Three Reasons the Case for Gold Remains Intact

David Galland, Partner, Casey Research

Dear Reader,

When last I wrote, it was from my favorite place in the world, Cafayate, Argentina, as I prepared to return to the United States for the Northern Hemisphere summer. Leaving off, I was positively brimming with the health and vigor of life lived large in the big-sky country of the Argentine outback.

Unfortunately, immediately upon arriving back in the US, I was laid low by a high fever, exacerbated by a week-long absence of the sun, and topped off with a spell of freezing temperatures and even snow… this at the end of May!

Today, a week and a bit later, I'm mostly recovered though still periodically hacking like a TB patient. Other than a single afternoon, the sun has put in sporadic appearances, and the forecast for the next three days is more of the same.

Ugh.

Given the backlog of work that has built up during the transition back north, compounded by the unexpected bed rest, I don't think I'll get stuck in any particularly long or complicated themes today, but instead plan on sharing some briefer observations that have come to mind since my return.


Human Nature

One of the advantages of flying into the US via Asunción is that relatively few Americans traveling to the Southern Cone include Paraguay on their itinerary. I'm not sure why, but when mentioning my tangential affection for Paraguay to an American, I invariably get the same sort of look I imagine would be given on announcing I enjoy vacationing in the rougher parts of the Democratic Republic of Congo.

Regardless, unlike traveling from Buenos Aires, which is hugely popular among Americans, a US citizen arriving at JFK airport from Asunción has the "US Citizens Only" line pretty much to themselves. While it is irksome to have any institutionalized interference in one's travels, in fairness, the processing back into the US as a citizen is mostly painless, a quick question or two followed by a "Welcome back."

Thus welcomed, we had to gather our bags, change terminals, and recheck in for the continuing flight to Burlington, Vermont, the nearest big city to our home here. As the bags took a surprisingly long time to spew forth onto the luggage carousel, the leisurely connection time we had allowed for was greatly diminished, resulting in something of a scramble in order to make our connecting flight.

Thanks to the AirTrain at JFK, once we had bags in hand, we made solid progress before once again getting hung up in the "baggage drop" process at JetBlue where the line was both long and slow. In Argentina I have become comfortable with patiently waiting in lines; however, back in the Land of the Efficient, I found my stress level rising thanks to the uncaring inefficiency. To wit, even though the line was well backed up, the airline had only two people working the counter, and one of those was tied up with a problem case (there's always at least one). Thus what should have been a quick and painless operation dragged out for the better part of thirty minutes.

Finally, with our flight time rapidly approaching, it was time to run the security gauntlet, stepping into a rope chute leading, side by side with another chute, to a podium whence a TSA operative was charged with checking the tickets and credentials of passengers.

While one should give credence to differences in metabolic functioning – people process body fat more or less efficiently, leaving some people effortlessly thin while others have to fight a constant fight against weight – the only conclusion one could reasonably draw in the case of this particular TSA security officer was that he had long ago given up any pretense of dietary restraint or physical activity more strenuous than lifting cupcakes to his lips.

As a result, rather than sitting in his high chair at the podium, he pretty much enveloped it with unflattering rolls of body fat cascading droopily over the side of his belt and dangling, jiggling, to the level of his seat. The idea that this was "America's first line of defense" would have been somewhat funny if we hadn't been in such a hurry and hadn't known that to proceed, we first had to bow and scrape to his satisfaction.

Even so, I'm a go-along-to-get-along kind of guy, especially when it comes to getting along to my flight, so I waited patiently for my turn at the podium. Which gave me about ten minutes in relatively close quarters to watch this first responder in his dealings with the public.

Encouraged by the presence of a bland-countenanced female TSA officer who was standing nearby in order to observe him, I guess as a trainee, the human roadblock cavalierly split his attention between her and the two streams of passengers, one on his right and one on his left, that met up at his podium. The conversation went something like this…

Jabba the TSAHutt (turning to his female trainee, but loud enough for us wannabe passengers to hear):

"Oh, sometimes I get in a devilish mood, like now. So I ask people annoying questions such as…" (turning to the nondescript woman waiting on the right side of the line, taking her ticket and ID in hand and examining it)… "So, what's your name?"

Waits for her to answer, "And where are you going today?"

That he already has the information directly at hand is part of the joke, which he acknowledges by turning back to the female trainee and winks, "See?"

