July 11, 2019
The Miles Franklin Newsletter
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From The Desk Of David Schectman
David's Commentary (In Blue):

In the last few weeks we wrote about – and advised many of our long-time clients that we noticed a market anomaly, which presented an opportunity. The wholesale price of MS/62 $20 Liberties and MS/63 Saint Gaudens had dropped too low and they were now selling at the same price as one ounce of bullion gold coins, like the American Eagles and Buffalos and Canadian Maple Leafs. 

Normally the premium on these certified numismatic coins is considerably higher, and we felt that this pricing anomaly would not last long. Well, it didn’t. This week the premiums are back up by at least $100 a coin more than the bullion coins. Those of you who took our advice made a quick $100 an ounce and the premiums should rise even more as the price of gold moves up. There are advantages to working with our brokers as apposed to ordering over the Internet like you do with Amazon.

I have featured two important articles today. I put them in the “must read” category.
First, we have an interview by Greg Hunter with Bill Holter and Jim Sinclair. Sinclair’s “Reset” views are featured. Jim says the reset has already started and the dollar will lose half its value, and that’s just for starters. They talk about the price of gold “doubling” but do not address what happens to silver and oil and real estate. And another question that comes to mind is, “What is the dollar devalued against?” Is it the USDX? Is it only gold? Is it oil?

Read the article and I will answer these questions at the end of the article.
Greg Hunter’s  USAWatchdog.com

Dollar Will Be Sliced in Half – Bill Holter & Jim Sinclair

Near the beginning of this year, legendary investor Jim Sinclair and his business partner Bill Holter said the reset would start in June. Is the recent jump in gold prices confirming this? Sinclair says yes and predicts a two-tier reset in the next few years. . . . The first will be a devaluing of the dollar. Sinclair explains, “The reset has already started. . . . The only thing holding up the dollar is its universal use as a contract settlement mechanism in Russia and China and everywhere else, and that simply is not happening anymore. . . .

The dollar is going lower. . . . In the first reset, the dollar will get sliced in half. That means the little guy will get sliced in half in terms of his buying power. You need to look at gold, not a speculation, but as a savings account. If the dollar gets sliced in half, you basically double the value (of your gold) if not more. I think much more. . . . In the second reset, that will take gold to a price where it will balance the ability to pay global debt. That’s the major move coming forward. Right now, we are definitely going back to the $1,850 and $1,925 area per ounce for gold. The second reset, you can pick any price you want for gold. Pick a high price.”
With the national debt officially at $22 trillion, and the additional “missing” $21 trillion discovered by Economics Professor Mark Skidmore at Michigan State University in 2017, you have a huge amount of debt and dollars floating around. This fact makes Sinclair’s prediction of $50,000 per ounce gold a few years ago look conservative. Bill Holter has done the math and says it simply must go much higher. Holter explains, “If you take the 8,300 tons the U.S. supposedly has, and I did this math last year when the official national debt was approaching $21 trillion, gold would need to be $87,000 per ounce to cover just the on books debt. I am not talking about the “missing” money, not future guarantees, pensions, Social Security and things like that. . . . So, the number is $87,000 per ounce for gold or multiples of that. What’s going to happen? The people who are running this understand this as much as we do, and the system is going to go down. So, why not create a false flag and kick the table over so you can point at it and say our policies would have worked if it wasn’t for whatever event they come up with.”
Can they put this off until after the 2020 election? Holter says, “It just might be one big last kick of the can . . . but prepare yourself and prepare your family. Have extra food. Have a way to purify water. Make a plan where you can go it alone for a couple of weeks or a couple months or more. That is what is coming for us all. Trump is going to preside over a bankruptcy. When he was elected, we predicted that he would preside over the bankruptcy of the United States. . . .The math says it is guaranteed.”
Sinclair says, “He is a master at bankruptcy. You maintain the item that is a producing asset, and you ‘jubilee’ or get rid of debt that has failed. You go through with a machete and take everything down that does not produce. . . . We have been warning people to be their own central banks and be able to take care of themselves for no less than 90 days.”
Join Greg Hunter as he goes One-on-One with financial writer Bill Holter and legendary investor Jim Sinclair of JSMineset.com.
O.K. Here is my take on the article. Jim Sinclair is talking about the dollar losing up to half of its value against the USDX. But ALL CURRENCIES will devalue against real goods, like a cup of coffee. Since silver is the cheapest asset on the planet it will rise even more – or as Sinclair says, “Silver is gold on steroids.”
Next up is one of the best articles on gold that I have read. What I really like about it is that Greyerz presents gold as a form of monetary insurance (like we do) and says it is a long-term hold (as we do) and documents just how cheap gold is today, at $1,420. When you combine the Holter-Sinclair article with this article, gold starts to look like the most important asset you can own. Remember, the higher the price of gold, the lower the purchasing power of the dollar goes. Even the term, “the price of gold” is inaccurate. Gold isn’t priced in dollars; it’s about how many dollars are necessary to buy an ounce of gold. Gold is the standard, not the dollar. Read that again, it is the essence of what gold is all about.
This may come as a surprise to you but are you aware that gold at $1,400 is cheaper than in 2000 when it traded at $280, and its cheaper than in 1970 when gold it traded at $35 or even in 1780 when gold was traded in London at £4 per ounce. Yes, gold at $1,400 is at a historical low and if its price was adjusted for REAL inflation (think Shadowstats, not BLS) it would sell for $18,160 an ounce. Sounds a bit like Sinclair’s “reset.” Based on the U.S. money supply, gold is as cheap today as it was in 1970 and 2000. Listening to Wall Street and MSM you would never know it.
Egon von Greyerz
Greyerz: The Road To $18,160 Gold And The Wisdom Of Jesse Livermore
As the world edges closer to the next crisis, today the man who has become legendary for his predictions on QE and historic moves in currencies spoke with King World News about $18,160 gold and the wisdom of Jesse Livermore.

