Gold Shares Poised to Double?

Gold Shares: Different This Time?

By David Galland
Managing Director
Casey Research
BIG GOLD

Doug Casey, my partner and Casey Research chairman, describes his secret to making life-changing investment returns – and hanging on to them — as “Being bold when everyone else is timid, and timid when everyone else is bold.”

But putting a pleasant-sounding utterance into practice is far different than just parroting it.

Especially if you have taken an interest in gold shares over the last year or so.

That’s because gold’s bull market has taken it from $691 a year ago to $918 where it trades today. That’s an increase of 33%. Yet the AMEX Gold Bugs Index has lagged and is up only 26% over the same period. (Lagged is, of course, a relative term, because the S&P 500 is down 7% over that same period.)

However, people don’t invest in gold stocks to keep up with gold… but to outpace the metal on the upside.

Case in point, before the gold bull market cooled off for a brief period in 2006, gold bullion went from its 1999 low of $252 to its 2006 peak of $725, a 187% gain. But the AMEX Gold Bugs Index went up by an even more impressive 519% over the period.

So, what’s going on in today’s market? Are gold stocks going to continue underperforming? Or is this a time to be bold and position yourself now, in anticipation of a rebound?

Is It Different This Time?

The most dangerous phrase in the investor lexicon is “This time, it’s different.” Invariably, that phrase is used to explain why an investment is going to continue in a certain mode even though history screams that just the opposite should be true.

We heard this in spades during the dot.com boom. Back then, companies with no profits and a business plan that would embarrass a high school student were valued in the hundreds of millions of dollars. “These paper tigers have to crash and burn,” said the few. “No,“ said the many, “this time it’s different because…”

The real estate bubble was no different. “But house prices have doubled and doubled again. That means you should be selling, not buying houses on the speculation that they will double yet again,” said the few. “No,” said the masses, adding, “this time it’s different because…”.

In the context of gold shares, in order for things to be different this time, the gold shares would simply flop around at current levels until the gold bull market ends. After which they would sink back to pre-bull market levels.

Could it happen? Sure. But in order for it to be different this time, the following would have to hold true.

1) Gold producers would have to realize no significant gain in profitability. That, even though the price of their primary commodity has risen strongly.

A quick check shows that, for the fourth quarter of 2007 — the last quarter for which results are available — many of the gold producers rang in record results, including Goldcorp (NYSE: GG), whose year-over-year profits almost quadrupled, and Kinross (NYSE: KGC), whose profits increased 322%. And that is just a sampling.

(As an important aside, all the big gold producers will be releasing their first-quarter financials within the next couple of weeks. Because gold reliably traded more than $100 per ounce higher over that period, compared to the fourth quarter of 2007, we expect to see another round of record-breaking financial results.)

2) One of the fundamental tenets of investing has to be chucked out of the window. That tenet is that investors gravitate to sectors where profits are on the rise. And gravitate more strongly to sectors where profit increases are strongest. With the record-breaking improvements in the gold producers’ financials of late, we can expect to see investors beginning to pile in. Especially considering that most other major sectors — financials, banking, housing, transportation, etc. – are all experiencing record losses. Indeed, if investors steer clear of the profit-making gold producers, that will be almost unprecedented.

3) In a period of rising inflation, investors would have to ignore gold stocks as being a likely beneficiary. During the last major inflationary period in the U.S., 1962 to 1982, gold shares rose, on average, 1,503%. Are we in a major inflation at this point? A quick glance at any news screen or a trip to your local store will confirm that we are. Is gold no longer an inflation hedge? Again, for it to cease playing that role would be a brand-new script.

4) Gold stocks would also have to fail to trade in concert with rising oil prices. As you can see in the snapshot chart here, historically, there is a very high correlation between gold and oil.

But maybe higher oil prices are temporary, and oil will fall to meet gold, versus gold rising to meet oil? No one can say for sure, but in light of the available evidence, the safe bet would seem to be sustained higher prices.

In just the last few weeks, we have heard from the Saudis that they won’t be increasing oil production from current levels (according to many credible analysts, it is because they cannot)… and from the Russians that they may have hit peak oil production… and that Mexico, the third largest oil exporter to the U.S., will export its last barrel to the U.S. in just 6 years.

In short, for the coiled spring under gold stocks to fail to be triggered, things would indeed have to be very, very different this time around.

