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Turk:  “As we look back over 2013, Eric, this is clearly a year that can easily be forgotten.  Without any doubt it has been a disappointment.  But let’s put this year into its proper perspective:  We should look back over the last 13 years and view them as one long sweep of time....

Continue reading the James Turk interview below...


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My point is that investing money is a marathon, not a 100-yard sprint.  By this I mean that you have to make decisions, take actions, and then position your portfolio in harmony with the major long-term trend.

For 13 years the dominant trend impacting all markets has been one in which money is being constantly debased.  There are too many dollars, euros, pounds and yen being printed.  What is worse, in this zero-interest rate environment that central banks have forced on us, anyone holding money can no longer earn enough interest on a bank deposit to offset all the risks.  These include inflation, bank failure, capital controls and things like bail-ins, where depositors end up paying for bankers’ mistakes.

And over the last 13 years, government deficit spending in the US and pretty much everywhere else has soared to astronomical levels.  These high levels of government debt today are extremely dangerous, which is the biggest risk of all -- governments nowadays control the money we use, and they control it to their advantage.  When it comes to money, there is no longer a level playing field.  Governments have tilted it in their favor.

Because of these risks, for the past 13 years I have been recommending that physical gold and silver should be accumulated on a long-term cost averaging plan.  That is the best way to run in an investment marathon.  Also, I continue to recommend this strategy because both precious metals remain undervalued.  Both gold and silver, when you own them in physical form, avoid counterparty risk. They are tangible assets, and not some promise of a government or some bank.

As we know from the 2008 financial collapse and various collapses since then - like the one earlier this year in Cyprus where bank depositors lost a lot of money - avoiding counterparty risk is important.  Counterparty risk is something everybody needs to avoid until more normal times return, and I expect that 2014 is not going to be normal - far from it.

The world is full of banks and governments that are over-leveraged.  These institutions have been dangerous to your wealth and remain dangerous because the problems that have plagued monetary systems throughout the world for over a decade are still there.  They have not been solved.  In this period of great financial and monetary uncertainty that we have been going through, owning tangible assets remains an important diversifier for everyone’s wealth.

There is another reason to look back over the past 13 years, Eric, and view them as one time span:  One losing year after 12 winning years is not that bad.  Even with 2013 added in, over the last 13 years gold has generated an average annual return greater than 13%.  It has been and remains one of the best assets to own, particularly given that neither physical gold nor physical silver has counterparty risk, and just like every other bubble inflated by banks or governments, the ‘Money Bubble’ will pop too.”

IMPORTANT - James Turk’s remarkable audio interview which covers his 2014 predictions, the great “Money Bubble,” and what is happening in the ongoing war in gold and silver is available now and you can listen to it by CLICKING HERE.

James Turk: Founder & Chairman of GoldMoney

and the author of “The Money Bubble”

To order from Amazon CLICK HERE.

© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The audio interviews with James Turk, Dr. Paul Craig Roberts, Andrew Maguire, Michael Pento, Rick Rule, Gerald Celente, Dr. Marc Faber, Bill Fleckenstein, Eric Sprott, Grant Williams, Egon von Greyerz and David Stockman are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

Eric King

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