Gold News Today

therealkiyosaki/Robert Kiyosaki/5-16-2020

“ECONOMY dying. FED incompetent. Next BAILOUT trillions in pensions. HOPE fading. Bought more gold silver Bitcoin. GOLD @$1700. Predict $3000 in 1 year. Silver @ $17. Predict $40 in 5 years. Bitcoin @$9800. Predict $75000 in 3 years. PRAY for the BEST-PREPARE for the WORST. …”

“Writer Nassim Taleb describes three people in the world FRAGILE ANTI FRAGILE and ROBUST. Crisis is crushing Fragile people. Robust will not change. ANTI FRAGILE people are like YOU, people who will emerge from this FAKE PANDEMIC stronger smarter & richer.”

USAGOLD note:  Kiyosaki is the widely-followed author of Rich Dad Poor Dad. Think he’s out on a limb with Bitcoin … but do NOT see his gold and silver predictions wildly out of line. Kiyosaki is a long-time advocate of gold and silver ownership as an anti-fragile solution to black swan crises.

Bloomberg/Simon Kennedy/5-17-2020

“The professors, whose 2009 book showed that financial crises often follow similar patterns, spoke to us about what’s happening in 2020. … It turns out this time really is different.”

USAGOLD note:  Rather than trying to summarize how Reinhart and Rogoff see things this time around, we suggest a visit to the link wherein they lay out their pandemic-related thinking in some detail.  “We are unlikely,” says Reinhart, “to return to a pre-pandemic world.”

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Bloomberg/Video Interview

USAGOLD note:  Goldman’s been bullish on gold for quite some time.  It’s bullishness , according to global head of commodities research Jeff Currie, continues …

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Repost from 5-15-2020

This past Sunday, Scott Pelley interviewed Fed Chairman Jerome Powell on 60 Minutes.  Below are some excerpts.

PELLEY: Fair to say you simply flooded the system with money?

POWELL: Yes. We did. That’s another way to think about it. We did.

PELLEY: Where does it come from? Do you just print it?

POWELL: We print it digitally. So, as a central bank, we have the ability to create money digitally. And we do that by buying Treasury Bills or bonds for other government guaranteed securities. And that actually increases the money supply. We also print actual currency and we distribute that through the Federal Reserve banks.

During Germany’s famous hyperinflationary period (1921-1923), the Reichsbank had to fell trees, turn the lumber in to paper, slap ink on it, and distribute to the various banks.  Today’s Fed faces no such obstacles.  A clerk simply sits at computer keyboard, types in billions of dollars, and the Fed owns the debt of hundreds of companies.

Consider also this observation by Powell:

And the same thing with businesses. Keeping them away from Chapter 11 if it’s avoidable. It’s not going to be avoidable in many cases. But if it’s avoidable, the more of that we can do, the stronger the recovery will be. The less this period will weigh on economic growth going forward.

The above suggests that the Fed will keep even zombie companies alive. Never mind that these companies are operating at losses and that their business models aren’t viable.  (Such companies are called zombie companies because they are the “walking dead.”)

As noted in Another coronavirus relief package in the pipeline, $4 trillion dollars was just a start.  Now House Speaker Nancy Pelosi wants another $3 trillion to be printed.  Any wonder that gold and silver prices have been so strong in the past few months?

 

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