Rencana yang agak menarik berkenaan ekonomi yang bersandarkan duit kertas, dan bagaimana hutang2 di refinancekan kembali.

HYPERINFLATION WILL DRIVE GOLD TO UNTHINKABLE HEIGHTS

by Egon von Greyerz

We now live in a world where governments print worthless pieces of paper to buy other worthless pieces of paper that combined with worthless derivatives, finance assets whose values are totally dependent on all these worthless debt instruments. Thus most of these assets are also worth-less.

So the world financial system is a house of cards where each instrument’s false value is artificially supported by another instrument’s false value. The fuse of the world financial market time bomb has been lit. There is no longer a question of IF it will happen but only WHEN and HOW. The world lives in blissful ignorance of this. Stockmarkets remain strong and investors worldwide have piled into government bonds in a perceived flight to safety. Due to a century of money creation (and in particular since the 1970s) by governments and by the fractal banking system, investors believe that stocks, bonds and property can only go up. Understanding risk and sound investment principles has not been necessary in these casino markets with guaranteed payouts for anyone who plays the game. Maximum leverage and derivatives have in the last 10-15 years driven markets to unfathomable risk levels, with massive rewards for the participants.

In the meantime central banks are cranking up the printing presses but as Bernanke recently said quantitative easing is an “inappropriate” description of what should be called “securities purchases”! Who is he kidding? What the Fed is buying has nothing to do with “securities”. There is no security whatsoever in the rubbish the Fed is purchasing. They are buying worthless pieces of paper with worthless pieces of paper. This is the Ponzi scheme of all Ponzi schemes.

Let us be very clear, this financial Shangri-La is now coming to an end. The financial system is broke, many western sovereign states are bankrupt and governments will continue to apply the only remedy they know which is issuing debt that will never ever be repaid with normal money.

So why does the world still believe that the financial system is sound?

• Firstly, because this is what totally clueless governments are telling everyone and this is what investors want to hear.
• Secondly, whether governments apply austerity like in parts of Europe or money printing as in the US, investors want to believe that any action by government is good, however inept.
• Thirdly, market participants are in a state of false security due to shortsightedness and limited understanding of history.
• Fourthly, as long as they can benefit from inflated and false asset values, the market participants will continue to manipulate markets.
• Fifthly, there has been a very skilful campaign by the US to divert the attention from their bankrupt economy and banks `to small European countries like Greece, Ireland or Portugal. These nations, albeit in real trouble, have problems which are miniscule compared to the combined difficulties of the US Federal Government, states, cities and municipalities.

Euro zone members can’t print money. Many EU countries are downgraded by US rating agencies which don’t dare to touch the US rating. The AAA rating of the US is an absolute sham and totally politically motivated. True to form, rating agencies will only downgrade debt once it has become worthless but never before.

Hyperinflation Watch

The result of massive money printing is a collapsing currency, leading to escalating prices and eventually hyperinflation. This is in simple terms how every hyperinflationary period in history has happened. If in addition, there are world shortages of food, energy and other commodities, this will accelerate the process.

There are currently a number of indicators all pointing to escalating money printing and an imminent start of a hyperinflationary era. Here are some of them:

1. Fiscal Gap widening at alarming rates in many major economies.
2. Commodity prices at all-time highs.
3. Long term interest rates rising.
4. Most Currencies falling.
5. Precious Metals at all-time highs against most currencies.

Fiscal Gap

Tax receipts are collapsing and government expenditure soaring in many major economies including virtually all southern European countries as well as in the UK. James Turk has produced on his fgmr.com site two excellent graphs for the USA and the UK showing the extreme severity of these two countries’ deficits.

US & UK ON THEIR WAY TO BANKRUPTCY

The USA and the UK are the favourites to reach hyperinflation first amongst major economies. Both these countries will experience major problems in 2011. Also many other nations have unsustainable debt levels which will never be repaid with normal money.

GOVERNMENT DEBT WILL NEVER BE REPAID

Commodity Prices

Commodity prices have increased 26% in the last 12 months and 77% in the last 24 months based on the Continuous Commodity Index (CCI). So whilst most economies publish inflation rates of 1-3%, the real cost of food and energy is surging. The US government, which doesn’t eat or use energy, recently published the adjusted 12 months’ Consumer Price Index (ex food and energy) of 0.8% per annum. Whilst most people are struggling with a massive increase in their cost of living, the US government is continuously adjusting and manipulating the published figures. There are lies damn lies and US government statistics. Who are they fooling!

