The Phaserl


Got Physical Gold?

by Byron King, Whiskey and Gunpowder:

As you can figure out, especially if you’re a longtime reader, you had better have your stash of physical gold and silver. Furthermore, if you haven’t noticed lately gold is on sale. The shiny stuff trades at a 17% discount to last year’s highs.

People give me grief all the time about recommending and holding gold. “Oh, gold is risky,” they say. “Yes, of course,” I reply. “Gold has been risky since I started buying it at $300 per ounce, back in 2001.”

Indeed, gold is risky today. From its current level gold could decline. That would be if there’s a massive market crash, and people have to sell gold to raise cash to pay off their margin calls. Remember 2008? Gold sold down from about $1,000 to about $750. Still, that 25% haircut was mild, compared with what happened to the rest of the market. And through it all — the crash and turmoil — gold remained liquid. Somebody bought that gold. So gold is good, especially when people need fast cash.

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1 comment to Got Physical Gold?

  • Ed_B

    “Along these lines, it seems that gold is heavily manipulated by central banks. Basically, modern central bankers view gold as competition for their crummy fiat currencies. Gold takes all the fun out of both central banking and politics. That’s why central bankers and most politicians hate gold.”

    Indeed so, which is why Howard Buffet’s speech on the connection between citizen gold ownership and liberty is just as true and vital today as it was when he wrote and delivered it over 60 years ago. Too bad that his son Warren was unable to grasp the meaning of his father’s message. To read this fabulous speech, go to:

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