In this video podcast, Ronald-Peter Stöferle — gold analyst at Erste Bank and writer of the brilliant gold report “In GOLD we TRUST” — and Alasdair Macleod of the GoldMoney Foundation talk about the current bearish sentiment towards gold, economic problems and political developments in the eurozone and much more.
In summary they cover:
- How sentiment in gold is extremely bearish; From a contrarian point of view, these signs indicate gold bottoming
- That gold should be held as insurance; 5-10% of holdings
- How Gold has no liability and no counterparty risk. It is financial insurance and unlike other “assets” can never go bankrupt.
- How public interest is rising in European countries wanting to know where their gold is and when they last had audits. For example in Switzerland, Germany, and Austria.
- How is silver viewed? The Chinese and Indians are buying silver.
- That there is now a new silver futures contract available in Shanghai. Therefore traders need to build up a stockpile of silver there.
- How strong nerves are needed for holding silver. Buying on dips like now is the way to go.
- Silver has a lot of potential, but trading it is extremely tough due to its volatile nature.
- Ron Paul has spread the word about Austrian Economics (Real Money Gold and Silver), especially to the young, whereas Keynesian Economics (Ben Bernanke and co) has driven us to this current economic world crisis.
- The problem with socialism as Margaret Thatcher said “It comes a point in time when you run out of other peoples Money”.
- Europe is no longer where Germanys exporting market is. Now China, Russia, Southeast Asia, Africa etc.
While we like to have physical gold and silver close to home, as we mention in our free ecourse, GoldMoney is a useful option if you want to also hold some gold offshore, simply and easily. More info on GoldMoney here.