages on a daily basis. Real hedgers don’t day trade. Real hedgers don’t engage in HFT. The fact is that the commercial traders are just trading against the tech fund speculators and this makes the commercial traders speculators as well. This is an important distinction. It is why the big commercials in COMEX gold may be in trouble, namely, they weren’t hedging in the first place and their short speculation may have been a serious miscalculation because it wasn’t a legitimate hedge originally.

If my analysis is correct, then most of the volatility is due to one giant sick game of unbridled speculation. The speculators include not just the obvious and visible speculators, but also the commercials pretending to be hedgers. These commercial speculators in drag include the largest banks, like JPMorgan. How has it gotten to the point where our insured deposit taking institutions are among the biggest speculators? This speculative trading activity on the part of banks has greatly increased the current price volatility and increased the dangers of systemic risk. How is that good?

We’ve gotten to this point because our financial system structure has encouraged more and more speculation on the part of our important financial institutions. Leading us on the way to ruin is the criminal enterprise, also known as the CME Group, which has become dependent of encouraging more of the mindless daily speculative trading to fatten its bottom line. So harmful is the CME’s role in all of this that in order for the CME to be blessed, the public must be damned.

What can we do about this sorry state of affairs? Quite simply, what we have been doing, namely, to petition the regulators to enforce the laws governing manipulation and disruptive trading practices. I know that many are tired of petitioning the CFTC because there has been little visible response from them regarding the silver manipulation. Yet I am still convinced that this is the best and perhaps only constructive route. I’m not going to beg you to contact them if you feel it’s a waste of time. Likewise, I’m not going to promise you that the agency will do the right thing, as that’s up to them. All I do know is that silver is manipulated by virtue of a concentrated short position on the COMEX and that is against the law. You must always do what you feel is right, regardless of how it may turn out or how many times you tried in the past or whether someone else will also do the right thing.

I know I’m going to send this article to the CFTC (as well as to the CME and JPMorgan). I invite you to do likewise if you are so inclined or write in your own words and ask them to break up the concentrated short position in silver. I would ask that you remain respectful if you do write so as not to distort the intent of your message. I know most of us are sick and tired of the silver crime in progress and the regulators failure to deal with it, but you must rise above your emotions to be effective.

Theodore Butler

For subscription information to Ted Butler’s private newsletter, please go to

Theodore Butler is an independent Silver Analyst who has been publishing unique precious metals commentaries on the internet since 1996. He offers a subscription service with once or twice weekly commentaries including detailed analysis of the Commitment of Traders Report, regulatory developments, supply/demand considerations, and topics of interest to investors in precious metals, with an emphasis on silver. Always outside the box. You can subscribe to his service by clicking here.

Eric Sprott: I will be a buyer of silver today, I will be a buyer of silver tomorrow

May 17, 2011 Leave a comment

Some key points raised by Eric Sprott, CEO and Chief Investment Officer of Sprott Asset Management in this May 16 interview with Max Keiser.

  • Silver-Best recommendation anyone can make this decade
  • Investment dollars going into silver is same or greater than that going into gold, which is trading at a 40:1 ratio. “I can’t see the price ratio staying in this range.”
  • On silver’s recent parabolic move: “it’s going to be way more parabolic than we have today”
  • Last week’s decline was premeditated, orchestrated
  • Recent silver “Raid” was more to get the Shorts off the hook than to reduce the speculation of the Longs

Ted Butler’s 5 Questions for Gary Gensler, Chairman of the CFTC.

May 9, 2011 3 comments

Silver Waterfall Decline

When someone like Ted Butler says “It was something I had never witnessed before”, it must be something we should take cognisance of, considering the fact that he’s one of the most authoritative, if not the most authoritative silver guru around.

Here’s a summary of last weeks silver price action followed by Ted Butler’s take from his Weekly Review of May 7, 2011.

