20 Comments
User's avatar
droberts's avatar

Charles Gave comments are the key to the next few years unless the Fed reverses course soon.

Expand full comment
PWilson's avatar

You are Correct… hey JP - squirrel! 👀

Expand full comment
X75's avatar

Good write up. Love Charles Gave comments especially the bankers comment.... "never lend money to someone who needs it"

Expand full comment
Paul Skinner's avatar

I echo the previous comment wholeheartedly.

Expand full comment
wsv's avatar

Never lend money to someone who needs it! Great comment. I just had breakfast with an elderly friend of mine, and he gave me some extra wisdom: " I can't always remember where I parked my car, but I remember everyone who owes me money!"

Expand full comment
Bryan's avatar

A stunning read. Many thanks and not only because I agree, it was simply very well written.

Expand full comment
David Hay's avatar

Thank you very much for the kind words, Bryan!

Expand full comment
Kevin Waspi's avatar

David,

You are right to repeat this chapter with the words of Charles Gave. Very few "investors" today have his (or your) perspective on how hideous conditions in markets today are. We are in for a an experience that few will imagine, many will come to regret, and those who caused it will again skate free from their responsibilities.

Here's a touchstone I developed approximately thirteen years ago that seems more fitting each day: "Never in the history of our country has so much been taken from so many by so few."

Keep up the good work,

Kevin

Expand full comment
David Hay's avatar

Thank you, Kevin!

Expand full comment
Karthik's avatar

Love the narrative ... factual and engaging

Expand full comment
David Hay's avatar

Thanks for reading, Karthik!

Expand full comment
Joe's avatar

I had never heard of the ratio. I do remember the 70's when my 3 boys were all born. I remember getting raises at work 2x a year due to inflation and not being able to make ends meet unless I picked up an extra shift each pay period. I'm really confused as to what to do with my investments today. My advisor says to hold on to my 50/50 mix.

Expand full comment
X75's avatar

Change your advisor.......

Expand full comment
Simeon Beer's avatar

Hard to see Gold going up too far in the face of Fed interest rate hikes and a rising Dollar. I think Oil stocks are the best bet in this market as long as they stay north of $100/bbl

Expand full comment
X75's avatar

The question you should be asking is why has gold held up so well in the current climate, especially a stronger dollar coupled with rising rates? I suspect its because the real money knows what is coming. Thats what my Swiss Advisors tells me.

Expand full comment
Simeon Beer's avatar

It has held up BUT not gone up so far. USD has been rising all year and with the Fed raising interesr rates the odds favor the rise to continue. Gold may rise later but my money is with USD in a rate rising environment until this changes.

Expand full comment
Sal.'s avatar

Curious. What is the S+P/Gold ratio today??

Expand full comment
X75's avatar

about 60 in terms of S&P 500 to grams of gold

Expand full comment
jim knittle's avatar

bravo and many thanks for excellent work

Expand full comment
David Hay's avatar

Thank you, Jim!

Expand full comment