I was sitting in a restaurant in Toluca Lake, California munching on a field of greens salad with gorganzola cheese, candied pecans and a rasberry vinigrette dressing. My Kobe burger had just been served when my cell phone did its thing.
Author & Writer Bruce Wiseman
I tried not to glance at the phone because the Kobe burger beckoned. But I did. The incoming number was from the San Francisco Bay area, where my oldest daughter lives, and while it wasn’t her number, I answered the call in case she was trying to reach me.
The call was from James Dines. I was floored. I left Mr. Kobe at the table and walked outside the restaurant so that I could hear better.
….
Last year I wrote a series of articles on the financial crisis. By way of friend, Michael Baybak, one of the articles found its way into the hands of Jim Dines, who is one of the world’s preiminent investment strategists.
Mr. Dines had some very kind things to say about the article. We subsequently exchanged some further communication but haven’t spoken for some months. Yesterday, I received a copy of Dine’s new book GOLDBUG! Which details his investment strategies and predictions covering more than three decades. Preorder GOLDBUG here!
Mr. James Dines
Over the years, James Dines has been branded as “The Original Gold Bug” and while I would in no way compare myself, as Dines has devoted his entire professional life to studing these markets, modesty aside, I could easily be labeled a “Silver Bug” as I have been a promoter of investing in silver for almost as long as Dines has promoted gold (though Dines is a strong silver advocate as well).
The simple truth is that both markets have done handsomely. A quick look back at the last decade shows generous appreciation in both.
On January 10th of 2000, the price of an ounce of gold was $281.70 per ounce. As I write this, it is trading at $1153.40 per ounce.
On January 10th of 2000. Silver was trading at $5.15 an ounce. It is currently trading at $18.75 an ounce.
Do I expect precious metals prices to continue to rise? I do. How high? I don’t know. But the bull market in precious metals is still in play, though I expect silver to experience the most gains.
Having said that, please note the following: I have no crystal ball, and these predictions and $3.55 will get you a Grande decafe latte at Starbucks. Markets change, and sooner or later, this one will too. For now, the future looks bright for precious metals. That’s my opinion. But no guarantees.
While the metals markets have been kind, and I think will continue to be so for some time, there are real concerns with the banking sector as well as with a government truly drunk with the power of the purse.
Let’s take the banking sector first.
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