Long Term Interest Rates

In spite of US government debt being totally worthless, investors have bought more than ever, with virtually no return, in a world drowning in sovereign debt paper. We have for some time stated that the US bond market is one of the biggest financial bubbles ever. As we forecast back then, the market turned down (rates up) in January 2009. A 14 month correction ended in August 2010. Since then both the 10 year and 30 year US Treasury bonds have moved up one full per cent. So investors are finally waking up to the enormous risks in the financial system by selling government debt. We expect both short and long interest to surge in 2011 in many countries and to reach well into double digits in the next few years.

INTEREST RATES WILL RISE STRONGLY

In spite of interest rates at minimal levels, both sovereign states and individuals have major problems servicing current debt. With interest rates likely to rise to at least 12-15% and probably higher, no one will be able to service debt with “normal money”. Add to that the fact that government debt will surge in most countries. The US debt is currently $ 14 trillion. It is likely to rise to at least $20 trillion in the next few years and probably a lot higher. The interest cost for the US government at that stage is likely to be at least double the tax revenue. One would assume that the US government is well aware of what their ruinous actions are leading to. But in spite of this, they continue to increase the deficit by reducing fiscal revenues and increasing spending. What planet are they living on! What is absolutely self-evident is that they will not clear up their own mess, as the present government will be a one term wonder!

Currencies Declining

Since 1971, the value of the US dollar (paper money) has gone down 97.5% against real money (gold). Since Nixon abolished gold backing of the US dollar in 1971, both the dollar and most other currencies have been totally destroyed by reckless government. Nixon should not have been impeached for Watergate. Instead he should have been prosecuted and jailed for destroying the world’s currency system. Concurrently, banking developed into a fractal system whereby banks could lend massive multiples of their deposits and capital. All of this has served to drive up asset prices to totally unsustainable levels.

All currencies are declining against gold but some faster than others. The US dollar for example is down 78% against the Swiss Francs since 1972. During the same period the pound has declined a massive 85% against the Swiss Franc. Both the dollar and the pound are now at all-time lows against the Swiss currency. But the Swissy is only strong relative to weak paper currencies because against real money/gold the Swiss Franc has declined 87% since 1972.

DOLLAR DECLINE WILL ACCELERATE IN 2011

As a consequence of accelerated money printing, all paper currencies will fall precipitously against gold in the next few years. Therefore all paper money should be avoided and especially the Dollar, the Pound and the Euro.

Precious Metals to reach unthinkable heights

Gold has gone up 40 times against the Dollar in the last 40 years and almost 6 times in the last 11 years. Very few investors have participated in this rise since the 1999 low at $ 250. Less than 1% of world financial assets are invested in gold and gold stocks. Between 1920 and 1980 circa 25% of financial assets were invested in gold and gold stocks.

THERE WILL NOT BE ENOUGH GOLD

The major rise in gold in the last 11 years has been a stealth move with very few investors participating. The dilemma is that there is not enough gold to satisfy the coming increase in demand. We have in previous articles forecasted the gold price to reach anywhere between $ 6,000 and $ 10,000 in the next few years – see “Gold entering a virtuous circle”. As we explained at the time, these are totally realistic targets without the effect of hyperinflation.

GOLD WILL SURGE IN 2011

Bearing in mind that we are likely to see hyperinflation in the US, the UK and many European countries, the $6-10,000 target for gold is much too low. The dilemma is that it is absolutely impossible to predict how much money will be printed by governments. In the Weimar republic gold reached DM 100 trillion. But it is really irrelevant what level gold and other precious metals will reach in hyperinflationary money.
What is much more important to understand is that physical gold (and silver) will protect investors against losing virtually 100% of the purchasing power of their money. Whatever real capital appreciation gold will have in the next few years is of less importance. But what is vital, is that physical gold (stored outside the banking system) is the ultimate form of wealth protection both against a deflationary collapse and a hyperinflationary destruction of paper money.

Throughout history gold has protected investors against various calamities but this time, holding physical gold will be absolutely critical to financial survival.

31st December

Gold Switzerland - Matterhorn Asset Management

Gold Forecast To Rise; Buyers Have Multiple Investment Options

Satu nasihat dan pandangan yang baik untuk kita yang baru memulakan penyimpanan 'real money'.

(Kitco News) - The 2011 gold outlook from most analysts, simply put, is higher.

