I have had quite a few customers call me, over the last few weeks, and thank me for helping and advising them to buy precious metals over the last many years. Some have been a little smug and congratulated themselves for their recent good fortune.
Unfortunately, this "good fortune" is hard to get too worked up about. Our ship of state is sinking, along with our dollar. Just because you have a golden lifeboat to escape in, does not mean that you are better off than if our ship of state were still afloat in safe waters.
We have veered off course, and we are now in dangerous waters. There are icebergs all around us that threaten to sink us from either one fatal strike or a series of smaller ones. Congress and our leadership do nothing to put our ship back on course in safer waters. They merely rearrange the deck chairs with new programs, such as, the latest brilliant idea to give U.S. families $100 to offset the high price of gasoline. The band plays on, and Joe Six-pack continues to dance oblivious to the dangers all around us.
Joe says, "Why should he worry? Our ship of state has enough lifeboats if we ever get into trouble." A closer inspection of those government-built lifeboats shows that they have rotten bottoms. The holes in the lifeboats are from the under-funded PBGC, inadequate FDIC Reserves, and an under-funded Social Security Program (just to name a few). Our social safety nets in the form of our government-built lifeboats are of little use in a major catastrophe, other than to give us a false illusion of safety. In a real emergency, they will be useless.
Only our own golden lifeboats will save us if and when we need them. Hopefully, we can steer our ship of state into safer waters, but with "deficits don't matter," Cheney and his like, at the helm, I am afraid that we must consider the worst, as we steam ahead at full speed.
If you have not already started, then get busy building your golden lifeboat, while there is still time. Continue to try to guide our ship of state into safer waters but hope for the best and plan for the worst.
The fact that gold and silver are going up is nothing to cheer about. It is only a measure of how high the water has already risen in the hull down below. Start now and try to save as many as you can!
Larry LaBorde
Silver Trading Company
8 May 2006
