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<p>[QUOTE=&quot;Rono, post: 616757, member: 6492&quot;]Howdy,</p><p>&nbsp;</p><p>Jean-Marie just retired, but this past year admitted that he had several billion in gold bullion in an NYC vault a couple of blocks from his house.&nbsp; It represented some 8% of the funds he managed. </p><p>&nbsp;</p><p>Gross is not a gold-bug, but a very sharp guy.</p><p>&nbsp;</p><p>I concur with cloudsweeper that we&#039;re not even close to a bubble in precious metals.&nbsp; That said, this is going to continue to be a very volatile and bumpy ride so just fasten your seatbelts and enjoy the ride.</p><p>&nbsp;</p><p>Folks, the official debt is some $12 trillion but that&#039;s not the problem.&nbsp; It&#039;s the unfunded liabilities that are between $60-70 trillion.&nbsp;&nbsp; This is social security, medicare/aid, debt service, the various trust funds, etc.&nbsp; Lots and lots of promises.&nbsp; What are their options?&nbsp; They will probably raise taxes and cut benefits, but they can&#039;t to anywhere near the extent needed to cover this tab.&nbsp; They&#039;ll be forced to monetize it.&nbsp; They call it Quantitative Easing, but it&#039;s essentially printing money 24/7/365 and paying off these debts with brand new funny money hot off the presses.&nbsp; </p><p>&nbsp;</p><p>(new definition of job security - working at the BEP).</p><p>&nbsp;</p><p>This is going to result in double digit inflation and perhaps even hyper.&nbsp; I doubt the latter, but the former is a given.</p><p>&nbsp;</p><p>So I&#039;m still buying and will continue to do so.</p><p>&nbsp;</p><p>peace,</p><p>&nbsp;</p><p>rono[/QUOTE]</p><p><br /></p>

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