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Gold and Silver Market Weekly Wrap-Up - Week Ending August 28th, 2020

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Here is a quick snapshot of Gold's Performance, "Year Over Year."

Here is a quick snapshot of Silver's Performance so far, "Year Over Year."

Warren Buffett's Berkshire Hathaway’s recently sold major holdings of US bank stocks and made a simultaneous purchase of Barrick Gold mining stock.

Jim Rickards comments below:

"Like Banquo’s ghost in Shakespeare’s Macbeth, gold keeps showing up as an uninvited guest at the dinner table to haunt the central bankers. 

Economists may have abandoned gold, but investors have not. And perhaps the most famous investor of all is now betting on gold.

Banks create money by making loans and adding the loan proceeds to borrower accounts through a few accounting entries. 

The banks create paper money. 

But, gold miners create money by digging up gold, processing it, and selling it to refiners. In other words, the gold miners create hard money. 

Buffett is signaling a loss of confidence in the dollar. He’s getting out of the paper money business* and into the hard money business. 

Economists call this a ‘liquidity preference.’ I call it a sign of the times. 

If Buffett is moving into hard money in the form of gold, maybe you should too.”

For full Article View Here at Daily Reckoning Now 



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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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