If the costs of financing the national debt increase in a manner described in this study, that should, in our opinion, be regarded as a long-term plus for the precious metals.

Two potentially important Canadian projects, which could have produced revenues in the billions and jobs in the tens of thousands, have now been officially abandoned and the reasons offered by both relate to the economic impossibility of successfully negotiating all the regulatory obstacles that have been presented.

One last subject is the performance of gold and silver themselves—which has been positive for more than two months—and to explain the reasoning behind these rallies.

As we have repeated quite often, rising inflation—or, more particularly, the expectation of rising inflation—has historically been perhaps the most important ingredient of all in past precious metals bull markets.