Two clips from Mark Leibovit’s 19 Page VR Gold Letter
Bill Haynes, operator of CMI Gold & Silver, “Right now we are seeing very large physical orders for both gold and silver. It is very interesting because these are entities with large existing holdings of both physical gold and silver, but for some reason, right here, right now they are adding sizable quantities to their existing positions. These are wealthy individuals that are very strong hands and they are taking the metal right out of the market, and believe me, these individuals are never sellers. They see gold and silver as a hard asset that has been money for thousands of years, and they are pulling it out of the market and putting it away.” Haynes adds, “It is also very interesting that we are seeing an equal amount of money going into both gold and silver.” Haynes concludes with “This is a financial crisis supreme, and the universal solution continues to be the printing of money. This will eventually lead to massive destruction of both the economies and the currencies that participate in this madness. It will also lead to massive inflation. I know some financial managers have told their clients to have 10% or 15% in gold, but for the financial climate that we are living through right now, I firmly believe people should have 50% to 60% of their assets in the physical metals.”
John Hathaway of the Tocqueville Fund reminds traders in an interview that the purpose of holding a portion of your portfolio in gold is safety, and that physical gold rather than paper gold is the only safe way to own gold.Hathaway told TheGoldReport:“Moreandmorepeople are thinking strategically about gold. Owning physical gold should not be viewed as a way to make money. Rather, it is way of saving capital that creates optionality for future spending power and investment resources. The impetus to get into gold is not because someone like me says the next step is $2,000/oz. The real reason is safety of capital.” He also commented, “By physical, I do not mean an exchange-traded fund (ETF) or commodity contracts, which are really paper gold, but actual physical gold that you can touch-gold that is outside of the banking system, that you know where it is stored and what your bar numbers are.”
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