It wasn’t too long ago when the gold haters were popping open the bubbly, celebrating gold’s correction (they called it a “crash”). BusinessInsider’s Joe Weisenthal even took pleasure in those who were losing money saying:
But there’s something else going on, which can only be described as “Goldenfreude”, the pleasure of seeing gold fans lose money.
Pleasure at the misfortune of others is a bad thing that should be discouraged, but from time to time, people can’t help themselves.
After 12 years, I guess it’s ok for them to have a few days of laughs. It has to be tough being a Keynesian after all…trying to run the world by fixing prices and printing money…and always knowing that the clock is ticking on how long the charade will last.
But what is the man on the street doing while the Keynesians are laughing?
They’re loading up!
Peter Schiff was on Varney and Co. a few days ago and was asked about the surge in physical gold buying.
“Am I right in saying that this month, April, we’ve seen record gold coin sales?”
“It is accurate. I own a precious metals company, Euro Pacific Precious Metals, and it’s the biggest month we’ve ever had. But the problem is, there’s a big backup. Coins that we can normally deliver right away are backed up by 4-6 weeks. Some of the products that we normally buy, we can’t even get. And the premiums on gold coins and bars and silver have gone up dramatically so that it’s actually more expensive. There’s so much buying because of the decline, we can’t even keep up with it.”
So, evidently, many have been waiting for this price correction to occur.
The Keynesians and Militarists are pushing themselves into the abyss.
The smart people are trading in their paper scrip for real money when it goes on sale.
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