Last Friday the 28th (remember back through all of that BBQ grill smoke?) Rob Parenteau who writes The Richebacher Letter for Agora Financial was agreed with by some of his fellow compatriates at the Agora Financial 5 Minute Forecast. Here’s what they said (with which I heartily agree):
“Despite the stock market’s ups and downs this week, the fundamental weakness remains unchanged, both in the U.S. and in Europe. “The notion that the Greek financial crisis is contained and soon to be forgotten,” asserts The Richebacher Letter’s Rob Parenteau, “is dead wrong.
“Our experience in recent years,” Rob continues, “is that when professional investors play the denial game, they play it to the hilt. Their walls of denial are made of brick and remarkably thick, and they do not come down easily.
“But when current events blatantly reveal the incompleteness, if not the insanity, of consensus views, the walls of denial maintained by professional investors are undermined swiftly, and nothing more is left on the ground than a pile of red bricks with dust rising from them.
“When the thundering herd, in its infinite stampeding wisdom, turns tail, best to go find a ditch to jump into so you do not get trampled to death.”
What is an appropriate ditch at a time like this? A gold coins lined one, of course! That way, as we pull ourselves out of the ditch as this currency crisis/sovereign debt crisis passes over, we still have financial bedrock to our portfolios!
I am talking about one oz gold coins, rare gold coins and while we are at it, some numismatic silver to line that ditch!