Raising One Final Question…

But what if the gold bull market is already over? After all, after touching an all-time high (in non-inflation-adjusted dollars) of $1,011 on March 17th, gold fell back as low as $887.75, a drop of 13.91%.

Other than scaring some investors away from gold, is that correction significant? The answer, again based on the historical record, is no. Since the gold bull market began in 2001, there have been 9 significant corrections (defined as a retraction of more than 8%). The worst of those corrections have seen gold fall 15.98%, 18.27%, and 27.7%. The average retraction of all of those corrections is 13.6%, so the latest is, at worse, fractionally worse than average. It is worth noting that we saw a very similar pattern back in the 1970s with gold stutter-stepping higher and higher.

So the latest correction, in and of itself, is truly inconsequential.

Leaving us to look elsewhere in order to answer the question of whether the gold bull market is over.

We think the answer is obvious and requires only a casual glance at the facts on the ground. We now have globally raging inflation, a financial crisis the likes of which hasn’t been seen in generations, a massive unleashing of cheap money by the Fed, a $3 trillion war and governments trapped into spending without restraint. On that last front, in addition to the almost mind-numbing financial obligations to the 78 million baby boomers now retiring, we now have a cacophony of calls for universal health care in the U.S., and the near-certainty of a new Democratic president coming into power with the mandate to deliver just that.

All of which is to say, monetary inflation is the rule of the day.

Opportunity Knocks

Per above, within the next couple weeks the big gold-producing companies are going to release their latest financials — and they are going to impress, you can be sure of that. When people compare those results against the train wrecks occurring in almost all the other investment sectors, the gold stocks story is going to shine particularly bright. And, unless this time things really are different, a bet we wouldn’t take, these eye-opening profits should soon begin to translate into investor interest that unleashes the gold stocks.

Before signing off, I’ll share a final chart, this one from a presentation James Turk (www.goldmoney.com) recently gave at one of our Casey Research Summits. It shows the historical trading range between gold bullion and gold stocks, with the measure of value being gold bullion (versus the U.S. dollar). As you can see, the XAU index of gold stocks is now right at the bottom of its trading range… and that the top of the range is about twice as high from here.

Could the gold stocks double from here?

In our view, that is the by far most likely scenario. And a scenario that we think the historical record supports. This opportunity won’t last overly long because sooner rather than later (and maybe as soon as the next wave of financials are released), the investment masses, led by the deep-pocketed institutions, are going to come to the conclusion that in this era of crisis and inflation, the single best place for their money is in gold producers. Get there first, and you’ll profit most.

David Galland is the managing director of Casey Research, LLC, publishers of BIG GOLD, a unique publication dedicated to providing actionable research on producing and near-production gold and silver companies. To learn more about our 3-month, risk-free trial offer with 100% money-back guarantee, click here.

Gary North Says “Sell Gold”

So Is Now The Time to Buy Gold or Sell It?

Dr. Gary North is an Austrian Economist, and student of the great Ludwig Von Mises.

Gary North claims a perfect timing call when 2 weeks ago he suggested selling Gold (although keep your core holdings of physical Gold). His argument is that the Fed is actually contracting the money supply, which is deflationary, and that leads to lower Gold prices.

The Gold “Bubble” is popped

Dr. North further postulates that Gold was the one last bubble that Helo Ben had to pop, and pop it he did. North is suggesting that for every $50 drop in the price of Gold, you sell more.

Now I’m not here to give investment advice, let me make that clear up front.

And maybe Gary will turn out to be the genius here. But I’m not betting on it. Personally, I don’t think a 10% drop, in a HIGHLY MANIPULATED MARKET, with a quick 5% rebound, constitutes a bubble pop. In fact, I don’t think Gold – or Silver for that matter – are in anything even close to a bubble.

In point of fact, I would rather be BUYING every $50 down that the price of Gold goes, not selling.

When it comes to Gold stocks, Dr. North doesn’t want any part of them. That’s fine for him, he already has his fortune made and is of retirement age. And yes, Gold stocks are volatile. And in my experience, they can go down much faster than they go up. But physical Gold is really only for wealth preservation, not creation. The leverage of Gold stocks can, if you pick the right ones at the right times, create wealth.

That’s an important point so let me restate it. The RIGHT STOCKS at the RIGHT TIME.

