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What makes this chart interesting? By and large, the prices that have been rising the fastest are for goods and services that are most heavily subsidized by government, and goods that have been getting more affordable are resolutely in the private sector.
I doubt that's a coincidence.
Still, when I look at inflation figures I can't help thinking about the quality of the money. Fix the money, fix the world, as the saying goes.
Not long ago I wrote to you about the example of fine men's clothing as a way of tracking the stability of gold over time -- the same amount of gold that would buy you a quality men's suit today would have bought you a comparable suit two centuries ago (the one today would probably be even nicer, though).
That stability, indeed that overall trend of increase over time, is why I made the decision to own gold. Not to get rich quick. Gold is something I buy and then forget about. I don't bother trying to time the market, because I'm in a long game with gold.
This morning I was reading Dominic Frisby's newsletter -- which I have recommended to you on the Tom Woods Show -- and although Dominic was writing mainly about mining companies, he had some comments on gold per se that confirm me in my refusal to worry about timing (in other words, I don't want to have to take the time to become as smart as Dom in order to figure out when to buy; an overall up trend is good enough for me). Here are those comments:
I suspect we are nearer the lows now than we are the highs. The bullion dealers are all saying it. There are so many signs of capitulation, plus it’s the summer, always the weakest time of year for gold. But I also expect to have another 6 months of churn.
Looking at the 3-year chart, the downtrend is clear. I see support of $3,900, for reasons explained by the blue dashed line [he has a chart].
Failing that we go back to the $3,300-500 zone, where there is a lot of support....
My position remains that gold trades sideways for a year as it churns through the excesses which peaked in January. I see this as a mid-cycle correction rather than the end of the bull market. Think 2006 rather than 2011. I’m still looking for $7,000 to $10,000 gold before the decade is out.
So do with that what you will.
One thing I know with absolute certainty is that although there are fine and honorable gold dealers out there, there are shysters, too -- and podcasters are among the worst offenders when it comes to promoting them.
I know why podcasters promote the bad guys: the affiliate commissions and bonuses they're offered are just too hard to resist.
But if you actually care about your audience, and you know anything at all about the precious-metals business, you would say: how can a firm in a notoriously low-margin industry afford to pay me these commissions and bonuses?
If all you see are dollar signs, you won't even ask the question. Some of us, on the other hand, would like to do right by our people, not to mention be able to sleep at night, so we do ask.
They can pay out all that dough because they are scamming their customers. That is the plain truth of it. I've explained in previous issues exactly how they do that.
Meanwhile, Battalion Metals, founded by a solid and reliable Ron Paulian, was built for the express purpose of modeling what an honest company looks like.
Yes, I earn a commission if you buy your precious metals through them. If you knew how tiny it is, however, you would actually laugh out loud.
But I sleep soundly at night.
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