Gold drifts lower ahead of long holiday weekend
Ruffer Investment Review: ‘First we have to get through the storm.’

(USAGOLD –11/22/2022) – Gold drifted lower ahead of the long holiday weekend. It is down $3 at $1739.50. Silver is up 7¢ at $21.24. London-based John Ruffer (Ruffer Investment Review) says that in his forty-five years as an investor, he “cannot recall a more dangerous period than today.” It is a time when “plentiful liquidity” is “overwhelmingly attractive.” He says opportunities will arise in the aftermath of a crisis, but “first, we have to get through the storm.”

“When there’s no money in the system and the channels of its creation are blocked,” he writes in an advisory released yesterday, “many fine investments, which, in normal circumstances would be mouth-watering to own, are unsellable. If, at that point, you need money, and all you have are assets – watch out! We are watching out.… We see danger ahead. Markets are still too high, and protection is expensive in an increasingly nervous world; common sense suggests one should invest conservatively, and in safe assets.” Though Ruffer does not mention gold in this particular advisory, the firm has consistently advocated it over the years as a sensible portfolio holding for the times. (Please see Ruffer Radio’s “Gold Matters,” September 2020)

Wishing all a happy Thanksgiving. Next report on Monday, November 28th.

Annotated chart showing the price of gold during the gold standard and fiat money eras

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