  • 30% decline in a week
  • Biggest price loss in 31 years
  • $6 takedown in 12 minutes on Sunday evening (May 1, US time) on light volume
  • 8 years of global Silver supply changed hands last week (on paper!)
  • 84% increase in silver margin, 5 increases in 8 days


Theodore Butler | silverseek

The historic decline this week in silver creates strong emotion. Watching great amounts of wealth disappear, quite literally in minutes amid disorderly trading conditions is a genuine fear for any investor. Worse is seeing no obvious legitimate reason to explain the carnage. If that doesn’t scare you, nothing will. Especially if you already harbored unease about how the whole silver market operated.

But fear is an emotion that burns out fairly quickly. A human being can’t stay in an intense state of fear of financial catastrophe without selling out at some point or mentally adjusting to the new level of price. Then the conditions that led to the fear in the first place are replaced by some other emotion. If evidence exists that the sudden financial loss could and should have been prevented, the new emotion becomes one of anger. Anger at who or what might have caused the loss and who should have prevented it. I think there is compelling evidence pointing to who and what caused this silver crash as well as who should have prevented it.

The first thing we must recognize is that this was an unusually intense price smash. Silver fell 30% for the week, its biggest price loss in 31 years. The decline was highlighted by record trading volume on the COMEX and in shares of SLV. From any objective measure, the trading was disorderly, indicating little true liquidity despite the record volume. That’s because much of the trading was conducted by high frequency trading (HFT) computer bots whose clear purpose seems to be to cause disruptions to prices. These are the same disruptive traders that caused the flash crash in the stock market last year. I believe it was these traders who started the price decline with the $6 hit in 12 minutes on last Sunday evening. Their primary reason for existence seems to be causing prices to collapse.

Why these HFT cheaters are allowed to pollute our markets is beyond me. The only clear beneficiary to their trading is the exchange itself which pockets fees on every contract traded. After they crashed the stock market last year, I believe the HFT computer bots toned down their stock market activity due to regulatory pressure. That’s fine, but why were they then allowed to infect silver trading with their disruptive practices? This is just one question I have about this week’s events in the silver market and I will list them all in a moment. First I would like to get something off my chest.

I am appalled at what happened in silver this week for a very special reason. I can’t say this latest blatant take down looks out of place for a manipulated market which I have been alleging for 25 years. In fact, not that we needed additional proof that the silver market was rigged, but this intentional price smash provided that proof in spades. Admittedly, I look at silver differently than most folks, but there was something very special about this week. The special reason I am particularly appalled this time is that this is the first silver price smash for the record books that took place during the tenure of Gary Gensler as Chairman of the CFTC. There have been some multi-dollar price declines since Gensler was confirmed in May of 2009, but this week’s smash is the first mega-down move under his watch. That makes it very special to me.

As you know, I have put Gensler on a pedestal, repeatedly referring to him as the greatest chairman in CFTC history. Considering my past experiences with the agency, I still marvel at my transformation. I think he has done more than anyone ever to reform commodity regulation, including working diligently, although very quietly, to end the silver manipulation. As you also may know, I have generally come under great criticism and disagreement from many of you about my opinion of Gensler. I have respected that criticism and have used it to reflect on and test my continued belief in the chairman.

This week’s events in silver have created what may be a seminal moment. I still hold a deep belief in Gensler’s character and purpose, but it is important to judge how he and the Commission react to this week’s silver price plunge. Certainly, Gensler doesn’t answer to me, but he does answer to the public who he has sworn to serve and protect. The public was not protected this week in silver. I don’t think he had any inkling beforehand about what transpired this week in silver, but he is too smart not to grasp the significance of the silver price plunge and the circumstances that caused it. How he reacts to his first real-time case of blatant fraud and manipulation in silver will be a key test for him. I sure hope his reaction is different from the typical CFTC reaction before he arrived. You know, the three monkeys’ see, hear and speak no evil reaction.

Gensler is fully aware that there have been more public complaints and comments and agency investigations concerning silver over the years than for any other issue in agency history. The public has done whatever has been suggested or required by the Commission to make its voice known on silver. Cumulatively, there have been tens of thousands of public and private comments to the Commission regarding silver, from position limits to pointing out specific instances of trading abuse. While I suspect progress has been made behind the scenes, that progress is not visible to the public. Here we have a case where the public couldn’t possibly be more vocal to the prime regulator about wrong-doing in silver and is then subject to the most egregious takedown in history.

