And I wonder -- is there a super bear market waiting for us somewhere in the future?  The great ride from the end of WWII to today has never been fully corrected.  Some day it will be.  And impossible bargains in stocks will be lying around -- with very few willing or solvent buyers. 


As for gold, I have a long-term position in the yellow metal that I will probably never exit or sell.  My thinking is that sooner or later we will be subject to a major correction (bear market) that will wipe out or correct 60 years of inflation and leveraging.  When that happens, I want to own the only kind of money that the Fed can't destroy.

When the big deflation and deleveraging arrives, I see the Fed trying to halt it with QE3 and QE4 and QE5.  Why do I say that?  Because that's the way the Fed thinks, and that's what the Fed does.  They did it in 2007 and 2008, and we know that the current Fed head will not tolerate contraction, and has a record to prove it."

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