Melman on Gold & Silver
April 2013 by StaffLast month saw the mining industry take center stage as Toronto, Ontario was once again host city for the giant PDAC annual mining convention. We take at look at that gathering below, focusing on some of the negative industry sentiment on display.
It’s been no secret that the prices of gold and silver have been moving upward at a fast clip in recent months. Gold has soared 27 percent so far this year. There has not been a significant drop-off in production, so it’s been evident that an increase in demand has been a part of the force driving the price upward.
Perhaps the heart of our pro-gold thesis is this consideration: governments are inherently inefficient, they attempt to provide services far beyond their genuine fiscal ability and these trends result in deficit financing, growing debt levels and ultimate “watering” down of currency values.
All of these negatives have finally begun to erode bullishness on Wall Street and the financial markets began to look wobbly at best and dangerously weak at worst.
Talk about “déjà vu!” Americans woke up early morning Tuesday, November 6 with a Democratic President; a Senate with a narrow Democratic lead and a House with a strong Republican majority. They went to bed late Tuesday night with a Democratic President; a Senate with a narrow Democratic lead and a House with a strong Republican majority.
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