Silver investors are not second class citizens, yet they are being treated as such. Generally, they are among the most God-fearing, family oriented, hard working, law abiding, productive and patriotic members of society. Chairman Gensler and the Commission know this from the comments that silver investors send in continuously. Then why are silver investors not offered equal protection under the law that the Commission has sworn to uphold? Is there something about “and justice for all” that specifically excludes those that invest in silver? If what occurred in silver this week had instead took place in the stock market, corn, cattle, or any other market, there would be non-stop congressional and CFTC inquiry and debate. Instead, silver investors are confronted with a non-stop barrage of propaganda indicating they were idiots for considering silver.

Please allow me to be blunt and specific. These are the questions that Gensler must confront and address–

One - the $6 takedown in 12 minutes on Sunday evening on initial light Globex volume was clearly intended to get silver prices rolling downhill. It was something I had never witnessed before. There were no fundamental developments in silver to account for it. Therefore, this was not true price discovery, but price-setting and manipulation. What is the Commission’s take on this matter?

Two - the series of margin increases by the CME Group had the effect of adding downward pressure to a market already intentionally rolling downhill. At best, the margin increases prove that silver margins were previously much too low and the CME is incompetent and negligent in setting margins and that function should be taken away from them. At worst, the CME intentionally raised and timed silver margins to aid and abet its most important members in causing the price of silver to crash. In other words, the CME resisted raising margins on the way up as that would have damaged the insider shorts and waited until prices began moving lower to hurt the longs and reward the shorts. I’ve learned from experience that it is best to view the CME as a criminal enterprise. What is the Commission’s opinion on this?

Three – the record high trading volume and 30% price smash indicate there was little true liquidity present. This is due to a disproportionate share of trading being performed by HFT computer bots. Why are these traders allowed to exist and control so much a share of silver trading?

Four – there has been much media and other commentary about silver being in a bubble that burst due to large leveraged speculative buying. This story has been repeated so often that it is now accepted as being true. Yet the CFTC’s own data in the COT reports indicate that no such speculative buying occurred in silver futures prior to the price crash. Commodity law holds that it is a criminal violation to spread false market information. Why is the CFTC allowing this false market information to be disseminated unchallenged? By remaining silent and not setting the record straight, the Commission itself may be in violation of the law.

Five – while outside its direct jurisdiction, the Commission is aware of the allegations of manipulative impact the short selling of shares in the big silver ETF, SLV, has had on the price of silver. What is the Commission’s position on this and has the agency referred this matter to the SEC or taken it up with BlackRock, the trust’s sponsor?

Since the last official denial by the CFTC that anything was wrong in the silver market in May 2008, the agency has issued no further denials. Instead, they initiated a new investigation in September of 2008, but little has been said about the findings of this ongoing silver investigation. I think that the denials of a silver manipulation ceased primarily because of Gary Gensler’s assumption of office two years ago. From day one, he has said and done the things which were consistent with the termination of the silver manipulation. That’s why I have publicly (and privately) expressed my admiration and respect for him.

But this week’s intentional price smash in silver brings us to a critical junction. No, I am not worried about the price of silver in the long term, as the realities of the supply and demand factors are stronger than any manipulation. What I am concerned about are the principles of market integrity and the rule of law. In those terms, what happened this week is the worst thing possible. The public has warned the Commission to no end about wrongdoing in the silver market, only to see that wrongdoing blatantly displayed again. There are many legitimate questions about what actually took place, such as the ones I have listed above.

I think I comprehend the magnitude of the difficult task confronting Gensler in silver. But it is the difficulty of the task that defines the true character of a man or woman. Fixing simple problems and answering easy questions do not lead to greatness. With no pain, comes little gain. Had there been no historic and intentional price crash in silver this week, it would have been appropriate to allow the agency the time necessary to resolve the manipulation. But for the Commission to remain silent now would diminish us all. It’s time for Gensler to speak out on silver and this week’s events. For our collective sake, I hope he does.

