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Was the Brexit vote just the tip of the iceberg of things to come? Do you think German Chancellor Angela Merkel is having second thoughts on making a decision last year to allow 1.1 million refugees and migrants into Germany? One would think she does after the message sent by voters in a far-right party in Sunday’s election in Germany. An alternative party that opposes Merkel on her immigration stance came in second over the weekend, sending a message to Merkel that she better think twice before making commitments like that in the future.
Do we know what country will join the UK and start their own referendum to part ways from the European Community? Front Nation leader Marine Le Pen has said that if elected she will hold a referendum on whether France should take the same stance as the UK.
Don’t look now but the Netherlands, Austria, Finland and Hungary have the same plans.
So what does this all mean for the price of gold? (After all, you are reading a gold comment letter.)
If you speak to many financial advisors as I do each week, you’ll hear that for the most part, they report
that most of the rally in the equity market is from money being invested from folks over the pond. Does that investment send a strong message that folks in the EU are worried that an investment on their shores is a bad idea? After all, many are looking at negative interest rates and need to find a place to put their money.
More and more people are predicting a breakup of the European Community in the next few years. As I said in previous comments, now that the UK is gone, how can France and Germany support the rest of the countries in the EU? One just has to look as the mess Greece is in.
An article published Monday in Express, a London publication, said, “A Greek crisis could topple the Brussels project, top rating agency warns.” Leading experts at Fitch have warned, “that the stricken Mediterranean country remains the biggest threat to the future of the EU, despite seven years of grueling recession and austerity imposed from Berlin and Brussels.” Athens has the highest debt and unemployment rates in the world and has everyone in the EU asking themselves, why are we continuing to support them?
Debt, the word sounds familiar? What about our debt? (And I’m sure you are as tired of reading about it as I am writing about it.) No one is addressing the problem. Our debt and the debt in countries in the EU is not going away anytime soon.
I can’t remember in the short period of time I’ve been writing for Dillon Gage that I used so many question marks in one daily comment.
So what more do I need to say in today’s comment to paint the picture that owning physical gold is one investment you will be happy to own when the world economies are in shambles?
I am sure you have heard all the wild far away numbers some crazies have predicted in the price of gold? If these stories keep developing maybe they could be right but for the wrong reasons.
After reading all this information I think I’ll change my favorite color to “YELLOW.”
Author Name: Walter Pehowich
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