Moving at the speed of a slow glacier, he dragged the farce out for all it was worth, constantly pausing to make quips to the trainee, then leisurely turning back to ask the travelers similarly ludicrous questions, pausing every minute or so to stop a line and command people to step back away from the podium – even though if anyone encroached on some invisible line, it was by an inch or two as far as I could see.

But he was having a grand old time, yakking it up with the emotionless TSA trainee (if she was getting the humor, she wasn't showing it, but that didn't seem to register with him), and treating the public like slow-witted children.

I vividly recall the expression of a distinguished older couple in their seventies as they made their way slowly towards the TSA joke… er, joker. Written across their faces were a litany of emotions from anger and thinly disguised disdain to embarrassment that America had come to this.

The husband visibly gritted his teeth when Jabba shoved a mitt in front of his wife's face when she, too, came too close to the imaginary line separating the public from his official podium and said in his best imitation of a real cop, "Back away from the podium!"

Finally, mercifully, it was our turn, which meant we might still make our flight. Like everyone else, I had to reply to his nonsense questions that had nothing to do with anything, then stand by while he similarly grilled my children. "What's your name? Where are you traveling? Are these your parents? How old are you?"

Then it was on to the backscatter X-ray machines, assuming the humiliating hands-over-the-head position, leaving us with only a couple of minutes to spare to make our already boarding flight.

Now, I mention all of this not just to gripe about how degraded the travel experience in America has become – and it's nothing like this anywhere else I have traveled in the last decade – but as a lead-up to a quick comment or two about human nature.

You see, while the whole "show" was grating, the TSA officer was acting entirely in sync with human nature. For starters, he was showing off to a member of the opposite sex. Hasn't that been a primary driving factor behind the actions of men since time immemorial?

In addition, he was clearly imbued with the power that members of America's security apparatus find so attractive. Everyone likes power, but for a person who has let themselves personally degrade to the point where he's just a couple of Sloppy Joes away from drowning in his own neck fat, the TSA is pretty much the only job in the world that he can hold down with minimal effort and that offers power as a perk.

But the psychological aspects run deeper than just that, because in the same way that white trash attempts to boost their ego by looking down their nose at Mexicans or blacks – this particularly poor specimen of humanity is able to find some modicum of self-respect in harassing and humiliating others, and being able to do so without fear of blowback.

On the other side of the podium, we witness social proof in action – the deep-seated human trait of unquestioningly modifying behavior in order to stay in sync with the actions of others around us. Which is to say that because we see everyone else going along like sheep, we go along too. Otherwise we might have answered Jabba's ridiculous questions with something along the lines of, "Look moron, if you can't read the identification card in your hand that confirms my name, or the ticket that confirms my destination, maybe you're in the wrong line of work."

But we don't do that, because no one else is doing it. And sadly, if we did, then Jabba would press a button on his podium, and we'd fall into the Pit of Rancor (or whatever the equivalent is in today's militarized Homeland Security system).

I mention all of this because this scenario – and the underlying forces at work – when considered on the larger stage of the US, are equally evident.

You have a bloated government degraded by its power, choking on its own neck fat (debt), foisting ridiculous and ineffective regulations and policies on a spineless public who has been trained through media and overt intimidation to toe the line, or else.

Just as the TSA agent felt comfortable loudly joking about lording it over the passengers unfortunate to be in his queue, the US government feels comfortable ignoring principles, morals, and ethics that, until recently, pretty much defined the national character. And why not? Anyone brave enough to "see something and say something" – at least as far as government overreach is concerned – will, as the recent IRS and AP cases demonstrate, quickly find a target painted on their back.

And so it was that we shuffled through the final security lines and onto our plane back to Vermont.


The War on Bitcoin

When I first read the government inquisitor's comments on Liberty Reserve, my initial impression was that they were referring to Bitcoin. That's because the terms used in describing the federal indictment for Liberty Reserve's purported crimes read as if lifted from a Bitcoin sales brochure.

Simply, the crux of the complaint is that the transactions through Liberty Reserve were designed to be outside of the central banking system and anonymous, and so were conducive to the laundering of money.

It seems hard to argue that government prosecutors, in their attack on Liberty Reserve, were taking great pains to frame the argument for going after Bitcoin next.

The champions of Bitcoin immediately rallied behind the BC flag, touting the fact that unlike the operators of Liberty Reserve, Bitcoin is a massively distributed system with no obvious individuals readily available for perp-walking.