Authored by Egon von Greyerz,

Lemmings have a herd mentality.  But following the crowd, can have grave consequences like falling off a cliff and drowning in the ocean. Many investors have the same instinct. They follow the crowd and buy or sell when other people do. This probably won’t end in the same disaster as for the lemmings, but following the crowd virtually never leads to a successful long-term investment performance. 

Apart from my long-term views, it looks like gold is on the move now, in the short-term too. That is important because if we are correct in our views, than it will only cost you more to add to your positions in the weeks and months ahead.  
Strategic Investor
The Motherlode of All Gold Rallies Is Underway
By E.B. Tucker, editor, Strategic Investor
Gold is up 11% over the last two months.
While that might not seem like much, it signals the start of a new bull market.
As the chart below shows, the gold price moved higher quickly.
And it just broke out of a key level it hasn’t hit since 2013

Every portfolio needs to hold at least 10% in physical gold. The world is drowning in debt and the only way out to reduce or eliminate it is to devalue ALL currencies. There is no other alternative.
Sanity gaining some traction?
This (Completely Reasonable) Change In Investor Behavior Would Send Gold To The Moon
Mark Mobius took over for the legendary John Templeton at Franklin Templeton’s Emerging Markets Fund back in the 1980s, and filled those big shoes well for three decades.
 Now running his own shop, he recently made what seems like a completely reasonable suggestion about gold – one that if adopted by the broader investment community would send the metal’s price to the moon:
(Bloomberg) — Veteran investor Mark Mobius says that gold’s set to push higher, potentially topping $1,500 an ounce, as interest rates head lower, central banks extend purchases, and uncertainty surrounding geopolitics and Cryptocurrencies fans demand. “I love gold,” Mobius, who set up Mobius Capital Partners LLP last year after three decades at Franklin Templeton Investments, said in an interview in Singapore, adding bullion should always form part of a portfolio, with a holding of at least 10%. “As these interest rates come down, where do you go?”
Gold has rallied in 2019, rising to the highest level in six years, as investors contemplate slowing economic growth, prospects for easier monetary policy in the U.S. and Europe and festering trade frictions.
Now running his own shop, he recently made what seems like a completely reasonable suggestion about gold – one that if adopted by the broader investment community would send the metal’s price to the moon:
As we have continually said, the debt (in the US AND globally) cannot ever be paid back in current values of currency. This results in “devalue or die…!
It’s the only exit in the room…Monetization.
Inflate away all debts, both public and private.
From the government’s profligate spending, to Municipal extravagance, to Student debt, to credit card issues, and more.
But the amount of inflation necessary must approach hyper inflationary status to work.
Serious stuff!
Mainly because the end result is the downfall of all economic systems and societal collapse.
CIGA Wolfgang Rech
This will end in a grand failure to deliver Wolfgang…
China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games - as they have for many years!
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About Miles Franklin

Miles Franklin was founded in January, 1990 by David MILES Schectman. David's son, Andy Schectman, our CEO, joined Miles Franklin in 1991. Miles Franklin's primary focus from 1990 through 1998 was the Swiss Annuity and we were one of the two top firms in the industry. In November, 2000, we decided to de-emphasize our focus on off-shore investing and moved primarily into gold and silver, which we felt were about to enter into a long-term bull market cycle. Our timing and our new direction proved to be the right thing to do.

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