by Kerry Lutz, Financial Survival Network:
Andy Schectman has been working 20 hours a day. That’s how intense the demand is for precious metals. Last month every bullion deal shut down due to a major dump of metals contracts into the market. Physical metal is being drained from the SLV and the Comex. Same with the London Metals Exchange. Price is misdirecting the public as the powers that be use the opportunity to drain the metal out.
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Spend, spend, spend. All the talking heads talk about is spending money. Debt issuance goes up and the Fed prints the difference. While rates have gone up, Andy believes they’re not going much higher. We’ll be paying more in interest than they receive in taxes. Hello inflation. The real rate will stay negative. The best environment for precious metals ever. What could really kill the gold price, 17-18% interest rates. We’re looking at YCC (yield curve control) in spades. There’s no way out. Pullbacks are an opportunity to continue to stack.
Inflation is running rampant. Tax receipts hardly cover the interest. Let’s get rid of taxes and let the Fed print the difference. It’s easy to become discouraged when we see so many precious metal smackdowns. It’s been going on for years now.
US mint has had a tough time meeting demand. They’ve been swamped by demand. Andy heard a rumor that there’s a high probability that the mint will shut down for two month hiatis to retool their equipment for new bullion coins. The Canadian mint has also had supply issues. Without the Perth Mint and UK Mint supply would really be at issue.
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