Ted Butler

May 7, 2011


Related Read:

Anatomy of Silver Manipulation (May 1-6 takedown) - By Avery Goodman | Seeking Alpha

Silver Hits All Time High with Volatile Price Action

April 26, 2011 Leave a comment

Spot silver surged to an all-time high of $49.79 per ounce in the international market, surpassing its previous all-time nominal high of $49.45 in 1980. Going into the COMEX, it was taken down to $45.66, did  v-shaped recovery and then to a low of $44.62 during far East trading hours. Within 24 hours, it moved $5.17 or 10.5% off its all-time high.

At the COMEX,

Silver had its biggest volume day in history yesterday…a fact that should surprise no one with the way the price action unfolded. Net of all roll-overs, silver traded 134,000 contracts yesterday…the first time that it has traded more contracts than gold…ever.  Ed Steer

With gold & silver near their all-time highs, silver still in backwardation and the FOMC meeting this week, extreme volatility (in both directions) is to be expected going forward, and holders or potential holders of physical silver will do well to avoid thinking of your silver holdings as an investment.

Volatility & counter-intuitive price actions are the order of the day for any holders of gold & silver. When you see an apparently “unexplainable” price movement in gold or silver, it’s when you have to start viewing them as Political Metals to be held and owned rather than Precious Metals to be invested in.  Otherwise, you’ll either never get on-board the PMs bandwagon, end up loosing lots of sleep if already on-board, or worse still, doing the unthinkable – sell in a panic during a bull market hoping to buy back lower. >> More

With these extremely volatile moves, it’s timely to check out how analysts from both sides of the Political Metals divide are reading into the markets. Read Two Sides of a Coin

Extreme Volatility as silver breaches its all time high


Investing in PMs or Holding PMs?

January 20, 2011 8 comments


This is a continuation of my previous post - Gold & Silver: Precious Metals or Political Metals?


Updated: May 1-6, 2011 Silver volatility. Click for details

Volatility & counter-intuitive price actions are the order of the day for any holders of gold & silver. When you see an apparently “unexplainable” price movement in gold and silver (as is the case since the first trading day of 2011 till the time of this writing), it’s when you have to start viewing them as Political Metals to be held and owned rather than Precious Metals to be invested in. Otherwise, you’ll either never get on-board the PMs bandwagon, end up loosing lots of sleep if already on-board, or worse still, doing the unthinkable – sell in a panic during a bull market hoping to buy back lower. It’s worth noting what a gold veteran, Franklin Sanders, said:

You never make the big money in trading, but in getting it right and WAITING. Ultimate peak of this bull market lies three to ten (3 to 10) years away. Hold on. Wait….

This strategy began to make even more sense to me when, in addition to viewing gold & silver as Political Metals, I stopped thinking of my purchase of PMs as an “investment”. According to Wikipedia,

Investment is putting money into something with the hope of profit. More specifically, investment is the commitment of money or capital to the purchase of financial instruments or other assets so as to gain profitable returns in the form of interest, income (dividends), or appreciation (capital gains) of the value of the instrument.

If I had viewed buying PMs as an investment, I would have started out with a certain percentage of my savings, say “X” dollars. I would have bought “Z” ounces of gold and hoped to sell it for “Y” dollars in the future. If Y was greater than X, it was a good investment and I would have made some money. I would have increased the amount of dollars I hold and hence increased my asset base. Since money has 3 basic functions (a medium of exchange, a unit of account and a store of value), I would have used paper currencies as a store of value (means of savings). Gold was just a financial instrument which I owned temporarily, hoping to exchange it for more money in the future.

I did not, and here’s why.

Today’s paper money is a poor store of value

The above mainstream view of money and investment in gold & silver holds true as long as paper currencies continued to perform its third function (store of value) faithfully. Sadly, this is not the case as shown in the chart below. The world’s reserve currency has lost as much as 98% of it’s purchasing power since the creation of the Federal Reserve System in 1913. The massive loss of purchasing power holds true for all other currencies, many of them much more severe than the US$.


How and when your US Dollar lost 98% of its purchasing power.


