The Most Important Digest Porter Has Ever Written?
The most important Digest I've ever written?... Why right now could be the best time to make huge profits in years... How I blew the biggest opportunity of my life... Two critical things I beg you to do today...
February 9, 2011 should have been the most important day of my entire life – at least financially...
Instead, I (Porter) made the single greatest financial mistake of my entire life – by a wide margin.
I've been working hard for several years now to rectify that mistake. And although I'll never fully get over it, what you'll find below in today's Digest is the best opportunity I'll ever have to make it right.
Don't make another financial decision until you've read today's Digest.
Make certain you understand exactly what's happening and why. Make sure you understand what this means for your assets.
And as I sometimes do before I ask you to read something I know is important... a warning, as preface: Virtually every subscriber will complain that today's Digest is too long.
(My staff insisted that we publish this over three days, but I wouldn't allow it. You need to know this stuff. The sooner, the better.)
I won't apologize for working hard to serve you...
From time to time, that means writing something that is complex, is long, and involves core economic and monetary concepts. It's not easy to explain this stuff, especially using simple and plain language. I've done my best, and I'm asking you to try to understand it.
Read carefully. Think about these concepts. Ask questions, if you have any, by sending an e-mail to feedback@stansberryresearch.com. I'll do my best to respond next week.
Also, I worry a large percentage of our subscribers will think to themselves, "Oh, this isn't for me. I just need to know what stock to buy. This seems like it's for more advanced investors."
That just isn't true.
What's happening right now will change the way almost every good, service, and financial asset is priced, traded, and owned.
This will definitely impact you, your loved ones, and the value of your financial assets. Please remember... There's no such thing as teaching, there's only learning.
We're now only several days (or maybe a few weeks) away from breaking through a critical monetary threshold...
This is an extremely rare event. It's related to the "inverted yield curve" that we predicted was approaching (and that has now occurred). But it is an even rarer and more "acute" signal.
For sophisticated investors, this upcoming monetary inversion will unlock trillions and trillions of dollars in additional liquidity. The chart below shows what I'm talking about...
The descending (blue) line is the single most important financial metric in the entire world. I'll explain exactly what it is and why it is so important in today's Digest.
The ascending (black) line is the price of gold.
As you can see, if you look closely, when the blue line – the global financial system's most important barometer – fell below the 2% mark (on the left scale), it heralded the beginnings of a true firestorm. One of the most important impacts of this massive economic change was the first real bull market in gold since the late 1970s.
From this point (in early 2003) until 2011, gold soared from around $400 per ounce to almost $2,000 per ounce – a 400% increase in a huge asset class. From 2002 until 2012, gold moved higher each and every year.
By the way, Stansberry Research was aware of this change and what it meant...
We'd been recommending gold consistently since 2001. And we launched our first gold-focused conferences and began urging subscribers to buy collectible gold coins not long after. I personally started buying gold coins at $400 an ounce in 2003 at our first Long Beach gold-coin conference.
It's easy for people to point backward on a chart and say, "See, this is what it meant." But that's not what's happening here... We're not just looking backward. We've been following this barometer for decades, and we've used it – in real time – to make our best and most valuable financial decisions.
This is extremely important.
Now, take a closer look back at the previous chart...
If you look closely, you'll notice that the "GFSB" – the "global financial system barometer," the blue line – collapsed well past its "resistance" point at 2% in early 2008. It happened just before investment banks began failing and the entire mortgage industry collapsed.
Don't pay any attention to the brief spike right in the middle of the crisis (in the fall of 2008). That's an aberration related to a brief collapse in inflation expectations.
What is important is that after dropping through the 2% threshold, the GFSB continued to fall until late 2012...
Gold rallied this entire time.
And then, suddenly, something changed... What was it?
Europe's financial system stopped bleeding. Bailouts of country after country were put into effect. The world's financial system stopped going down the toilet. The various major deflationary holes were plugged.
The system began to reflate... It began to work again.
But it never made it back to the 1% line, much less the 2% level that began this crisis...
And in 2015, gold seemed to bottom at less than $1,100 per ounce.
This month, gold broke out to a six-year high of more than $1,400 per ounce. Meanwhile, the GFSB indicator has suddenly turned down again.
There is, as you might imagine, a tight and meaningful correlation between the price of gold and this measure of the global financial system's stability and viability.
More important, I believe this downtrend we're seeing in the GFSB indicator will continue...
Based on debt levels, declining levels of fixed capital investment, and increasing levels of credit defaults (in auto loans and high-yield bonds), I believe the downtrend we're seeing in the GFSB indicator could broach key "support" at the 0% level... and go negative.
