*** “Have you bought your gold and silver yet?” writes our intrepid correspondent Byron King.
“You ought to have 5-10% of your portfolio in gold and silver, and I mean the real, physical stuff.
“Oh, you haven’t gotten around to buying any gold or silver yet? Let me quote Rudyard Kipling, from his poem ‘Gunga Din.’ You need to ‘put some juldee in it.’ Quick! Go and get some precious metals! Don’t make me say I told you so, because I will.
“Indeed, I told you so. Or we told you so. Buy gold and silver. If you follow almost any of the publications from Agora Financial, you ought to know that in one way or another, for about 10 years, Agora has been advising people (this means you) to buy precious metals. Back then, in the good old days of Y2K, gold was selling for well under $300 per ounce. Silver was going at $2-3 per ounce. Lately, gold has been selling in the $900 range, with an excursion over $1,000 about two weeks ago. Silver is trading in the $12-14 range.
“Starting in 1999, Bill Bonner told you to buy gold. Bill even helpfully labeled it “The trade of the decade.” Over the years, Agora Financial published countless essays about gold from the Mogambo Guru, who was never subtle about it. ‘Buy freaking gold,’ said Mogambo. “Or if you don’t buy gold, buy silver,” he said. You could look it up.
“Many other Agora editors and contributors told you to buy gold and silver. Addison Wiggin, Eric Fry and Dan Denning told you to buy it. Agora Financial published guest articles from the likes of Gary North, Doug Casey, Marc Faber and many others about buying precious metals. I’ve been writing about gold in Agora Financial publications since 2003, when I was a mere “unpaid correspondent in Pittsburgh” composing occasional notes for The Daily Reckoning. ‘When all else fails (and it will),’ I said, ‘own gold.'”
for The Daily Reckoning Australia