But for new investors wanting to join the gold rush, there is still some homework to do. They might want to familiarize themselves with the many ways in which they can invest--from coins to exchange-traded funds to mining stocks--to decide which are most suited for them.

Gold has been in a decade-long bull market, rising from roughly $250 an ounce to a recent record of $1,431. Many look for still more gains. BNP Paribas has forecast an average of $1,500 in 2011, while Goldman Sachs has a 12-month target of $1,690 (but also cautioned that gold could peak in 2012).

Gold is likely to benefit as the U.S. dollar loses purchasing power due to factors such as spending deficits and a rising debt load, said Jeff Clark, senior precious metals analyst with Casey Research and editor of its Big Gold newsletter. “Gold is priced in U.S. dollars. So as the dollar loses value, gold must go up almost by default.”

The metal has been viewed as the “ultimate currency,” often rising even on days when the dollar strengthens, said Bill O’Neill, one of the principals with LOGIC Advisers. This frequently occurs when European debt concerns rattle investors.

“There is no great desire from large investors in particular to hold any currency,” said O’Neill, who looks for $1,600 gold next year. Many central banks are adding gold to their reserves, he said. Also, governments and central-bank moves to pump money into the economy have fueled fears of inflation, which supports gold.

Just as investors should diversify overall portfolios, Clark and O’Neill suggested some diversification for the portion in gold, since there are pluses and minuses for each alternative.

Coins Among Easiest Ways To Invest In Gold

“Owning one-ounce coins, especially the popular versions, are the easiest and simplest and perhaps the best protection you can have for what gold is designed to do,” Clark said.

Widely recognized bullion coins can be bought and sold readily, O’Neill said. They can also be easily stored someplace such as a safe-deposit box.

Some may prefer bullion bars, which can be cheaper than coins per ounce. However, most investors then take on storage costs. Also, there is the chance potential buyers may question the authenticity. To avoid this, Clark recommended bars stamped by reputable refiners.

Holding physical gold is not risk-free. “One of the issues is security,” said Jeffrey Christian, managing director of CPM Group. Risks include theft or a catastrophe that destroys one’s home. Investors can purchase a safe or store metal elsewhere, such as a vaulted service or depository.

Such decisions could hinge in part on why an investor buys gold in the first place. Those who fear a complete financial or political apocalypse may want the gold in their possession.

O’Neill cautioned that coin buyers understand the difference between bullion coins, in which the value is based mainly on the gold content, and numismatic coins, in which a higher cost is also based on scarcity, beauty and other factors that increase demand among collectors. Investors can make money on numismatic coins but it takes extra expertise.

Exchange-Traded Products Rapidly Grow In Popularity

A new form of gold investment rapidly grew since its advent in the last decade—ETFs. There are many around the world, but they are largely based on the same concept. Metal is put into storage to back shares that trade like a stock but track the price of the commodity, minus a management fee. This lets investors quickly participate in the market without incurring costs such as assaying, storing or insuring metal.

ETFs let investors buy into the gold market in smaller increments than might be the case for other alternatives, said Bart Melek, global commodity strategist with BMO Capital Markets. Yet, some of the largest hedge funds in the world also use ETFs.

One concern might be if a company holding an ETF’s gold should fail, Clark said. Also, in the event of a big price break, there is potential for ETFs to decline at a rapid pace, similar to the futures markets, O’Neill said.

Virtually no ETFs give investors access to physical metal, as they do with coins. “What you’re buying with an ETF is exposure to the gold price,” Christian said. “There’s a big difference.”

Futures Markets Offer High Returns But Great Risk

Futures contracts are agreements to buy or sell a commodity at a specified price at a later date.

These markets are highly leveraged, with only 5% to 15% of the total value needed to be put in as collateral. Moves in favor of a trader’s positions can make a lot of money, but moves against could mean not only does the trader loses his principal, but he could be responsible for an entire loss.

“If you’re not used to trading futures in general, I would tend to shy away from it,” O’Neill said.”Futures are not for people who are risk-averse.”

Mining Stocks Often Move More Than Gold

Analysts say stocks of mining companies often outperform gold in bull markets. For starters, as gold rises, so do company earnings. A producer’s stock will fare even better if the company can hike output during high prices.

“Quite a few of them are now paying a dividend, especially senior producers, so you’re also getting a yield,” Melek said.

