Melman on Gold & Silver
January 2021 by Leonard Melman
…this being our January 2021 edition, we offer our forecasts for gold and silver during the coming year. Hint: I hope I am not being overly-optimistic.
...this debacle may easily lead to disenchantment with government programs in general and politicians of all stripes in particular. Historically, that kind of unrest has been positive for precious metals markets.
There is one last indicator that I believe may be the most important of all. That is the “Index of Leading Economic Indicators” (LEI), which is a compendium of those economic indicators that point toward future growth, and LEI has just reached historic highs, far exceeding previous peaks in 1999 and 2006.
On a similar vein, while the number of new non-farm jobs created rose by a modest 156,000 in September, it must be pointed out that Goods Production Payrolls rose by only 10,000 jobs while much lower paying service jobs accounted for the other 146,000.
Our initial thought is simply this: why create these artificial currencies, unbacked by any material wealth, when the two items that worked so well century after century—namely gold and silver—are still fully available?
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