If that happens, the financial markets will be suddenly turned upside down.
And I mean that almost literally... At the 0% level, the markets will begin to go haywire, as though the entire system has been inverted.
If you're an optimist, you'll perceive this rare event... this massive monetary inversion... as the final phase of Steve Sjuggerud's long-predicted "Melt Up."
That's one way to think of it.
In the short term, this liquidity trigger could propel the markets (for stocks, bonds, property prices, collectibles, etc.) vastly higher. In fact, this is almost certain to occur... I'd expect at least another 30% increase in the S&P 500 Index and even bigger gains for growth stocks.
But as I'll explain in today's Digest, what this monetary inversion means to the global economy and to the U.S. dollar in the longer term is scary and probably puts you at risk.
Remember, there are two sides to a Melt Up...
First, there's the big run-up in debt, liquidity, and financial-asset prices. That's the part everyone seems to like.
And then, there's the hangover from these policies – unsustainable debt loads, defaults, illiquidity, and ultimately horrendous losses to purchasing power as the government further devalues the U.S. dollar in response.
That's why it is so important that you read this particular Digest carefully. I want you to understand both sides of the Melt Up. And most of all, I want you to understand why it's likely to start soon.
Please, even if you've never read any of my newsletters and even if you disagree with me about everything else, consider this information carefully.
Make sure you understand the monetary inversion I'm describing. And make sure, no matter what, that you're ready to take some action this week or next.
Do not wait.
Prices for the best investments are going to soar extremely fast. If you don't buy them now, you will miss this opportunity. As you'll see, you should do a few obvious things – right now – to prepare.
Again, most of you will perceive this coming monetary inversion as an opportunity...
And it's true: We are approaching the second-best opportunity I've ever seen to make huge gains in the world's markets.
The flip side of this massive liquidity event, however, is stark... For most Americans, what's about to happen will destroy much of their liquid wealth.
No, it's not fair. Not at all. It is a rigged game. If I could, I would put America on a diet of sound money, sound banking, and balanced government budgets. But I can't do anything about it. All I can do is try to help as many people as I can survive and prosper through what's about to happen.
Hopefully, you're skeptical that anything really important is about to change. That's exactly how you should feel. It's also true: Most of the time, you can safely ignore macroeconomic forces like the stuff I'm going to describe today. Most of the time, you can simply sit back and let your dividends grow.
But during rare periods – periods of acute stress in the world's currency and bond markets – you can make simply stupendous gains and avoid huge losses. And it seems likely – though not inevitable – that we are about to enter one of those periods. Whether it happens over the next few days or not, it's coming.
Most people will think this is a "new" crisis. After you finish reading this Digest, you'll know better. This is merely the next phase of the crisis that began in 2008.
And if you study our GFSB indicator carefully, you'll understand exactly why.
On February 9, 2011, I went home early from work...
My wife and I had a young baby at home – our first. And my wife was very pregnant with our second child, who would be born about a month later.
To give ourselves a break and to have some time together, we hired a private chef, Zeke, to make us dinners on Wednesdays. That's how I know I went home early that day. I also know I traveled early the next morning to Miami Beach, where I hosted my friend Doug Casey and gave a talk to a small group of our best subscribers.
I know from my notes that I spoke about the worsening financial situation in Europe. I know I explained how the massive losses of the last credit cycle (bad mortgage debts, mainly) were being "papered over" by a combination of massive purchases of financial assets by the Federal Reserve and other government-led efforts to prevent a global deflationary credit collapse.
This monetization of debt, along with the suspension of mark-to-market banking regulations and the massive bailouts of Fannie Mae, Freddie Mac, AIG, GE, and others was shocking and virtually unprecedented in American history. I theorized that such policies would spread to Europe and that the financial crisis was a long way from over.
Most important, I knew that as more and more people around the world saw how unstable paper currencies were, and as they watched government after government printing trillions to bail out the world's largest financial institutions, that sooner or later, there would be a panic to move savings out of paper currencies altogether. Those fears were already sending gold, silver, bonds, and even stocks higher.
But those gains were coming at a cost – loss of confidence in the U.S. dollar. I feared the secondary effects of this massive liquidity push would cause America to lose its "AAA" credit rating, and even potentially cause the U.S. dollar to lose its unique status as the world's reserve currency.
(The U.S. is the only country in the world that can legally print U.S. dollars, which serve as the foundation of the global financial system. This "extraordinary privilege" has enabled and fueled America's consumption-led and debt-financed economy for the past 40 years. The system continues to grow more and more unstable as America continues to add additional debt to its economy, far past its ability to repay without a printing press.)
Not many people realize how close our economy came to the point of complete collapse in 2009...