However, analysts said, mining shares also tend to fall faster than gold in bear markets.

Gold producer stocks have other risks. Gold might rise, but the company fails to meet production targets due to a strike or flood, or have high mining costs. Depending on location of mines, there might also be a political risk to output.

Clark encouraged diversification within mining stocks. “You can own several companies, or the easy, couch-potato way to do it is to own a (gold) mutual fund.”

Gold-Jewelry Investment Value May Vary By Region

In some Far and Middle East nations, denizens buy gold jewelry as an investment just as much as adornment. There tends to be a low mark-up above the value of the gold, in part because of low labor costs there, Melek said.

In the Western world, however, jewelry often has a mark-up well above the value of the gold, meaning most buy it for beauty and to wear rather than make money reselling it.

“You’ve found people in the last few years who were shocked because they went to sell their gold jewelry and found out the gold content was a third of the value of the jewelry itself,” Christian said.

By Allen Sykora of Kitco News; asykora@kitco.com

The One Reason you Have to Own Gold & Silver

Hutang semakin bertambah ..... hutang negara kita juga semakin bertambah. Penjualan sukuk RM 3 Billion, dan baru2 ini terbaca pula beberapa nilai BONDs RM akan diterbitkan pada tahun 2011. Dari segi politikNya, kita memang sukar untuk menasihati mereka2 yang teramat pandai dalam bidang ekonomi dan pemerintahan ... jadi kita lindungi apa yang kita perolehi dengan penat penuh dan punca rezeki yang halal.

Satu rencana yang menarik untuk dikongsi bersama.

Analysts and pundits provide various reasons for the bull market in Gold. This includes emerging market demand, low interest rates, money printing, central bank accumulation, central bank policies and falling gold production. These are all good reason but there is one reason which stands apart and will drive precious metals to amazing heights. It is the impending sovereign debt default of the west, led by the great USA.

Government finances have reached a point where default and/or bankruptcy is unavoidable. After all, we’ve already started to monetize the debt. The inflection point is when total debt reaches a point where the interest on the debt accumulates in an exponential fashion, engulfing the government’s budget. When this occurs at a time when the economy is already weak and running deficits, there essentially is no way out.

Significant runaway inflation and currency depreciation result from a government that essentially can no longer fund itself. It starts when the market sees the problem and moves rates higher. The government then has to monetize its debts to prevent interest rates from rising. Let me explain where we are and why severe inflation is unavoidable and likely coming in the next two to three years.

In FY2010, the government paid $414 Billion in interest expenses which equates to 17% of revenue. When you account for the $14 Trillion in total debt, that works out to be 2.96% in interest. In FY2007, total debt was $8.95 Trillion, but the interest expense was $430 Billion and 17% of revenue. That accounts for an interest rate of 4.80%. Luckily, rates have stayed low for the past two years.

However, in the next 24 months the situation could grow dire. At least $2 Trillion will be added to the national debt. At an interest rate of only 4.0%, the interest expense would be $600 Billion. Even if we assume 7% growth in tax revenue, the interest expense would total 22% of the budget. An interest rate of 4.5% would equate to 26% of the budget.

As far as what level of interest expense is the threshold for pain, Russ Winter writes:

Once interest payments take 30% of tax revenues, a country has an out of control debt trap issue. When you think clearly about it, this just makes sense, as the ability to dodge, weave and defer is pretty much removed, as is the logic that it will be repaid in a low-risk manner. The world is going to be a different place when the US is perceived to be in a debt trap.

Is there anyway out of this? Either the economy needs to start growing very fast or interest rates need to stay below 3% until the economy can recover. Clearly, neither is likely. As you can tell from the calculations, interest rates are now the most important variable. If rates stay above 4% or 4.5% for an extended period of time, then there is no turning back.

Judging from the chart below, the secular decline in interest rates is likely over. It is hard to argue with a double bottom, one of the most reliable reversal patterns.

In 2011 and 2012, the Fed will have two new problems on its hands. First, the Federal Reserve will be fighting a new bear market in bonds. They will be fighting the trend. They didn’t have that problem in 2008-2010. Furthermore, the interest on the debt will exceed 20% of revenue, so the Fed will have to monetize more as it is. Ironically, the greater monetization will only put more upward pressure on interest rates, the very thing Captain Ben and company will be fighting against.