Since the financial disaster in 2008, the US Federal Reserve has increased it’s monetary supply like never before in it’s history. The chart below extracted from a WSJ article Get Ready for Inflation and Higher Interest Rates indicates how much money they have created out of thin air (money that never existed before) and pumped into the financial system. When even a small portion of this newly created money begins to flow into the economy as Currency in Circulation (CinC), it’s not hard to imagine what that 2 cents that’s left over from the original dollar will be further reduced to!

Exploding Money Supply

Exploding Money Supply

The US is not alone. See who else is cranking up their printing press.

Feb 25 Update: The Printing Continues 


However, when I consider PMs to be a store of value and a means of account while utilising paper currencies only as a medium of exchange, things become a lot simpler. I will be keeping track how many ounces of gold and silver I have as my savings rather than counting how many dollars I have in my bank account or how many dollars my Precious Metals “investment” portfolio is worth at any time. In my example above, “Z” will be more important to me than “Y” because I hold PMs. I don’t invest in PMs. Short term price volatility becomes a non-issue because fundamentally, the limited supply of physical PMs makes them a superior store of value compared to the unlimited quantity of paper or electronic money that can be created at will out of thin air by bankers.

That sharp rise of monetary supply seen in the chart above happened after the first round of Quantitative Easing (QE1) amounted to slightly less than a trillion dollars. Since then, another round of monetary base expansion referred to as QE2 was announced in November 2010. It is currently ongoing and will run till the third quarter of 2011. QE2 is estimated at $900 billion. Try to figure how the chart above will look like by the end of this year! I’ll be highlighting this as it develops.

Take a 2-minute break to watch this video on paper currencies versus gold & silver as money. It pretty much summarises what you’ve read so far.


Update on Aug 24, 2011
[Watch a full feature documentary that explains these issues in depth: Why $20,000 Gold doesn't excite me.]


So much about paper money. Consider some gold facts & figures:

Total above-ground gold ever mined is estimated at around 130,000 tonnes (a cube with sides of 19 m, smaller than the length of a tennis court). Divided amongst the population of the world there are about 20 grams (0.64 oz) per person. (Updated Oct 2012. See new calculations here).

Annual production rate is estimated at 2,600 tonnes (2% per year). Comparing these facts with the two charts above gives an idea of paper money supply increase versus gold supply increase. The figures for gold’s monetary cousin, silver, is even more staggering.

Another great reason to hold PMs

When compared to paper money, it has been shown that PMs act as a more superior store of value (means of saving). It has also been shown to outperform currencies in 2010 by as much as triple digit percentages. But how do PMs perform in the longer term and relative to the other asset classes? The chart below plots the relative performance of gold, silver and the S&P 500 over the last decade referenced to dollar prices on 2nd January 2001 until the time of writing. Gold and silver have increased in value by over400% and 500% respectively while the general stock market remained flat over that period. When adjusted for inflation, a typical investor in equities would have booked a loss in real terms over this period.

Political Metals, gold & silver, outperforms stocks in general over the last 10 years

Update on Aug 24, 2011
[It may seem "unfair" to compare PMs with stocks at the peak of the dotcom boom. The same stellar performance of PMs (especially silver) Vs stocks using the March 6, 2009 low following the 2008 financial crisis as the reference point can be seen in this chart and the follow up article Why $20,000 Gold doesn't excite me.]



Three Phases of a Bull Market, Four Phases of a Bubble. Where are we now?

Gold and silver priced in USD (and many other currencies) are at or near their all time nominal highs. They are however far from their approximate 1980 inflation-adjusted highs of $7,600 and $450 respectively.

Have I missed the boat? Isn’t it already too late to buy? What if the “gold bubble” bursts soon after I buy? These would be the obvious questions in the minds of anyone who is not yet holding any PMs.

It is timely to look at the big picture and see where we are in the current PMs secular bull market.