Don’t expect to do that all on you’re little lonesome. Get help from those who know the business the best and actually travel the world putting their boots on the ground in some very out of the way places.

For a little less volatility, try a Risk Free Subscription to Big Gold.

For a bigger potential upside, with associated bigger volatility, try a Risk Free Subscription to International Speculator.

Both of these are from the experts at Casey Research, including the legendary Doug Casey himself.

Gold Breaks the $1000 Barrier

Well, it finally happened. Gold broke the $1000 per ounce price barrier intraday, closing above $990 for the first time ever.

Keeping in mind that 7 years ago in 2001 Gold was trading at about $270 per ounce, this is quite a stunning achievement for what was touted then as a “barbarous relic”. For something dug out of the ground that pays no dividends (although you can lease it for profit as the big boys were doing back then) Gold has put in quite performance.

But is that performance over? Is the Gold Bull dead?

Only time will tell for sure, but it seems that the Federal Reserve is perfectly willing to sacrifice the U.S. Dollar on the altar of the economy as clearly shown by the new lows on the Dollar index.

Gold, Silver, Platinum, Palladium and other commodities are the most likely beneficiaries.

How can you profit, you ask? Simple. Try a risk free subscription to Big Gold to find out exactly what to buy and when to sell so that your portfolio can take a ride to the moon too.

Recession, GDP and Inflation

Recession, GDP and Inflation: Conventional Wisdom or Data

By Bud Conrad, Casey Research

 That we are moving into – or already are – in a recession is practically a given. But what will it be: inflationary or deflationary? Casey Research’s Chief Economist Bud Conrad weighs in with his findings…

 The debate is coming to a head over whether we will see inflation or deflation. Will the coming recession bring deflation from the housing-related credit crisis in which many forms of debt are disappearing in default; or will the lack of confidence in the dollar and the government stimulus bring us inflation?

 The consensus of economic opinion is that the recession that is just starting could lower demand and thus bring a lowering of prices. “It’s just like Japan! Credit collapse is like the Depression! Those were deflationary!” say many respected practitioners of the dismal science.

 Some deflation! Crude over $100; wheat hitting $25 a bushel; gold at $970. What is going on? Yes, housing is dropping 7% in price, and the stock market is back and forth going nowhere. So which is it? Inflation or deflation?

 I always say “Let’s look at the data.” I have been looking at previous recessions to see what happened to gold and gold shares in the last two issues of BIG GOLD. Here I just look at the Real Gross Domestic Product, which is the biggest measure of how well our economy is producing wealth, to compare to the inflation level. I use the most quoted government inflation number, the Consumer Price Index (CPI).

  During periods of recession, the GDP was falling – no surprise there, as that is sort of the definition of recession. But look at the inflation. It wasn’t falling during recession, it was higher. In two of the seven recessions someone might argue whether or not it was higher, but it wasn’t noticeably lower. It is amazing how convincing a look at history can be.

 We have been describing the “Rock and a Hard Place” problem for the Fed, in that if they lower interest rates, the dollar collapses and eventually inflation appears; or if they defend the dollar with higher rates, then the economy collapses. This analysis shows just how serious the bind is. Historically, when inflation jumped, mostly spurred by the big oil shocks, we saw both big recessions as well. At the time, it was acknowledged that the commodity shock caused the recessions by driving inflation and interest rates higher.

 So the stagflation is really not so new or rare an occurrence. I have been predicting this for a long time. We are now there. Bernanke’s performance has been lackluster and not inspiring confidence, to say the least. He might as well have said “Let the dollar be dammed, full speed ahead with the helicopters.” Instead of a determined, cigar-smoking disciplinarian like Volcker, he just looks weak.

 To some extent history has already predicted the result, so it is really beyond one man’s attempt to push a lever behind the curtain. Really, there’s not that much for him to do but watch the dollar collapse and the U.S. economy to slow. Stagflation.

 Bud Conrad is Casey Research’s chief economist and a regular contributor to BIG GOLD, a monthly advisory for the more conservative resource investor. BIG GOLD focuses on large-cap gold producers and near-producers, gold mutual funds, ETFs and much more.

 With gold now up over $970 an ounce, the investing masses will soon catch up to its timeless value as an inflationary hedge. When that happens, BIG GOLD subscribers will already be well positioned to benefit from the incoming tide. Sign up for a risk-free trial subscription with 100% money-back guarantee today and take a full 3 months to decide whether BIG GOLD is for you…

 Click here to learn more.

