Gold & Silver

Tuesday, May 17, 2011, 4:49 PM
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In response to the last piece, several of you asked me to clarify my views on gold and silver, especially regarding whether this is a good time to buy...or sell.  Here are my thoughts.

I’m going to preface the views that follow by saying that they utterly depend on QE II (quantitative easing) ending on schedule and as advertised. There are numerous ways that the Fed might short-circuit the proposed termination of QE, such as simply calling "additional money-printing" something else, asserting that it is being done for some other purpose, or other new sets of reasons. What we are looking for, very simply, is for the Fed’s balance sheet to stop expanding. Even here we have some difficulty. Although the Fed publishes the data at a high level, we cannot easily track whether or not it is playing games by revaluing the assets already on there, or even whether the Fed is being truthful. Without an audit, we’ll never really know.


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