Comments (3)

  1. Rick Pisani says:

    I have valued your analysis over the last seVeral years. I thought it was about time i offered you thanks for the haRd work and deep thought that iT takes to produce sucH Excellent analysis.

  2. Alex Evanochko says:

    Mr. Hay,
    As always, a thought-provoking column. Several thoughts, though…Nobody today wants to listen to warnings. They’ve either been enthralled or spell bound by the flood of easy money, i.e. “The Fed has your back or you can’t fight the Fed or TINA (there is no alternative)” or any of a dozen other excuses to believe in this inexorable grind higher. I myself have been taken to task for offering reminders that this sprint to higher ground in the Markets will eventually end, but, because no one wants this to end, you, I and folks such as Mrs. Danielle DiMartino Booth, Grant Williams, James Grant, the esteemable John Mauldin and a host of others have spilled gallons upon gallons of ink advising anyone who would listen that this Turkey of a Market will most certainly crash back to Earth and to be prepared but to no avail.
    Also, You state that China only has 3% of it’s foreign reserves in Gold. Did you not tell us in previous EVAs that China was hoarding gold at an incredible rate so much so that they may have somewhere in the neighborhood of 18 to 20 thousand tons of gold? Or at least a tonnage that would equal their debt load. If my information is correct, that would be around 250% of their GDP…If true, that would make china the #1 holder of gold in the World with Russia second, no?
    Thank you for your newsletter, Sir.

    1. Golden Lion says:

      a number of sources have alluded to the fact that china has the suspected 20,000 tons or more of gold ( i.e. 643 million ounces of gold ). If so they are probably the number 1 owner………and of course could be the market makers of the physical gold ….not the paper fiat attempts at suppression of the true price possible in a free market environment.

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