As you can see, there is really no way out of this mess, which also includes the states, Europe and Japan. This is why Gold and Silver are acting stronger than at any other point in this bull market. They’ve performed great when rates were low but are likely to perform even better when rates start to rise. This is why we implore you to at least consider Gold and Silver. We’ve created a service that offers professional guidance so that traders and investors can protect themselves and profit from this amazing bull market. Consider a free 14-day trial to our service.

Good Luck!

By Jordan Roy-Byrne, CMT
Jordan@TheDailyGold.com

Paper Money's Intrinsic Value - another opinions

Macam2 masalah timbul setiap hari .... Masalah2 tersebut menyebabkan kita semakin matang didalam mengharungi kehidupan ini. Banyakan membaca dan berbincang serta melibatkan diri secara positif dapat membantu. Kehidupan ini masih memerlukan sebahagian pengetahuan mengenai duit kertas yang kita gunakan. Berhati2lah. Satu rencana yang menarik, mengenai keadaan duit kertas dan nilainya. Mudah2an mendapat menafaat.

What history says about unbacked currency the world over...

HISTORY IS UNANIMOUS about few things, write Porter Stansberry and Braden Copeland at Daily Wealth.

Land wars in Asia, for example...always a bad idea. Paper money also falls into this category. Paper money always fails and wipes out the people who depend on it. Or as our friend Rick Rule likes to say, paper money's track record is unblemished by success.

The return of paper money to its intrinsic value (nothing) is guaranteed. All we need is time (though politics certainly help move things along).

We would not argue that organizing a system of sound money based on paper receipts is impossible. We would merely point out that keeping such systems sound and reliable has proven elusive to this point in human history.

Paper money is like many other types of idealized virtue humans cannot attain. It's simply beyond human nature to avoid perdition. Sin, as they say, is part of man.

Every government that has used paper money has succumbed to a fatal level of borrowing. Rather than a restructuring of these debts, paper money systems allow for the rapid expansion of the monetary base to facilitate paying off debts in devalued money.

This is no different than stealing. And yet... that is what happens every time, resulting in a massive crisis and a breakdown of social norms.

It normally happens faster in democracies, where no strong interest group votes for living within the country's means and repaying its creditors in sound money. No, people vote for more spending and more debt. And they always expect someone else to pay. Case in point... Greece.

Researching problems in the Greek economy is like reading a financial comic book. All the players are clowns.

For example, the national railroad has annual revenues of €100 million... against a wage bill of €400 million and another €300 million in expenses. The Ministry of Agriculture hired 270 people to digitize photographs of Greek public lands... with one digital camera.

In 2001, the Greek government borrowed $1 billion from Goldman Sachs to help balance the budget. The deal relinquished future receipts from the national lottery, national highway tolls, airport landing fees, and even funds promised to Greece in the future from the European Union.

The government was burning the family furniture to pay current expenses. And now, they're out of furniture. It's all been burnt.

In total, the Greek government owes €1.2 trillion. That's €250,000 for every adult.

Obviously, Greece cannot repay this money in sound currency. The only way out is for the Greeks to inflate the debt away – effectively stealing from their creditors with a printing press. That they haven't done so yet is only because they no longer have their own currency, the drachma.

Instead, they are part of Europe's common currency, the euro. And Europe is making every effort to maintain the mirage of a united economy. Unfortunately, no such thing exists. It's merely a matter of time before the Greeks default.

The exact same thing is true about the United States – except the numbers are even worse.

Gold Investing – start right now with a free gram of physical Gold Bullion at the ultra-secure, low-cost market leader online, BullionVault...

Porter Stansberry, 15 Dec '10

Sukar untuk memulakannya

Untuk memulakan sesuatu aktiviti memang sukar samada ia melibatkan masyrakat, keluarga dan individu. Kita memerlukan sokongan dan pendapat rakan-rakan kerana kemungkinan cara kita salah dan melibatkan kerugian. Disinilah kita memerlukan rakan-rakan yang berpengalaman untuk memberi nasihat yang berguna. Anggaplah ianya sebagai sumbangan ikhlas, kerana keputusan atau matlamat yang dihasilkan bergantung kepada suasana persekitaran yang boleh berubah secara tiba-tiba. Yang menetapkan semua ini adalah pencipta kita, Allah swt.