I explained what was really happening in a series of newsletters (for example, see the October 2008 issue of my Investment Advisory, titled "The Secret of September," which I've "unlocked" for you right here) and then in our documentary, The End of America, in late 2010. We knew there would be a cost to the liquidity that bailed out the banks – and there was.
Soon after we began to publish our warnings, America lost its AAA rating. The "Occupy Wall Street" movement brought a new wave of violence and lawlessness to America's streets. And of course, the prices of both gold and silver soared... Gold was on its way to $1,900 from just below $1,000 an ounce, and silver was in the midst of a run from around $10 to almost $50 an ounce.
But the biggest opportunity in this crisis didn't really emerge until February 9, 2011...
That's the day I came home early from work to have dinner with my wife. The day before I traveled to Miami Beach to meet with Doug Casey and a handful of other wealthy investors.
In a Friday Digest I wrote around that time, I explained why gold should be used as the world's reserve currency, not the U.S. dollar. (If you're interested, all of the facts and logic still apply. You can read that Digest right here.)
The gist of my argument was simple: By creating a physical link between the monetary system and the creation of new money and credit, a gold reserve standard ensures that credit cannot grow faster than gains to productivity in the economy.
This "limit" to the amount of credit that can be created assures that credit cycles don't become destructive... that financial bubbles can't grow to the sky. It also acts as a brake against foolish investments: Gold is a lot more precious than paper.
Using gold as the ultimate standard of exchange, the global financial system can remain stable for decades. That's what happened between 1720 and 1914 – during the heart of the industrial revolution and the creation of the first truly global economy.
Currencies and exchange rates were stable, which allowed long-term investing to occur around the world with low to moderate interest rates. Financial panics, while not eliminated, tended to be brief affairs that wiped out overextended speculators, not large viable businesses... or mortgage companies... or entire countries.
Yes, I digress... a little...
The point is, in early 2011, at the exact moment investors should have been thinking deeply about the stability of the global financial system... I was!
I was keenly aware of the dire problems in the paper-based financial system. I knew why they'd occurred... And I knew how badly the system was broken.
I had especially valuable insights into the massive problems hidden inside several huge companies like General Electric (which we recommended shorting at $18 per share) and Deutsche Bank (which we recommended shorting at $50).
I knew these institutions were insolvent and would require massive government support to avoid collapse. These problems were not commonly understood at the time... And as has become obvious since, these problems have essentially destroyed both institutions.
It was an extraordinary time in my life and in my career. I had hard-won insights into these huge macroeconomic problems... I knew which companies would collapse as a result... And I knew gold and silver would soar as more and more value fled the system globally.
Best of all, these ideas were making my subscribers rich while the world seemed to be falling apart.
So why was February 9, 2011 the worst day of my financial life and not one of the best?
February 9, 2011 was the first day that bitcoin ever reached parity with the U.S. dollar...
Value was fleeing into gold and silver, yes. And it was also fleeing into bitcoin. So much so that a brand-new digital currency – invented just two years earlier in 2009 – was already trading at parity with the world's leading sovereign reserve currency, the U.S. dollar.
I saw it happening. I knew a lot about why it was happening. That was the day I should have bought bitcoin. I should have bought it simply as a hedge against what I knew was a collapsing financial system.
I knew why the dollar was failing. I knew why it was going to continue to fail. And I knew value was flowing into bitcoin as a result.
Those weren't the only good reasons I had to pay attention to bitcoin...
- I'd been studying new technologies for decades, starting with learning to program computers when I was a kid, then dabbling with IP telephone systems in the mid-1990s, and finally researching and writing about technologies professionally for almost 20 years. I'd used PGP ("Pretty Good Privacy" software for encrypting e-mail) for years, and I understood the basics of public/private key encryption – both in theory and in practice. It wasn't as though I couldn't have read Satoshi Nakamoto's white paper and understood what he'd built by combining Internet software with encryption to build a peer-to-peer private exchange system. I could have read it. I just didn't.
- Second, I knew, far better than most, why people around the world were desperately seeking a way out of a highly regulated, public, and bankrupt global financial system. While the Federal Reserve was printing trillions to prevent a complete financial collapse in America, the European Central Bank was on its way to bailing out Greece, Ireland, Spain, and Cyprus. And although I had no idea exactly how the endgame would unfold, I knew it wouldn't be pleasant. Sure enough, at the end of this chain of dominoes, anyone who still had money in Greece and Cyprus didn't get all of it back. "Haircuts" had to be taken. Money began to disappear. The moves higher in gold and silver were proof enough that there was huge demand for an alternative to the global paper-money financial system. I should have paid closer attention to bitcoin when I could see so much of that value was also moving into the digital currency.