Now, I know I will sway no one with my comments – Bitcoin has that sort of dedicated followers – but, in my opinion, having laid hands on the people behind Liberty Reserve, the governments will now publicly crush their bones as part of deterring the average person from wanting anything to do with Bitcoin, or, for that matter, any other non-sanctioned e-currency.

Moreover, I suspect it is the first shot in a wider campaign to scare away heretofore vocal and visible champions of Bitcoin, the "thought leaders" that have been so helpful in Bitcoin gaining market share.

Is publically advocating the use of Bitcoin the equivalent of publically advocating a money laundering service? Could such an advocacy result in your arrest and confinement? Don't know… maybe you'd like to push the outer edge of the envelope and find out? (Do criminal defense lawyers accept bitcoins? You could find that out, too.)

Regardless, I think it is as certain as certain can be that the government is preparing to wage war on Bitcoin – and that will scare off merchants who accept Bitcoin, or who were contemplating it. While individuals may be able to fly below the radar, merchants who need to advertise their willingness to deal in bitcoins offer up a fixed target.

Okay, I suppose you could get away with it on Silk Road, but for demand for Bitcoin to grow – very definitely a driver of its value – it needs distribution. With regular folks and merchants alike deciding the risk is not worth the possible reward of dealing in BC, demand and prices will be capped.

While it's hard to tell how Bitcoin will ultimately fare... I think the right questions we as possible consumers of the e-currency have to ask is, (a) whether its value is intrinsically linked to its ability to operate in the open, and (b) whether it can withstand a full-on government assault.

And never for a minute lose sight of the fact that the government defines the rules. If your permanent government file might be amended to flag you as a possible anti-government revolutionary solely for visiting a Bitcoin-related website, would you take the risk?

Though I certainly appreciate the effort to launch an alternative, anonymous currency – I see Bitcoin as V.1. in that regard and very much susceptible to being mugged by the monetary mafia running this joint.

Maybe I would buy some solely for entertainment purposes, but for anything resembling real money, I'll take things more tangible.


The Changing Face of Main Street

Living in a small town in the middle of nowhere in Argentina very much changes one's priorities. In my opinion, for the better.

For instance, given the lack of big stores and easy access to consumer goods, you quickly come to understand what you actually need to live a good life… fresh food, basic transportation, good friends, and, as a real luxury, domestic help. In the US, by contrast, it is easy to become convinced that a fulfilled life requires the latest in an unceasing river of electronic gadgets, fancy cars, etc., etc.

Case in point, I deliberately only took a small wardrobe to Cafayate – a handful of shirts, a couple of jeans, underwear, socks, etc. As the place is very informal, as there's no need for cold-weather gear, and as we have a maid that washes five days a week, there's never a risk of running short of anything.

Only on returning to the States did it dawn on me just how much "stuff" we have accumulated over the years, starting with a large closet overflowing with clothes for every occasion… much of which I almost never wear.

Then there are the toys and electronic gadgets and other clutter, each piece of which I had become convinced at one point or another that I simply had to own – but now that I do, for the life of me I can't remember why.

But that's sort of the point. In the US, especially, exceptional marketers are supported by technology that makes shopping ridiculously easy. Thus, once you become convinced you simply must own something, the thing almost falls into your lap.

That is very much not the case in a small town in Argentina or, for that matter, thanks to the anti-trade stance of government there, in the big city either.

Yet, yesterday, needing a new headset for my computer (I left mine in Argentina), I stopped in at three local retail stores of the sort that would typically be expected to carry headsets and was surprised that not only they didn't carry them, but that their inventory of anything at all was positively skeletal. In each case, the clerk apologized and offered to order it for delivery later in the week.

Given that I am entirely capable of logging onto Amazon and choosing from a seemingly limitless array of headsets, I politely declined and, on returning home, did just that – ultimately selecting a pair from over 63,000 offerings with the help of a convenient rating and review system.

As a result of this experience, I was reminded that the very nature of commerce in the US has gone through a profound shift over the last decade. No longer can mom and pop hope to set up shop on Main Street and successfully sell anything other than items appealing to instant gratification (ice cream, prepared food, candy bars, wine, etc.), or services related to existing goods (dry cleaning, car repair), or services related to navigating the complex society (accounting, legal).

Pretty much everything else falls under the purview of the online merchants or the mega-box stores that can afford to carry a big enough inventory of reasonably priced products to compete with the online sellers. In time, even the big-box stores won't be able to compete with infinity, however.