Gold Stocks: Ready for Takeoff!

Get Ready – Here Come the Gold Stocks!

By David Galland

Casey Research

You’d have to be a monk living in isolated penury to miss the fact that gold is on a tear. Specifically, it has risen from $277.75 on January 4, 2002 to $950 last week, a gain of 242% in just over 6 years. Over the same period, the trembling S&P 500 is up an anemic 22%.

In a gold bull market, an investor would expect the profits on gold stocks to be a multiple of those to be had from bullion. That leverage comes from simple arithmetic: once a gold producer covers its production costs, then each 1% rise in the price of gold can translate into a 5%, 10% or even richer improvement in the bottom line. For a company such as Barrick, with 125 million ounces in proven and probable reserves, even a $1 per ounce increase in the price of gold can mean big money.

And so we see that between January 2002 and last week, the gold stocks were in fact up 612%. So far, so good.

Yet, the gold stocks have stalled in recent months; between August 1, 2007 and February 21, 2008 gold bullion rose 42%, but gold stocks were up just 37%.

What’s going on? Is it that, in their concern over the broader equity markets, people have forgotten that gold stocks are associated with gold? Or is something else at work here?

The answer is “something else.”

The Mothball Years

While there are a number of plausible reasons for gold stocks lagging of late, we have come to the conclusion that the true explanation reaches much farther into the past. It’s that the managements of the gold producers have only recently escaped the state of fear they operated under during gold’s 20-year bear market.

Consider: as recently as the year 2002, gold was still trading near $280. Against that number was a cash cost of around $250 per ounce for a typical company. That cost figure is about as low as the number could go, and it was the response of an industry beaten down and huddling in a trench.

Caution lingers after the reason for it has gone. As gold began its upward move in 2002, it did so against the backdrop of an industry still in mothballs and still run by managers whose primary skills were cost cutting and frugality. This is important on a number of fronts.

1) Having been trained in the acid bath of razor-thin margins, management was intensely skeptical about gold’s rally. They suspected it might be just another bear market trap, ready to punish unwary optimists who parted with cash to ramp up production.

2) In the hunkered-down years, miners focused on the higher-grade, easy-to-mine material that gave them the best shot at turning a profit, however small that might be. And being in survival mode, they were extremely cautious about buying new equipment or maintaining a large workforce. Employee rosters were reduced to the bare minimum.

3) Because staying in business was such an urgent goal, they were willing, even eager, to sell future production at a set price — a perfectly rational strategy in a bear market, because it at least assured they would receive a price that covered the known costs.

With all these factors taken together, it’s easy to understand why the industry was slow to respond when gold started rising. In fact, it was only in February 2003, with gold trending over $350, that Barrick Gold Corp., the world’s largest gold miner, began the expensive process of unwinding its hedges. And it wasn’t until November of that year that the company announced it would stop forward selling altogether and would eliminate its entire hedge book.

Once the turning point came – when management finally realized the bull market was for real — the industry began to scramble to catch up. Which, in a choo-choo industry like mining, means hiring and training lots of people, buying or refurbishing the equipment needed to reestablish production on second-tier deposits, upgrading facilities, building expensive new mills, etc., etc. And, of course, dealing with the challenge and expense of unwinding hundreds of millions of dollars worth of forward hedge contracts.

The rebuilding of the gold mining industry, in short, really only began in earnest over the past few years.

The Ugly Duckling Years

As would be expected, the costs associated with rebuilding the industry sent big hits to the bottom line, resulting in the kind of ugly financial metrics that repel institutional investors.

The metrics were not at all helped by the shift away from high-grade ore, because the lower the grade, the more the material you have to dig, hoist, haul and process, meaning increased production costs. In addition, the industry rebuild occurred against a backdrop of generally rising inflation and a falling dollar, which helped push the cash cost of production up by more than double from the mothball years, keeping the miners unattractive as investments.

By contrast, the base metals companies, which had hit bottom earlier, near the end of 1998, had already emerged from the mothball stage, thanks to increasing demand from China and elsewhere. They were, as a result, well on the road to recovery when the big price increases for base metals kicked off in 2004. So, while the gold miners have been widely shunned as ugly ducklings in recent times, the base metals sector has been enjoying salad days, reflected in multi-billion mergers and acquisitions and, of course, sharply higher share prices.

