Going to Get Bad, Really Bad

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Last year about this time, precious metals expert and financial writer David Morgan was warning about massive money printing and the so-called “everything bubble” popping. Inflation is the pin, and it found the bloated debt bubble. Now get ready for some pain as Morgan explains, “It’s going to get bad, and I mean really bad. There is already mass starvation at the lower end of the economic scale in third world countries. . . . Prices are going to be untenable for many people, especially those in the middle class. When you get gasoline going up to the $5, $6, $7 range and you’ve got food going up to the level it’s gone up to and continues to go up to, it’s going to be bad. I am focusing on real stuff, not the bond market or what the price of gold is going to do. I am talking about day-to-day living. . . . When gasoline goes from $3.50 per gallon to $5.50 per gallon and you start doing the math on how much it takes to fill up your car and drive it back and forth to work every day, all of a sudden you’ve got diminishing returns. Then factor in what your heating bills and what your grocery bill is going to be. So, there are going to be a lot of people at the margin, and the margin keeps moving up. It’s a few percent of the population. Then it’s 10% and then 20% and so on. When food gets to be 50% of your budget, then there are food riots. That’s the trend . . . and I think we will get there. . . . We know the ‘Arab Spring’ was not about politics. It was about food. We are going to see ‘Arab Springs’ spring up all over the place because of food costs and availability. You can have a lot of money and not be able to get food too.”

It’s not just physical assets that are going to be affected, but the financial system too. Morgan says, “What is all this going to do to the financial system? It’s breaking, but it’s been broken for a long time. We just have not seen the end result—yet. I don’t think the bankers really thought this through all the way. If you look at the way Russia is, they are a hardened people. They are used to suffering. They are used to standing in line for bread and potatoes. They are not like other nations. . . . This is going to get uglier and uglier and harder and harder. I do not think this is going to get resolved anytime soon.”

What does Morgan see coming? Morgan says, “There are going to be cyber-attacks, and they are going on right now. There is going to be a communication breakdown. Number three, there are going to be consequences that nobody can see at this point. And to reiterate, it’s a mess, and it’s going to get messier, and it’s not going to be resolved quickly.”

Morgan sees gold at $2,300 by the end of this year and silver near $40 per ounce. In 2023, all bets are off, and Morgan contends you could see both metals way higher than they are now. Morgan says, “Silver will outperform gold in the long run on a percentage basis. . . . Silver will outperform gold four to one.” Morgan also says, “Demand for the metals from pensions funds and other big money managers is a “trend that is just getting started.”

Morgan also talks about the importance of cash and what the signal will be to get out of the U.S. dollar.

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