Another day, another round of big gains for gold and silver…

But before we get to that, an important reminder…

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• Gold and silver are skyrocketing…

Yesterday, the price of gold jumped 1.5%. It’s now up 18% on the year. According to Bloomberg Business, it’s having its best start to a year since 1975.

Silver is doing even better. It spiked 4.4% yesterday. It’s now up 22% on the year and trading at its highest price in over a year.

• Gold and silver stocks have surged even higher…

Mining companies are leveraged to the price of metals. A small rise in the price of gold can cause gold stocks to surge 4x, 5x, or 6x as much.

Gold’s 1.5% gain yesterday led to a 4.9% gain in GDX, the largest gold stock fund. GDX is now up 70% on the year.

Silver stocks had a monster day, too. The iShares MSCI Global Silver Miners ETF (SLVP), which tracks large silver miners, soared 9.6%, its second-best day ever. SLVP is up 89% this year. It’s at its highest level since September 2014.

• Dispatch readers know gold and silver are money…

They have preserved wealth for centuries because they meet all the characteristics of good money. They are durable, transportable, have intrinsic value, are easily divisible, and have consistent form all around the world.

And unlike dollars, the government can’t create more gold or silver by pushing a button.

• Investors often buy gold and silver when they’re nervous about stocks or the economy…

And there’s plenty to be nervous about today.

As you likely know, governments have launched all sorts of crazy policies since the 2008 financial crisis. They’ve borrowed trillions of currency units…created trillions more out of thin air…and cut interest rates to all-time lows.

These actions were supposed to “stimulate” the economy. But they didn’t work. The U.S., Europe, and Japan are all growing at the slowest pace in decades.

Now governments are “doubling down” on the same failed policies…

• Central bankers are considering “helicopter money”…

Economist Milton Friedman coined the term “helicopter money” in the 1960s. He said the government could drop free cash from helicopters to stimulate the economy. People would spend the free money, causing the economy to grow.

Friedman likely never took the cartoonish idea seriously. For a long time, no one else did either. Until now…

• Former Fed chairman Ben Bernanke thinks it’s time for helicopter money…

Bernanke ran the Fed from 2006 to 2014. He now works for the Brookings Institute, a government think tank. Last week, he said helicopter money could be worth a shot.

[H]elicopter money could prove a valuable tool. In particular, it has the attractive feature that it should work even when more conventional monetary policies are ineffective and the initial level of government debt is high.

Dropping cash from a helicopter is probably too extreme, even for a central banker like Bernanke. The government would likely give out free cash in other ways, like mailing checks to people, or depositing money directly into people’s bank accounts.

Bernanke continued:

Under certain extreme circumstances—sharply deficient aggregate demand, exhausted monetary policy, and unwillingness of the legislature to use debt-financed fiscal policies—such programs may be the best available alternative. It would be premature to rule them out.

That’s bureaucrat-speak for, “nothing else has worked, so let’s try giving out free cash.”

• It’s no surprise that Bernanke likes the idea…

After all, the Fed first used the controversial policy of quantitative easing (QE) while Bernanke was in charge. That’s when a central bank creates money from nothing and pumps it into the financial system. It’s how the Fed has created 3.5 trillion new dollars since 2008.

In 2002, Bernanke suggested in a speech that helicopter money could boost the economy. This earned him the nickname “Helicopter Ben.”

• Helicopter Ben is the latest bureaucrat to endorse the idea…

In September, Mario Draghi said he would “certainly consider” helicopter money. Draghi runs the European Central Bank.

Lots of Ivy League economists like the idea, too…

Nouriel Roubini wrote a piece earlier this month for financial website MarketWatch titled “Central Bankers May Have to Fire up the Helicopters.” Roubini teaches at New York University. He’s one the world’s most influential economists.

Richard Clarida, an economist at Columbia University, predicts we will see helicopter money within five years.

• Central bankers will do “whatever it takes” to jumpstart the economy…

To protect your money, we urge you to own physical gold and silver. They are, by far, your best “defense” against reckless governments.

If you want to play “offense” and speculate on higher gold and silver prices, consider buying gold and silver stocks. As we mentioned, the stocks offer big leverage to the metals. During the 2000–2003 rally, the average gold stock jumped 602%. The best gold stocks soared more than 1,000%.

We put together a free short video explaining the profit potential in gold and silver stocks right now. Click here to watch.

Chart of the Day

Silver stocks have “carved a bottom”…

If you’ve been reading the Dispatch, you know gold and gold stocks carved bottoms earlier this year. And last week, silver carved out a bottom.

An asset carves a bottom when it stops falling, forms a bottom for a period of time, and starts moving higher. A carved bottom is a sign that an asset is ready to march higher.

Today’s chart shows the performance of iShares MSCI Global Silver Miners (SLVP), an ETF that tracks large silver miners.

You can see SLVP has gone vertical since carving a bottom in mid-January. Yesterday, it soared past the high it set last January. This is a very bullish sign. It suggests the rally in silver stocks is just getting started. 


Justin Spittler
Delray Beach, Florida
April 20, 2016

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