What to Buy in the Gold Correction
What to Buy in the Gold Correction by Bob Moriarty for Street Wise Reports
Bob Moriarty of 321gold highlights six of his favorite stocks that he owns and treasures as an insurance against financial chaos.
We are in a correction for gold, silver and the resource stocks.
Thanks to the overreaction of the Federal Reserve and central banks throughout the world in response to a virus that looks less real as each day passes, fiat currencies are headed for the trash heap. The chance of the price of resources going up is as close to a lead pipe guarantee as at any time in world history. The U.S. government doesn’t care how much money it hands out, this is the last raid on the treasury before the country goes bankrupt.
The world has entered the greatest depression in history.
Covid didn’t cause it. $250 trillion in debt that can mathematically never be repaid caused it.
Over the past six months 53 million Americans signed up for unemployment. The U.S. government hurled money at them for not working. What a great idea, why didn’t I think of that?
It’s probably worth pondering what happens when the government runs out of trees to print more paper or stumbles into a shortage of ink. Many, perhaps even most, of those in the ranks of the newly unemployed will never get their prior job back. The depression is hurting both those making minimum wage flipping hamburgers and tens of thousands of highly paid airline staff now without a future. The riots will not just continue, they will get a whole lot worse.
You can still buy an insurance policy on an edifice clearly burning out of control. Those familiar with either of my two financial books, Nobody Knows Anything and Basic Investing in Resource Stocks, realize that I have been predicting this chaos for years and suggesting how to protect yourself. In reality you can buy about any resource company and have a high probability of making money but these are a few of my favorite stocks that I own and treasure as an insurance against certain chaos. They are in no particular order.
Irving Resources Inc. (IRV:CSE; IRVRF:OTCBB), headed by the charming and talented Akiko Levinson, has over half a dozen high grade gold and silver deposits covering past producing mines going back as long as 400 years ago. During WW II Japan closed down all precious metals mining to meet the needs of wartime production. Japan has a long history of gold and silver production. It was only a few years back that the country reopened its borders to non-Japanese resource companies.