Tuesday, February 5, 2013

February 2013 monthly Gold Letter by Peter Schiff

Welcome to the February 2013 edition of my monthly Gold Letter.
The media excitement at the beginning of the month was focused on the Dow surpassing 14,000 for the first time since 2007, less than 200 points shy of its record of 14,164 set on Oct. 9th of that year. Few notice that when priced in gold, the Dow has actually fallen from 19 ounces to 8 ounces over that same time period. It seems a dollar just ain't what it used to be.
This is no surprise, as the news from Washington is as bleak as ever. Congress has ducked its duty with the fiscal cliff deal by raising taxes without meaningful spending cuts. The Republicans then caved into demands to raise the debt-ceiling yet again. The end result? The debt bomb continues to grow.
The world is waking up to this fact, which leads to the biggest news of the month: Germany wants its gold back from the US - and it's going to take 7 years to get it. In my commentary, I examine why Germany has made this shift, as well as the possible reasons for and implications of the delay. This could truly be a tipping point for the global dollar reserve system.
Also in this issue:
  • Jeff Clark of Casey Research makes the case for future capital controls and urges gold investors to consider investing abroad before it's too late.
  • Lampoon the System puts Obama in the hot seat as Washington's creditors stage a fiscal intervention.
  • We explain the pros and cons of owning fractional gold coins.
  • And, as always, we close with summaries of major news stories from the precious metals markets this past month.
While this newsletter is an invaluable opportunity for me to share with you my in-depth analysis of the gold market, there is a lot of news developing throughout the month that you should know. That's why I now offer my Official Gold Blog, updated daily with my interviews, video blogs, and the very same news and analysis that I read to stay ahead of the market. I urge you to make it part of your reading routine throughout the month.

One last point: I am seeking a new broker to join our team in New York. The candidate must have a thorough understanding of free market economics and experience in the investment world. Send resume and cover letter to our Michael Freedman, President of Euro Pacific Precious Metals, at mfreedman@europacmetals.com.
Thank you for your continued readership and business.


Peter Schiff
Euro Pacific Precious Metals
Source: constantcontact.com

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