“Gold and silver bottom is in”, renowned silver analyst David Morgan tells Max Keiser on the Keiser Report and warns about paper and digital proxies for money and gold. Morgan, also known as the ‘Silver Guru’ of the TheMorganReport.com, talks to Max about the gold, silver and global bond markets and the ponzi scheme that are these markets.
Also covered in the show are central banks creating a financial and economic system not free for its participants, the end of hegemony spotted in the price of Russian bonds and the Bank of Japan failing, yet again, to get any sign of life from the Japanese economy.
Morgan warns about the importance of owning physical gold coins and bars rather than paper or digital proxies for bullion and money. He points out how gold investors lost money in the MF Global fiasco and were exposed by the ABN AMRO unallocated gold account fiasco.
ABN AMRO, the largest Dutch bank and one of the largest banks in Europe announced in a letter to clients in April 2013 that that it would no longer allow clients to take delivery of their precious metals including gold, silver, platinum, and palladium bullion coins and bars. Instead, they paid account holders in a paper currency equivalent to the current spot value of the precious metal.
Thus, instead of legally owning a risk free, physical asset (a bullion bar or a bullion coin), the bank’s clients were unsecured creditors and were exposed to the bank and the financial system – somewhat defeating the purpose of owning precious metals.
The move highlighted once again the importance of owning physical bullion either in your possession (be that be in a safe or vault in a house, in the attic, under the floorboards or elsewhere in your possession) or in a secure vault in a country that is stable and respects property rights.
As Morgan concludes the interview, he points out that gold and silver bullion is the
“Only money outside of the matrix, only money outside of the system and only money throughout 5,000 years of history that people trust … ”
Gold and Silver News
Gold hits 7-week low as Fed rate hike prospects boost dollar – Reuters
Venezuela’s Gold Holdings Contract 16% as Maduro Battles Crisis – Bloomberg
Gold Jewelry Sales in Hong Kong Face ‘Icy Winter’ on Tourist Downturn – Bloomberg
Gold Posts Longest Slump in Six Months on Fed Rate Signals – Bloomberg
Ancient ship found in desert — with gold aboard – WTSP
Global funds fear ‘summer of shocks’ despite boom in money growth – Telegraph
“The Endgame” For Druckenmiller – His Full ‘Apocalyptic’ Presentation – Zero Hedge
Delinquency Rates In U.S. Surge in 2016, Poised to Head Higher – Financial Sense
Forget a Dollar Collapse…Deflation Is a Much Bigger Threat to Your Wealth Right Now – Casey Research
Gold – Bullish Combination Could Prevail – Bullion Desk
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Gold Prices (LBMA AM)
25 May: USD 1,220.75, EUR 1,094.77 and GBP 834.63 per ounce
24 May: USD 1,242.65, EUR 1,111.18 and GBP 852.71 per ounce
23 May: USD 1,250.40, EUR 1,115.84 and GBP 860.89 per ounce
20 May: USD 1,256.50, EUR 1,120.18 and GBP 862.75 per ounce
19 May: USD 1,253.75, EUR 1,117.74 and GBP 857.37 per ounce
Silver Prices (LBMA)
25 May: USD 16.27, EUR 14.55 and GBP 11.14 per ounce
24 May: USD 16.27, EUR 14.55 and GBP 11.14 per ounce
23 May: USD 16.31, EUR 14.55 and GBP 11.27 per ounce
20 May: USD 16.56, EUR 14.76 and GBP 11.35 per ounce
19 May: USD 16.60, EUR 14.81 and GBP 11.35 per ounce
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