Interestingly, though, online sales are still only about 5% of total retail sales in the US. This despite the latest surveys that show that, across all demographic groups, about 41% of the public prefer shopping online. Which, of course, means that 59% of the people prefer to do their shopping in stores.

To me this feels like the sort of crossroads that must have arisen during the early adoption of the "horseless carriage"… when a majority of people, when asked, would have sworn by old Betsy and vowed to never change.

It feels like opportunity to me, as the creative destruction of the Internet moves inexorably forward. Of course, it's just a matter of time before widespread changes in the tax structure stop giving the online retailers a tax advantage over local merchants, but all that will accomplish is to cause consumer prices to rise. That still cannot address the distributed merchandising model such as used by Amazon that means if they don't have exactly what you're looking for, one of their tens of thousands of affiliated merchants will.

Young people in America face the real challenge of finding a way to succeed in an economy on the downslope, where government regulations and labor-related costs make employees a liability and not an asset. I think Internet retailing is one of the few real bright spots, convinced as I am that it is still in its infancy.

Of course, even newer disruptive technologies, such as 3D printing, will, over time, begin to carve into the market share of Internet retailers – so that's another interesting area for personal and professional study.

Regardless, the nature of local businesses has changed, and it's not changing back.

(I would be remiss if I didn't mention the excellent work that Alex Daley and his team at Casey BIG TECH do in keeping subscribers up to speed on the latest big developments in technology and how to profit. At just $99 a year, with a full three-month money-back guarantee, it's truly a no-brainer. Learn more and sign up today.)


Three Reasons the Case for Gold Remains Intact

While it's nice to see gold bounce off recent lows and stage a rally of late, short-term price action is of little personal concern as I don't trade the physical metals: I own them as a long-term insurance against further currency depreciation.

In that regard, however, it's worth periodically pondering whether the base case for holding gold – or any asset, for that matter – remains intact.

Here are three quick observations on why I think the gold bull is still well intact.

Reason #1: Opposition to Austerity

Today it was announced that EU unemployment continued to rise into record territory, up to 12.2%. As this is a region-wide stat, you can safely assume that in the poorer member countries, and especially among the young and minority groups, the rate is easily twice that number.

As a consequence, the odds of the EU adopting widespread austerity – i.e., significantly pulling back government spending – is just not going to happen. Supporting that contention was an article out of the Financial Times today, titled "EU eases hard line on austerity." And I quote…

"Brussels will on Wednesday give its clearest signal yet that it is moving away from a crisis response based on austerity, allowing three of the EU's five largest economies to overshoot budget deficit limits and pushing instead for broader reform."

Likewise, looking forward to the near future here in the United States, as our own Bud Conrad did in the current edition of The Casey Report, shows that rather than moving into a period of easing demand on government expenditures, the aging baby boom bubble is about to greatly exacerbate the problem.

And thanks to the stultifying and downright stupid policies of the Fed, hand in glove with the government, over the last couple of decades, the aging population has been left horribly unprepared for their retirement, and hugely at risk to the next leg down.

This from the Washington Post today…

From the peak of the boom to the bottom of the bust, households watched a total of $16 trillion in wealth disappear amid sinking stock prices and the rubble of the real estate market. Since then, Americans have only been able to recapture 45 percent of that amount on average, after adjusting for inflation and population growth, according to the report from the St. Louis Fed released Thursday.

In addition, the report showed most of the improvement was due to gains in the stock market, which primarily benefit wealthy families. That means the recovery for other households has been even weaker.

"A conclusion that the financial damage of the crisis and recession largely has been repaired is not justified," the report stated.

And this…

The Fed is spending $85 billion a month to lower long-term interest rates and stimulate the economy. It has also kept short-term interest rates to near zero. That has helped push stock markets to record highs, while home prices have jumped by the most in seven years. Consumer confidence is at its highest point since February 2008. Officials hope those factors will eventually result in more consumer spending power.

Here's the full article.

So, in essence, the stock market, which the Post actually conflates with the economy, is being propped up by the Fed… as is the housing market. So, riddle me this, what happens when the Fed stops spending $85 billion a month?

The answer is as clear as it is obvious. The Fed can't stop QE, or if it does, it can't stop it for long.

This effectively leaves only one option to government policy makers – competitive currency devaluations of the sort that Japan is now pursuing. This despite the clear implications to the future of the fiat currencies. I thought the following, from Bloomberg earlier this week, pretty much says all that needs to be said on the situation…

Koichi Hamada, an economic adviser to Japanese Prime Minister Shinzo Abe, told South Korea to adjust its own monetary policies if officials are concerned at the effects of a yen weakened by unprecedented easing.

