Source: Bob Moriarty for Streetwise Reports 04/30/2020
Bob Moriarty of 321gold discusses gold, financial collapse and consequences of quarantining.
I’ve had a few comments lately on the pieces I have been writing about where we stand politically and with the Corona Virus. One complained and said that he loves my comments on markets but I was getting too political.
Of course I am.
I thought we had two totally different crises on our hands today. Most people only see one, that of the Corona Virus. Obviously we need to pay attention to the virus and actions of governments to combat it. The virus has killed a lot of people and will kill more.
There is however what I started predicting a year ago. I believe to be both more deadly and serious than the Corona Virus. That is over the totally dysfunctional world financial system built on a foundation of debt that we all recognize will never be paid. Anyone who didn’t see how out of whack our financial issues are simply isn’t paying attention.
I thought we would start a financial collapse last October but the Fed also saw it coming and began to pour fuel on the fire in mid-September. The rest of the US got to see we had a problem in mid-March when the bottom fell out of the market. I did manage to get a warning out to my readers at the end of February that in hindsight looks like a great call.
But I missed a giant problem swelling up that is also going to kill a lot of Americans and those locked down all over the world. That is of cabin fever. I’m not going to pretend that I am any form of expert on cabin fever. I’m not. However I’ve pretty much been locked down for about six weeks and frankly I’m going stir crazy.
I live in a quiet part of the world in a tiny village surrounded by small farms. We have few social issues and crime is pretty minor. There will always be food around if you like your hamburger on the hoof. The weather is mild. Like everyone else in the world we are ruled by idiots who believe that every problem can be solved only by creating more rules.
I can go to the store if I have my permission slip. I can seek medical care. It’s ok to exercise outside the confines of my abode. So it’s not as if I’m in prison. But I do miss touching and seeing and talking to people. I don’t like living like a hermit. I’m not about to start shooting people but I do wish we could go back to the pre-panic days.
Two doctors who run a clinic in California did a long You Tube video of what they were seeing and how their experiences said the US was doing something very dangerous. Until I saw the video, I hadn’t really realized there are a lot of people going stir crazy.
It, too, can create long-term issues. So locking down society to vanquish the virus makes more and different problems all by itself. The quarantine is dangerous at some point. At last count the video had over six million views on You Tube.
Until this.
Evidently experienced doctors who do a video explaining what can happen when you lock down a society is far too dangerous for us to watch.
It’s not like it’s PG-13, it’s XXXX-1, not suitable for anyone, burn yourself after watching. So I found a Vimeo copy of the same video, it got the same treatment after a couple of days. So here is yet another until it gets yanked.
Being locked down is pretty scary in my experience. But being told how to think and what we can watch is even deadlier.
By now if you have any sense you are asking yourself, what exactly do cabin fever and gold have to do with each other? “This is a gold site; I didn’t come here to read a bunch of bull.”
The same idiots who created the financial mess that finally blew sky high in the middle of March and never saw it coming were also the fools who couldn’t give us an accurate prediction of how many people would die in the US of the virus. They never bothered refilling the PPE supplies at the Federal Government level after they were depleted during the Obama administration.
Congress was far too busy attempting to convict Trump and remove him from office to take any action over what was obviously a serious medical threat. The FBI and DOJ were scurrying around like a cat in a litter box attempting to cover up its crap over their attempt to manage a coup d’état against the legally elected president of the country.
Meanwhile the mainstream media were keeping score of how many times Trump could lie in one sentence. Whoever could guess the closest number to being correct would get a free cup of coffee at Starbucks if they ever open.
These are all the same chumps who just opened the floodgates at the Federal Reserve. They are going to print money until they make Robert Mugabe a leading candidate for the Nobel Memorial Prize in Economic Sciences.
I want to see a correction in gold and silver and the mining stocks. I get twitchy when everyone is talking about how high gold is going to go and how Comex is about to default.
There is a measure named the Gold Miners Bullish Percent Index. Right now it is exactly as bullish as it was bearish in mid-March at the very bottom after the biggest decline in stock market history. People are way too bullish for my blood. They are more bullish than they were in July of 2017 after a monster gold stock rally. We can’t have that.
If I were worth a penny as a forecaster, which I am not, I’d say the June/July timeframe would make a great time for a low if we had a nice and necessary correction.
But the idiots pulling all the levers have guaranteed gold and silver are going to go places even the bulls cannot imagine. All that the President and VP, and most of the doctors and the media, and the Fed, and the FBI/DOJ, and YouTube/Vimeo have accomplished is to prove just how useless and clueless they are at heart.
It would be a great time to own some gold and silver because after they f$#k it up fourteen times and fail at every effort, someone is going to suggest, “You know, what we really need is a jubilee and to go back to a gold and silver standard.”
Then we will be fine.
That is if we survive the virus, the depression and cabin fever.
Bob Moriarty
President: 321gold
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Bob Moriarty founded 321gold.com, with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.
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