Salah seorang kenalan lama telah menghubungi saya dan bertanyakan pengalaman menyimpan emas. Tak sangka beliau juga telah lama ingin memulakannya, dan kesibukan bekerja melekakan kita semua. Seperti keadaan saya dahulu yang terumbang ambing, takut dan risau, beliau memberanikan diri untuk memulakannya dengan seketul emas. Untuk membelinya memang amat payah sebab ia melibatkan wang kertas yang banyak dan menyimpannya boleh memeningkan kepala. Pendekatan saya, ialah membeli emas apabila ada lebihan duit setelah semua perbelanjaan diambil kira.

Ramai yang akan memikirkan kembali, dimana mereka sendiri tiada lebihan duit kerana banyak berbelanja melebihi pendapatan. Disinilah kita perlu memikirkan bagaimana untuk mengatasinya dengan memahami perancangan kewangan dengan baik. Kita kena berkorban kesenangan dan kemewahan iaitu berubah cara kehidupan dari suka berhutang kepada membeli tunai. Kumpul sedikit demi sedikit baru membelinya. Sistem di zaman sekarang ini memang menyuruh kita berhutang. Saya terkejut bila membaca bermacam-macam tawaran pinjaman mudah dari bank kepada pengguna. Persoalannya, manusia mana yang tidak berhutang? (termasuk diri saya).







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Keadaan Kewangan Yang Pelik

Setiap hari kita berurusan didalam transaksi yang memerlukan media 'wang'. Kita menggunakan wang kertas dan syilling memandangkan ianya mudah di pecahkan, ringgan dan di jamin pembayarannya oleh Bank Negara.
Kertas yang di tulis nilai itu bukanlah wang yang sebenarnya, tetapi ia hanyalah wakil bank yang menjamin untuk dibayar dari segi nilainya. Kenyataan kertas tersebut ialah ... Wang kertas ini sah diperakukan dengan nilai ......

Keadaan kewangan sekarang ini telah menjadi semakin pelik dimana kertas telah dijadikan bahan hutang dan jaminan. Di USA contohnya, dokumen hutang seperti pinjaman perumahan dijadikan jaminan (cagaran dari pihak atau negara lain) untuk bank memperolehi wang lagi dan untuk di pinjamkan. Begitulah proses perniagaan di waktu ini. Ianya seperti konsep re finance rumah atau kereta bila inginkan wang tunai.

Dalam proses evolusi pemikiran, kita telah berjaya di programkan untuk menerima kertas jaminan sebagai wang. Fikiran kita telah dikhayalkan dengan angka beribu dan berjuta di dalam bank. Maka kehidupan kita sentiasa ingin menambahkan angka-angka akaun kita.
Adanya bank yang bertugas menjadi penyimpan akhirnya memakan kita kembali. Dengan skim pinjaman mudah, kita telah terperangkap membayar hutang kepada bank sepanjang hayat. Bank telah membuat duit yang banyak bila kita menyimpan dan untungnnya berganda bila kita meminjam. Tidak logik bank boleh bangkrap kalau pengurusannya betul. Minda kita telah di sogok bahawa, menyimpan didalam bank selamat, untung dan senang berurusan. Sebenarnya duit yang kita suruh bank simpan itu telah di gunakan untuk pinjaman. Cuba dibayangkan bila kita semua dengan serentak mengeluarkan semua wang dari bank! Itulah yang berlaku di USA sepanjang tahun lepas dimana banyak bank yang bankrup gagal untuk memberikan wang tunai secukupnya bila semua pemegang akaun datang!


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Semakin memberangsangkan ...

Harga emas pada 26/5/2010 untuk kijang emas agak tertinggi setakat ini iaitu 1oz RM 4284/4116. Apakah perlu dijual atau terus disimpan? Ini bergantung kepada keperluan dan strategi masing-masing. Kalau keperluan itu cukup, simpan terus untuk jangkamasa lama.
Kenapa masih lagi menyimpan dalam bentuk emas dan tidak nota kertas? Memang sukar untuk menjawabnya, sebab jawapan tersebut tidak akan memuaskan hati. Sebaliknya lihatlah keadaan persekitaran ekonomi europah, peperangan korea, ekonomi usa dsbnya. Keadaan mungkin berubah ataupun sebaliknya. Jika kajian dan pengamatan di buat untuk beberapa waktu, kita akan terasa untuk memulakannya tetapi melihatkan nilainya yang terambung-ambing sudah tentu keyakinan itu dipersoalkan kembali.

Ada beberapa review yang menarik untuk dibaca. Why the gold sector? Why now? http://www.kitco.com/ind/schwensen/may242010.html