"Each country can take care of itself through its own monetary policy," Hamada, 77, said in an interview in Tokyo yesterday. South Korean officials "shouldn't blame the Japanese central bank, they should demand the Korean central bank have a proper monetary policy," he said.

South Korean exporters such as Hyundai Motor Co. stand to lose ground to Japanese rivals because of the yen's 20 percent slide against the dollar in the past six months. The currency's decline is adding to the risk of deteriorating relations between the nations, after South Korean Finance Minister Hyun Oh Seok said last month that the weak yen is a bigger economic risk than North Korean threats.

In other words, it's every country for itself. Buy gold with confidence.

Reason #2: Declining Global Gold Production

As Doug Casey has often pointed out, mining is a hated industry. Starting up a new mine, or even expanding an existing one, is viewed in much the same light as starting up a nuclear plant on a geological fault.

As a result, despite prices having better than quadrupled over the past decade, gold mine production has peaked and is trending down.

Even Chile, a country that has seen its fortunes substantially improved thanks to its mineral legacy, is now turning its back on the miners.

This from Reuters yesterday…

OPPOSITION TO MINING PROJECTS

Opposition by environmental, indigenous and community groups to mega mining and power projects has led to a series of setbacks to billion dollar investments in Chile, the world's No. 1 copper producer.

Despite being one of Latin America's most stable, prosperous countries, Chile suffers from high levels of income inequality, and many in the Andean nation feel a mining boom has bypassed them and harmed the environment.

Pascua-Lama is one of the most unpopular mining endeavors in Chile. Many opponents are incensed that it has produced environmental harm and are particularly worried about the project's effects on glaciers.

Climate change has shrunk Andean glaciers between 30 and 50 percent since the 1970s and could melt many of them away altogether in coming years, according to a study published in January in the journal The Cryosphere.

Separately, Chile's judiciary is seen taking all of 2013 to weigh the indigenous allegations against the project, setting the stage for a protracted, costly legal battle.

Critics say unclear Chilean regulations have contributed to a legal limbo that has led to the suspension of plans for hydropower projects in Patagonia, thermoelectric plants across the country and major copper mines high in the Andes.

Here's the entire article.

Now, just to be clear, Pascua-Lama is located between 12,500 and 17,000 feet high… altitudes that are just shy of being fatal to the human species. The idea that there is a thriving community of "indigenous" people living the life at that altitude is a bad joke.

The point is this: if a company is willing to actually spend the $8.5 billion required to bring a mine into production in a purportedly mining-friendly country in a remote corner that would otherwise be uninhabited, and it is blocked, then what are the odds of the industry being able to continue to move new projects into the pipeline?

Somewhere between slim and none, and Slim just keeled over from altitude sickness.

Reason #3:  Physical Demand

While no one can say with complete certainty when the bottom will be put in for gold, there is abundant evidence that at a price of under $1,400, there is a deep well spring of demand.

Support for this contention is abundant – for example, just this week…

Asia gold demand to hit quarterly record, absorb ETF outflow-WGC LONDON, May 29 (Reuters)

Asian gold demand from this April to June will reach a quarterly record as bullion consumers in the region take possession of supply freed up by selling from exchange-traded funds (ETFs), the World Gold Council (WGC) said on Wednesday.

Gold prices fell to their lowest in more than two years at $1,321.35 an ounce in mid-April on signs of economic improvement in main markets and fears that central banks around the world could start to curtail their bullion-friendly policy measures. The council expects Indian gold imports to reach 350-400 tonnes in the second quarter, 200 percent higher than a year earlier and almost half of last year's total imports. This also compares to imports of 256 tonnes in the first quarter of 2013.

"We now definitely expect Indian demand to come in at the upper end of the 865 tonnes to 965 tonnes range that we had previously forecast for 2013 because of the effect of what happened in April," Grubb said. Grubb said as net imports of gold into China reached around 160-170 tonnes in April alone and physical demand shows no sign of abating, total off take this year could reach more than 880 tonnes. This compares to a previous forecast of 780-880 tonnes.

The implication is that the market is able to calculate the value proposition of owning gold over paper and, below $1,400, is clearly choosing gold. And it's not just individuals, but institutional investors and even central banks.

