By Chris Martenson
Peak Prosperity
With the financial experts claiming, some gleefully, that gold has “lost its safe haven status” in the aftermath of its biggest tumble in 30 years, many commentators thought (hoped?) that the dramatic price drop would steer people away from gold ownership. To my eyes, the past week has all the earmarks of a high-gloss propaganda campaign complete with well-placed anti-gold stories in the media and the careful use of language aimed at sowing doubt about gold’s ability to be a store of wealth.
But for those who consider gold a store of value, the recent gold slam is a gift: an invitation to purchase more sound money with fewer units of paper currency. In other words, a sweet deal. Gold and silver on sale and the world is taking advantage.
I predicted this last Friday, when I wrote, “[k]nowing the lower prices will only exacerbate this West-to-East flow [of gold], I therefore thought that the bullion banks and central banks would not have dared push that dynamic any further.”