Farewell 2013

Posted | 20/12/2013 / Views | 3397
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In this our last daily news for 2013 we pause to reflect on a year that saw the US print over $1trillion and exceed the $17trillion debt ceiling (not counting its c$100t in unfunded liabilities),  EU narrowly miss a major crisis (but not yet out of the woods), Cyprus show the world the way of the future (the now widely adopted ‘bail-in’ approach), Japan join the US in rampant money printing (and outdoing it relative to economy size), Bank of England,  ECB, BoJ, US Fed etc give commitments of long term near zero interest rates (encouraging more debt), India continually cranking up import duties on gold to save its current account and rupee (and in so doing drive up silver sales and smuggling and premiums on gold), China break records on gold purchases (more than global production and emptying LBMA and ETFs), major mints around the world break records on silver and gold coin sales (demand beyond production capabilities), and of course with all this going on the price of gold and silver take the biggest correction in decades.  It’s not a year that makes sense but it is setting up 2014 to be a very interesting one for those who hold real physical gold and silver; real money in a world economy based on ‘make believe’ (credit).  Your Xmas present is the ability to buy more at such low prices.  Merry Xmas and all the best for a great New Year.