The Golden Years

Here at Casey Research, we are of the firm opinion that, now that the biggest costs related to restarting their industry are behind them, the big gold companies are poised to take off. The proof should come in rapidly improving margins which, lo and behold, we have begun to see in the quarterly reports now being released.

Just last week, Goldcorp announced that fourth-quarter profit had nearly quadrupled over the same quarter the year before. And then Kinross announced that it, too, had posted a record quarter, with profits up almost three-fold over Q406. Meanwhile, Barrick reported that net profit for 2007 was 28% ahead of 2006. In addition, Barrick is feeling sufficiently flush (and optimistic) that it’s buying out Rio Tinto’s 40% interest in the Cortez Hills joint venture for $1.695 billion… cash.

And the exception to this picture of profit eggs finally hatching is only superficially an exception. Newmont announced a loss of $1.8 billion in 2007. But most of it came from a one-time house cleaning — $531 million to unwind 18.5 million ounces of forward gold sales and a $1.6 billion non-cash charge to terminate operations related to merchant banking. Look past those elements, which are an overdue recognition of money that went down the drain years ago, and you find that Newmont’s mining business is actually in a healthy position. Looked at from another angle, Newmont took these charges now because they could afford to do so and because they felt that the damage to their share price would be softened by the strong performance of their current operations. Now that they’ve cleaned up the books, they too are dressed up to join the profit party.

How to Profit

It won’t be long before others also note the pending improvements to the bottom lines of the big gold companies. The investment herd, we are convinced, is coming and, we expect, coming soon.

How to profit?

First and foremost, you want to be moving into the established producing companies post haste. The gangway on this ship is getting ready to be pulled up.

Secondly, you should seriously consider moving some funds into the higher-quality junior exploration stocks. History has proven that, absent an exciting discovery story, the big gold stocks must get in gear before investor sentiment can reach the critical mass needed to ignite the juniors.

History also shows that as profitable as the big gold companies are in a bull market, returns on the juniors can blow those away. Exponentially. This upside, of course, comes with a greater degree of risk.

But paradoxically, this risk has been largely mitigated by the majors’ slow take-off. That’s because, anticipating that the gold stocks would follow the metal higher – and history shows no example of them not doing so – investors have already poured record amounts of money into exploration programs. As a result, we now know which companies have the goods — significant discoveries that juniors have spent tens of millions to define and prove up with the clear intent of selling to the majors.

The missing element, of course, has been that, until recently, the majors didn’t have enough free cash to make those acquisitions. That is about to change.

While you don’t know me and so will have to take my word for it, I am not the type of person to fall in love with any investment. And any time I feel such an urge coming on, I check all my assumptions twice and then check them again. That said, I will also say that I have never been more bullish than I am now on the gold mining sector as a whole, with an added nod to the well-run exploration companies.

David Galland is the managing director of Casey Research, publishers of Doug Casey’s monthly International Speculator advisory. For over 27 years Doug Casey and the Casey Research team have provided self-directed investors with unbiased research on investments with the potential to provide double- and triple-digit returns by tapping into evolving economic and investment trends ahead of the crowd.

To learn about the International Speculator and how you can try it free of risk with an unhesitant 3-month, 100% money-back guarantee click here now.

Golden Triple Play

Casey Research recently released a Free Report titled “The Golden Triple-Play”.

The idea of the report, of course, was to entice you to subscribe to their newsletter Big Gold.

In the report they named one particular stock, one ETF and one mutual fund that they feel will do well for you in the unfolding currency and credit crisis. The report covers the pluses but also the minuses, as ETF’s have a dark side as well.

But while everyone else is complaining that their HELOC (Home Equity Line Of Credit) is frozen, their energy and food costs are skyrocketing (something that the US Government seems content to ignore) and the dollars they are being paid in continue to plummet in value, YOU can be not only holding your own, but even profiting.

My goal here isn’t to sell you on the idea of a free report.

My goal is to encourage you to protect what wealth you have and to seek to increase that wealth when everyone else is content to lose less than the next guy.

I suggest you try a Risk Free Trial Subscription to Big Gold today.

G-7 Approves Sale of IMF Gold

G-7 Decides to sell some, maybe all, of IMF Gold

G-7 Finance Ministers meeting in Tokyo approved the sale of part of their 103.4 million ounce stash of gold to help their budget woes.

