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Today we’re going to hand over the lion’s share of Money Morning to Slipstream Trader Murray Dawes.
Murray’s kicked a lot of goals recently, particularly on the short side of the market. I’ve mentioned it to you a couple of times in passing.
So I thought that rather than having your editor try to explain what Murray gets up to with his charts, you’d be better off hearing from the man himself. So, after I’ve finished up with my ramble Murray will take the reins.
Until then, this…
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May 2010 brought new closing highs for gold in all but two major currencies…
IT’S PRETTY RARE for gold to make a new monthly high for the year in May, let alone for all time.
But when it does (or so history suggests), new buyers might expect better-still prices come Christmas – and gold in 2010 just happened to finish May with a new record monthly close against all major currencies bar the Japanese Yen and Australian Dollar.
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Knowing how governments will respond to deflation, the case for inflation-proof gold looks increasingly clear to cautious wealth…
USELESS for pretty much everything except storing wealth (its economic value is social, not industrial), gold acts as inflation-proof money when investors need it most – right in the middle of an asset-price deflation.
At least, that’s how people choosing to buy gold amid today’s global deflation in risk assets see it. Why else do you think German coin and small-bar dealers are being emptied, even at 5% (and worse) premiums to “melt” value? Why else did gold-hoarding deliver secure, rising purchasing power amid the Great Depression of the 1930s…?
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Last night your editor presented at the Melbourne Adam Smith Club. The venue was the Curry Club on Bridge Road, Richmond.
About forty people turned up including a handful of Money Morning readers.
It was a good evening, rounded off by a few curve ball questions from the audience at the end! So it was a good job we only had the one beer to make sure we still had our wits about us.
Anyway, on to today’s Money Morning…
Take a look at this not-so-pretty chart:
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Rising insurance premiums don’t negate the need to insure…
IS GOLD in a bubble at €1000 an ounce? Let’s hope so. Because if not, it would mean investors are right to keep bidding crisis insurance higher.
Buying gold is like buying an option that gives you security, liquidity and diversification when you need it most – which is when other stores of wealth fail.
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