Good Day,
Please note, I am not scare mongering, just telling it as I see it.
There are two types of people; the one who tells you what you want to hear, and the one who tells you what they think.
Gold continues to hit all-time highs in both the British Pound and the Euro currencies. Europe is on the verge of a currency collapse that will come much quicker than anyone believes.
It is inevitable, but could be prolonged if Greece is bailed out.
Europe has a much more intimate understanding than the West about monetary collapse and crisis generally. That is why they are buying gold with their paper dollars. They understand what gold is, and when to run to it.
The same issues are deeply embedded in America, but not generally acknowledged and certainly not accepted by the masses. Still though, gold is moving nicely higher in US Dollar terms and there should be no material pullback until the $1,226 level is hit again.
*Important
I have received multiple reports of EverBank issuing the following notice to customers.
"Non-FDIC Insured Metals Select Changes" -
Section 6.3.7. General Terms: We have added language clarifying our right to close your account. We may close your Metals Select Account at anytime upon reasonable notice to you. If we believe that it is ncessary to close your account immediately in order to limit losses by you or us, we may close your account prior to providing notice to you. Notice from us to one of you is notice to all of you. If we close your account, we reserve the right to convert your Precious Metals to U.S. dollars and tender the balance to you by mail.
The company has effectively defaulted. By saying they will "convert your Precious Metals to U.S. dollars and tender the balance to you". There is now no way you will get physical metal out of your account with this bank.
I suggest considering taking money out immediately and purchasing physical metals to begin with. I pontificate that 99% of these types of accounts or products have a clause written in the fine print similar to this, or they soon will.
Not everyone reads, let alone understands the fine print. Why bother risking it? There is no unforeseen risk in holding the real deal.
I don't care if you subscribe to my service to help protect yourself by buying into physical precious metals and quality stocks which will retain their value in the worst case scenario.
I do care that you protect yourself one way or another though. It is time to do so now, if you have yet to.
I hope to god it doesn't happen but at this junction I don't see any other potential outcome.
Last but far from least.
Jim Sinclair recently held a meeting in Toronto, Canada. Two investors who are immigrants from countries who've experienced massive inflation were in attendance and spoke up, saying they see the same things occurring today in Europe and the US as they saw in their respective countries before their currencies collapsed.
God speed, and good luck.
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