There are other reasons for the base case for gold remaining intact, including the very real potential of a black-swan event related to the mega-trillion dollars in derivative positions, but the combination of locked-in currency debasement, pressure on supply, and pent-up demand gives me all the reason I need to continue viewing short-term fluctuations to the downside with no concern, other than as a potential opportunity to add to positions.


Friday Funnies

High School 1957 vs. 2012

Scenario 1:

Jack goes duck hunting before school and then pulls into the school parking lot with his shotgun in his truck's gun rack.

1957 – Vice principal comes over, looks at Jack's shotgun, goes to his car and gets his shotgun to show Jack.

2012 – School goes into lockdown, FBI is called, Jack is hauled off to jail and never sees his truck or gun again. Counselors are called in for traumatized students and teachers.

Scenario 2:

Johnny and Mark get into a fist fight after school.

1957 – Crowd gathers. Mark wins. Johnny and Mark shake hands and end up buddies.

2012 – Police is called and SWAT team arrives – they arrest both Johnny and Mark. They are both charged with assault and both expelled even though Johnny started it.

Scenario 3:

Jeffrey will not be still in class, he disrupts other students.

1957 – Jeffrey is sent to the principal's office and given a good paddling by the principal. He then returns to class, sits still, and does not disrupt class again.

2012 – Jeffrey is given huge doses of Ritalin. He becomes a zombie. He is then tested for ADD. The family gets extra money (SSI) from the government because Jeffrey has a disability.

Scenario 4:

Billy breaks a window in his neighbor's car, and his dad gives him a whipping with his belt.

1957 – Billy is more careful next time, grows up normal, goes to college, and becomes a successful businessman.

2012 – Billy's dad is arrested for child abuse, Billy is removed to foster care and joins a gang. The state psychologist is told by Billy's sister that she remembers being abused herself, and their dad goes to prison. Billy's mom has an affair with the psychologist.

Scenario 5:

Mark gets a headache and takes some aspirin to school.

1957 – Mark shares his aspirin with the principal out on the smoking dock.

2012 – The police are called and Mark is expelled from school for drug violations. His car is then searched for drugs and weapons.

Scenario 6:

Pedro fails high school English.

1957 – Pedro goes to summer school, passes English, and goes to college.

2012 – Pedro's cause is taken up by the state. Newspaper articles appear nationally explaining that teaching English as a requirement for graduation is racist. ACLU files a class-action lawsuit against the state school system and Pedro's English teacher. English is then banned from the core curriculum. Pedro is given his diploma anyway, but ends up mowing lawns for a living because he cannot speak English.

Scenario 7:

Johnny takes apart leftover firecrackers from the Fourth of July, puts them in a model airplane paint bottle, and blows up a red ant bed.

1957 – Ants die.

2012 – ATF, Homeland Security, and the FBI are all called. Johnny is charged with domestic terrorism. The FBI investigates his parents, and all siblings are removed from their home and all computers are confiscated. Johnny's dad is placed on a terror watch list and is never allowed to fly again.

Scenario 8:

Johnny falls while running during recess and scrapes his knee. He is found crying by his teacher, Mary. Mary hugs him to comfort him.

1957 – In a short time, Johnny feels better and goes on playing.

2012 – Mary is accused of being a sexual predator and loses her job. She faces three years in state prison. Johnny undergoes five years of therapy.

Knowledge is knowing a tomato is a fruit. Wisdom is not putting it in a fruit salad.

It's No Fun Getting Old

My new neighbor is single and lives right across the street. I can see her house from my living room.

I watched as she got home from work this evening. I was surprised when she walked across the street in the rain and up my driveway.

She knocked on my door. I rushed to open it.

She looked at me and said, "I just got home, and I have this strong urge to have a good time, get drunk, and have sex all night long! Are you busy tonight?"

I immediately replied, "Nope, I'm free… I have no plans at all!"

Then she said, "Good! In that case, would you look after my dog?"

It's no fun being old!!!


And With That…

I'll sign off for the week by thanking you for reading and for being a Casey Research subscriber.

Before I duck, I will also remind you that registration is now open for the only Casey Research Summit to be held this year – and it's going to be a great one. The faculty, led off by Dr. Ron Paul, is truly exceptional. Most speakers, including Dr. Paul, are scheduled to participate side by side with attendees throughout the entire event as we systematically examine the truth behind today's global economy and investment markets.

The dates are October 4, 5 & 6, the location is Tucson, Arizona. Here's a link to learn more and to sign up today while the early-bird registration pricing still applies.

Until next time…

David Galland
Managing Director
Casey Research

May 31, 2013
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