Unfortunately, gold is up these days so the G-7 geniuses missed selling at the bottom; that award goes to Mr. Brown and the Bank of England a few years ago.

The IMF certainly has problems, probably brought on themselves, but I don’t think selling gold is the correct answer. However, since IMF not only stands for International Monetary Fund but also Impossible Mission Force, maybe they feel they’re in a corner.

Either way, it seems they are plenty of willing buyers to take it off of their hands.

And while they may not be selling gold at the bottom, I suspect that they aren’t even close to getting the prize for selling at the top.

If you want to be in the group that knows when to buy gold and when to sell it, try a Risk Free Trial Subscription to Big Gold and International Speculator.

I think you’ll be glad you did.

Gold in Fort Knox

Boy, it turns out my posts on Gold in Fort Knox are very popular!

As stated in the previous posts, very few people (and they aren’t talking!) know the truth about whether there is Gold in Fort Knox; and, if there, is it encumbered in such a way as to be the equivalent of not there.

If you ask “Is there Gold in Fort Knox?”, are you asking the right question?

To me, the question isn’t really whether or not there is Gold in Fort Knox, the question is whether or not there is Gold in your fort!

Now, I am the first to admit that holding any precious metals in your personal possession is risky, so when I speak of Gold in your fort, I speak metaphorically.

As the asset protection lawyers say, the trick is not to own assets – you really want to own nothing – the key is to control assets.

Today there are MANY ways of controlling Gold as if you own it, yet without taking the risk of holding it personally – though I will allow that many of you will do just that. I certainly won’t condemn you if that is your choice; it just doesn’t happen to be mine.

I think there are two KEY publications that are both very inexpensive yet chock full of valuable (good as gold?) advice that you should take advantage of:

1. Big Gold
2. Without Borders

Both have a risk free trial offer. I suggest you take them up on it today.

Gold hits record $900 ounce

Gold prices hit a new record today, topping the psychologically important $900 per ounce, if only briefly. On an inflation adjusted basis, Gold would have to top about $2200 per ounce to be in record territory but that’s another story; or is it?

Since Gold is at a nominal record, but well short of an inflation adjusted record, there is a strong argument that there is still plenty of time to cash in on Gold stocks – IF you can pick the right ones.

Two publications from Casey Research are helping me do just that.

Big Gold is the macro vision and somewhat more conservative of the two. Here you will find the larger cap and better known stocks that the fund managers are going to buy first.

International Speculator
is the the publication that covers ideas besides just Gold. In these pages you will find other investment picks as well. International Speculator
covers smaller companies that typically entail higher risk but potentially greater reward. You find a stock recommended here that the editors don’t feel has the potential to at least double within 12 months.

This is an exciting time for owners of Gold and Gold stocks, but don’t rely on a dart board to pick your stocks. The professionals at Casey Research
have their boots on the ground in obscure locations around the globe and you want them on your side for what promises to be wild ride!

Is David Walker, Controller of the United States, Telling you to look abroad?

David Walker, Controller General of the United States, has been barnstorming the country, appearing on every TV show that will have him, and telling people, in no uncertain terms, exactly what is happening.

This man is America’s CFO and he places the blame right where it belongs: “The U.S. Government is on a burning platform of unsustainable policies and practices,” he says.

The U.S. either takes drastic action now or we face “dramatic tax rises, slashed government services and the long-scale dumping by foreign governments of holdings of U.S. debt.”

Walker notes the “striking similarities” between America today and Rome as it collapsed, including “declining moral values and political civility at home, an over-confident and over-extended military in foreign lands and fiscal irresponsibility by the central government.”

We’re “on a path toward an explosion of debt, with the looming retirement of the baby boomers, spiraling healthcare costs, plummeting savings rates and increasing reliance on foreign lenders, [and] we face unprecedented fiscal risk.”

When a man in this position, with nothing to personally gain by saying so, has such dramatic words for us, shouldn’t we listen?

Wouldn’t it be nice to have an out when those drastic measures happen, just in case? I would like knowing that I have another place to head to where the weather is nice and the politics and people are calm and relaxed.

Such a place can be found by reading Casey’s Without Borders.

And if you don’t have the investment nest egg to accomplish such a goal, then now is the time to be following the advice of the International Speculator or perhaps the more conservative Big Gold.

I subscribe to both of these publications and I will forever be glad I do.