Rigged markets declared permanent by all (but a few). Financial Times: “Passive investing could trigger next global downturn” Iranians’ demand for gold, purchase 60 tons of gold coins. Gold up 3.1 million % this year in Venezuela.
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Rigged Markets Declared Permanent By All (But A Few) – Demand For Gold
Welcome to the McAlvany weekly commentary. Now I’m Kevin Orrick along with David McAlvany. Well they’ve while you this weekend were finally doing the last of your Iron Man races. I was up in the mountains at a gold mine with a friend of mine who’s a partner in it and told me first about the race. I mean were you pleased with the time.
I was not. There’s different elements in every day and you prepare the best you can and you never know what the day is going to bring. So it could be hot it could be cold. It could be windy in those conditions you’re not in control of. So you just bring your best to the game.
OK. But I’ve got a question for you. OK because we talked about this couple of years ago. You really really trained for that first one because of course that’s always the unknown. You’re now getting close I’m going to mention times but you’re now getting close to where you if you trained like you did two years ago could probably shave off 15 or 20 minutes and get into times that mainly the pros see.
And I don’t know that I want to commit that much. So yeah I mean the reality of business life and family life and factoring in training I figured out how to cheat as much as I can on the training aspect and get as much as I can with as little input as possible still have a family with four kids and a wife well and not have a heart attack when I go to a race. You do still have to train. There’s no way around it. But truly the first year was a little obsessive. And I think I’d have to go back to that to break into a super competitive time while you were doing that I was up at about 12000 feet with a friend of mine.
He has purchased a gold mine that right now is inactive here in the Durango area. But you know if Gold hits 2000 or gets above 2000 he understands that that’s an asset that he’ll be able to sell for a whole lot more than what he bought it for. But it was interesting being up there Dave as I realized just how rugged it is. I had to get out of the jeep a couple of times in fact he told me. He says this is where we don’t wear our seatbelts. And I looked at him and I said why. And he goes Well you may have to get out of the jeep really quick and you know you look down the cliff. I understand what he’s saying but I had no idea. I kept thinking OK do I go over the front. Do I go over the back. How exactly do I get out of a jeep that’s falling off of a cliff. But it made me think OK as we went through the tailings and were trying to find gold or that was left over from the mine it really hit me all over the world. People have done this for thousands of years. The difficulty of extraction the difficulty of getting up to that terrain. There really is something about 170 of gold. I know we get sometimes discouraged about the manipulations and prices. But honestly Dave if you look at it Gold has that lasting value is still buys what it did thousands of years ago per ounce.
Well and you see it in the news today with sanctions being reintroduced here in recent days with Iran you know the imports for gold are huge. And wherever you see chaos you see the need and demand for gold increase.
Well did I read write that in the Wall Street Journal they were saying the central bank in Iran has mounted 60 tons of gold into coins and are encouraging their people to go into that instead of other currencies.
You see the same thing in Turkey where you’ve had currency chaos interest rates continuing to rise the value of the lira continuing to fall and to stabilize things. There is this natural demand this natural inclination towards gold ownership. So Turkish demand for gold Iranian demand for gold Venezuelan demand for the demand for anything frankly. I mean you have the Brazilian government closing the borders and not allowing Venezuelans to come across the Brazilian border because it’s such a flight of people desperate times require a rethink on everything. But one thing that seems to be repeated throughout history is the importance of gold in those periods of pressure. And you mentioned Venezuela I mean it goes without.
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