Barron:  “The two-day plunge in the US dollar has been the catalyst for the move higher in both gold and silver.  The gold market and the silver market have been very oversold in the last month or so.  Over time the US dollar will just continue to lose purchasing power. 

All of these fiat currencies are rubbish anyway as countries continue their money printing binges.  The fiat money only exists as currency because people have not yet entirely lost faith in them.  In the Middle-East and Far-East they have been embracing this reality and getting out of paper currencies....

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“I had been telling you about the enormous physical demand for both gold and silver and now these markets are beginning to respond.  Both markets are doing very well today on continued US dollar weakness.  We are also continuing to see tremendous physical demand around the world for both gold and silver. 

We are getting into the summer and what is considered to be a slower time period, but there is a lot of European debt that is coming due this summer.  It will be interesting to see if it is going to get rolled over, and if it does get rolled over, on what terms?

Some of these European countries have been having a very hard time selling their bonds.  This debt problem will be very constructive for the metals during the normally calm summer months.  Usually we don’t see much activity in the precious metals during the summer, but we did last year and we may well have an interesting summer in the metals again this year.

We have seen a whole bunch of governments announce in the last month that they have added to their gold holdings.  Premiums are very high and the bottom line is that demand picked up massively in response to the lower prices for both metals and it has not abated.

There are a tremendous number of bullish signals right now for gold and silver.  Every so often you get the type of recent turbulence we’ve seen in the gold and silver markets, but investors must not lose focus of the long-term fundamentals.  The interesting thing is that during this recent weakness we have seen the Dow and the S&P hitting all-time highs, and the Nasdaq has been strong as well.  But I firmly believe these equity markets are in a bubble right now.

So there is money being shoveled into the Dow through QE, but the boom in stocks is not being reflected in the economy.  In fact, the employment numbers reported in the US this week actually showed job losses.  Conditions for most Americans are just getting worse. 

But, again, the fundamentals for both gold and silver are incredibly powerful and extremely bullish for the metals going forward.  It seems the worst may be behind us and it will be very interesting to see how the next leg higher in this secular bull market in gold and silver unfolds.”

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