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If You Told Me Then…
Read the Thursday Afternoon Wrap-Up for 4/18/2013 and the Friday Morning Commentary for 4/19/2013
In May 2002, I was a 31-year old “hot shot” sell-side analyst at Salomon Smith Barney in New York City. My oilfield equipment, drilling, and service research team was one of Wall Street’s top ranked, and the future I had always dreamed of seemed possible. Furthermore, I had just gotten engaged; and thus, was ready to “take on the world.”
However, the seeds of doubt were already being sown; as Salomon’s core business – investment banking – had peaked in 2000; as had my compensation. Moreover, numerous scandals lurked behind our closed doors; as a nasty, two-year market “correction” was bringing a lot of shady Wall Street activity to light. Moreover, as sharp as I was in my “sphere of influence” on the Street, I had yet to fully grasp the BIG PICTURE clouds gathering around the world. I mean heck, the GLOBAL economy peaked two years back; and thus, it was nearly IMPOSSIBLE to be that pessimistic. However, I was – more so than at any time in my life.
In fact, I had sold my last stock in April 2000; sitting 100% in cash as the market carnage raged on. That was probably the best asset allocation decision of my career; outside of what happened next. In May 2002, my appointed Salomon Smith Barney broker – Doug Cundey – told me I should buy shares of Newmont Mining; which at the time, were around $12/share. He, too, sensed something was wrong; however, neither of us truly understood the structural changes in the global economy occurring right under our noses – as frankly, we were too focused on the post “Tech Wreck” market tribulations. Not to mention, the dollar was just topping out as we spoke; and thus, the ramifications of 31 years of unfettered MONEY PRINTING had not yet come to light…
After just a few days of research, I deployed ALL my capital into Precious Metal mining stocks; which back then, were as close to freely-traded as possible. Within a year, I was writing public missives and contributing regularly to the GATA website – given my lightning quick understanding that PM prices were artificially suppressed.
Over the ensuing “TEN YEARS OF HEAVEN AND HELL” (soon to be eleven), I have not only become an EXPERT in the field; but have parlayed my knowledge into forums enabling people to empower themselves to PROTECT their assets. Musing over this decade of CHAOS, I’m awestruck at just how badly things have become – and how rapidly such changes have occurred. One can read till their “blue in the face” about the destruction fiat currency has wrought throughout history; but to truly believe it, you must see it – which is EXACTLY what the 21st century has been about.
“IF YOU TOLD ME THEN…” global economies would be collapsing simultaneously in a decade; amidst record inflation, draconian government, and the wholesale commandeering of financial markets, I would have considered you crazy. I did expect a recession, but couldn’t imagine Central banks would – and could – “postpone” them at the expense of billions of people. But they did, and now it’s time to “pay the piper.”
PROTECT YOURSELF, and do it NOW!
Call Miles Franklin at 800-822-8080, and talk to one of our brokers. Through industry-leading customer service and competitive pricing, we aim to EARN your business.
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2013-04-19 15:49:43
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