By Sean Kelly
Beat the Rush!
It happened earlier this year in Germany.
Now it is happening in Turkey.
As the financial system unravels, people in Turkey are standing in long lines to trade their paper and digital money for gold.
Across the country, dealer’s phones are ringing non-stop.
Demand is so strong that mint employees are working overtime, weekends, and holidays.
The Wall Street Journal reports that gold has produced the highest returns in Turkey over the past 10 years, outperforming the dollar, real estate, bonds, and equities.
What’s the problem in Turkey’s economy? Unemployment is high, over 13 percent. Like our own, Turkey’s central bank has pulled out all the stops to suppress interest rates. That means money-printing.
Lines of people desperate to buy gold have formed in many times and in many places. Here’s a picture of people in China hoping to be able to buy gold in 2013.
It’s happened here in the US, too, people standing in line to trade their unbacked dollars for gold. We wrote last week about that period, the Stagflation Decade, the 1970s.
Here’s an editorial cartoon from the 1970s by Pat Oliphant that illustrates the conditions of stagflation.
The homeless family living out of a car, with energy too expensive to keep themselves warm, clothes too expensive to clothe a family, food too expensive to eat anything but shoe leather, the dollar only good for burning, and gold going up, up, up.
No wonder people stood in lines that snaked around the corner to buy gold.
It happened here before. It will happen here again.
We think it makes sense to beat the rush. Stop worrying about not having enough money and instead know that no matter what happens with the market you are safe and can afford the retirement you earned.
Open a gold and silver IRA today. And in the meantime, call 855-720-2613 for a free 1 on 1 consultation to see if investing in gold and silver is right for you.