Fear not, China is gobbling up gold in Shanghai Gold Exchange
While gold will only be a by-product of the new mine TC is close to completing, I figured I'd mention a little something about the shiny yellow metal, since so many of the socalled 'experts' on the Steet are piling on top of gold:
Physical delivery on expiring Shanghai gold futures contracts so far this year is near record highs, and now approaching 50% of worldwide mined production. COMEX physical delivery is pitiful, as "owners" of gold there just buy and sell paper, every month, never taking delivery of it.
Time to look into gold stocks. Cheap, cheap, cheap.
See Infomine site for article.
Between fiat currencies (namely US dollar and Euro), bitcoin, and gold, I know what will have the most value in 20 yrs.
Have temporarily stopped buying gold eagles (something about catching a falling knife) but fully intend to continue buying shortly. With a 17 trillion dollar debt ( and still climbing) and the prospect for higher interest rates I think the government will try to print their way out of this mess. Even if I'm wrong, there's sure to be another disaster somewhere in the country's future. Probably of our own making. People ask why I'm buying gold when it's going down. I think they're just too short sighted. I'm not actually betting on gold becoming more valuable but rather because the morons in Washington will eventually do something to ruin the value of the dollar.
Indeed. To think the US only had $10 trillion dollars in US public debt a measly four and a half years ago should #$%$ anyone with half-a-brain. I don't see this Obama debt buildup slowing down one bit until the R's fully control Washington, and can reverse some of the policy (and laws) the D's set into motion from 2008-2010, when they controlled all houses of gov't.
At the current rate of spending, and with the avalanche of recent gov't regulation suppressing business formation and activity, the economy won't grow fast enough to finance this leftist spectacle.
By 2016, we'll have doubled the nations debt to a point where all outstanding US public debt is 150% as large as the US economy, and we'll be fortunate between now and then to avoid another recession (which would only cause spending to grow even more rapidly visa vie the economy).
Since the US dollar ultimately takes it on the chin, all this ends badly for the average American, I am afraid.