Stealth, Awareness, Mania, Blow-off phases of a bubble. Reproduced with permission of Dr. J.P. Rodrigue

The Stealth Phase (Stage 1)

This is the early stage of the bull market. A time when gold and silver has been so beaten up by the previous bear market that no body wants to talk about them, much less buy and hold on to them. However, those who understand the fundamentals realize an emerging opportunity for substantial future appreciation. So the “smart money” and contrarian investors move in, often quietly and cautiously. This category of investors tends to have better access to information and a higher capacity to understand it. Prices gradually increase, but often completely unnoticed by the general population. In this current PMs bull run, the Stealth Phase ran from 2001-2006.

The Awareness Phase (Stage 2)

Also called the “Wall of Worry” phase, the Awareness Phase is when institutional and the savvy investors come into the arena. These investors start to realize the momentum, bringing additional money in and pushing prices higher. There can be a short-lived sell off phase (bear trap) taking place as a few investors cash in their first profits (there could also be several sell-off phases, each beginning at an higher level than the previous one). The smart money takes this opportunity to reinforce its existing positions. In the later stages of this phase the mass media starts to take notice and those getting in are increasingly “unsophisticated”.

….when gold climbed above $1,000, it only entered its second stage. - James Turk of GoldMoney. Nov 23, 2009

Silver is still in stage one. It won’t advance into stage two until $50 is exceeded, just like gold did not enter stage two until its previous high of $850 was hurdled. - James Turk of GoldMoney. Feb 14, 2011

The Mania Phase (Stage 3)

It begins when commentators who have been consistently wrong about PMs will be telling everyone willing to listen to buy gold. The excitement created by the mainstream media convinces everyone that this is where fortunes are made. The crowd starts rushing into PMs. These “trend followers” don’t walk — they run to get on board due to their herd mentality. You will know that the mania phase phase is here when lines begin to form in coin shops, everyone at the party talks about PMs, your taxi driver and favourite shoe-shine man tells you they are buying PMs. Prices goes parabolic, and towards the later part of this phase, the smart money and contrarian investors begin to move out as quietly as they moved in during the Stealth phase.

The Blow Off Phase (Stage 4)

The tipping point is hit. Confidence and expectations encounter a paradigm shift. Prices drop, followed by a rebound during the denial phase when many try to reassure the public that this is just a temporary setback. Fear sets in and capitulation follows in earnest. After hitting the bottom in despair, it re-bounces and approaches the mean trend line, ready for the next cycle.

This brings me back to where I started.

I heard one group of analyst exclaiming “buy now before the price explodes!”, and another saying “sell - gold is in a bubble”. Yet another said “wait for a correction - the price has gone up too much recently”.

It’s your turn to make your call.

I trust that by going through the thought process behind my journey in recognizing gold and silver as Political Metals having a great potential to act as a reliable store of value, you would have received some food for thought. Invest some time to continue your own research and do your own due diligence.

A good place to start is navigating through some of the menu links at the top of the page. You find some selected research materials from reputable sources I’ve personally relied upon when I was accumulating PMs.

For absolute beginners, it will be beneficial to move your focus away from the price performance of PMs. Rather, take a step back and invest some time to understand some very important fundamentals before you consider buying your first ounce of gold or silver. Visit the Knowledgebase section, where some essential reference materials are laid out for you in order of importance.

Should you decide to convert part of your savings in paper currencies into PMs as a hedge against inflation and potential currency debasement, make sure you land up holding physical gold & silver and not “paper gold” like Gold Certificates, Gold Savings accounts, Pooled gold accounts, Gld or Slv ETFs or anything besides real physical metals with atomic numbers 79 and 47!

Owning physical gold and silver has NO Counterparty Risk. All other PMs financial instruments are merely paper or electronic representations of gold or silver.

Remember, in a crisis, any paper (or electronic) representation of anything maybe worth only the paper it’s printed on.

For more information, see How to buy & store PMs.


Be prepared for a financial catastrophe - Not because we’re 100% sure it will happen, but because we can’t be a 100% sure it won’t happen. Chris Martenson

There’s only one thing worse than preparing for a crisis that doesn’t happen, and that is not being prepared for a crisis that does happen. El-Erian


Get every new post delivered to your Inbox.

Join 210 other followers