- Third, and most painfully, several of my closest friends, people I knew to be brilliant and sound (Tom Dyson and Doug Casey, most notably), urged me to buy bitcoin – or at least study the code and understand why it was so attractive as a way to store and exchange value. Tom's bitcoin investments at that time would later be worth $30 million. I don't know exactly how much Doug has made with bitcoin, but I know it's in the millions of dollars.
Alas... I did none of those things.
Instead of learning about how and why so many people were willing to trust bitcoin and were eager to use it... I simply mocked it as a kind of digital tulip.
I've never, ever been more wrong. Even a modest investment ($10,000) into bitcoin back then would be worth more than $100 million today. A "real" investment ($1 million) would be worth $10 billion today.
That's painful.
To make it so much worse, I now understand why bitcoin is the most valuable technology to emerge on the Internet ever...
How do I know?
Well, I finally took the time to really study it.
It started about two years ago, when I met Brendan Blumer, the founder of EOS – a blockchain technology that's similar to bitcoin. EOS isn't a currency, per se... It's a token.
It's designed to function as a reward mechanism and as an access key for software-application developers. Think of it as a kind of "back office" engine that will power dozens of blockchain applications.
It was through Blumer that I realized how bitcoin was a classic Hayekian form of money. (Friedrich August von Hayek was a Nobel Prize-winning economist who described the spontaneous order of the free markets.)
I could also see how blockchain technology would lead to vast new forms of human cooperation, how it would create Coasian enterprises – essentially businesses without a corporate structure or corporate managers. As I wrote in a Digest that October, shortly after I met Blumer, I could see how various economic principles were in play – Coasian theory, Hayekian order, and George Soros' reflexivity, too. And just as I expected, EOS was a tremendous success, with its token price rising from $0.50 at the time to well over $5 today.
But still, I didn't buy any cryptocurrencies. And then, at the end of 2017, there was a huge bubble in all crypto assets... with the price of bitcoin soaring to almost $20,000.
What was I waiting for?
I knew, sooner or later, the same kind of crisis conditions we saw in 2011 would emerge again...
Did any of those huge financial companies and banks – the ones that made the worst possible financial decisions (Fannie Mae, Freddie Mac, GE, AIG, Citigroup, Deutsche Bank, etc.) end up bankrupt? Did any of their creditors actually take a haircut? Nope.
Who took the haircut? The folks who held fiat currencies and kept their money in government-regulated and insured banks.
What about your friends and neighbors?
Did the people you know who had been irresponsible with their finances suddenly "get religion" and start living within their means? I bet most didn't. College kids didn't... They borrowed another $1 trillion over the last 10 years, and now they expect you (and me) to pay for it.
Today, America's corporations owe bondholders more than ever before, as measured against GDP. Likewise, with American households... American families have never been more in debt – period.
Do any of our politicians or corporate leaders realize the dangers of runaway debt and enormous unfunded liabilities? Did anything change about how the American economy works? Did the American people get serious about what kind of military obligations we can afford... or about what kind of political promises we should be making about health care, education, housing... or even "universal income"?
No. We've learned nothing. And nothing has been fixed. As a result, we are more exposed to a financial crisis than ever before.
Nothing changed – only the debts got bigger and bigger.
Our economy and the global financial system as a whole still depend on a total mirage – paper money and endless credit...
It is only a matter of time until the entire system falls apart... because these promises can't be kept and these debts can't be repaid. (By the way, if you want to know a lot more about how overly indebted economies become trapped, study the work of Dr. Lacy Hunt. He's done, by far, the best and most thorough empirical studies of how overly indebted economies fail. I did an interview with him recently. You can listen to it right here.)
So who will pay for all of these bad debts?
The poor, ignorant folks who still have all of their money in dollars, euros, or yen. The poor, ignorant folks who believe that our banks are insured. The poor, ignorant folks who believed that Barack Obama would pay their mortgages and who believe that Bernie Sanders will pay for college.
Hopefully, that's not you.
I know the government's efforts to solve a debt crisis by creating massive amounts of additional debt won't work...
I know that by manipulating interest rates to afford massive increases in sovereign debt, the government is causing wealth inequality to soar.
No one can afford to hold dollars or euros or yen. No one can afford to be paid in these worthless currencies. No one can afford to save these paper dollars, whose purchasing power falls in half every two or three decades.
These social problems are the biggest risks of all. We're seeing huge increases to domestic spending in Europe already – and the same is coming to America. Just look at the Democratic presidential candidates all trying to outbid one another with your tax dollars.
These trends foretell a financial disaster is coming.
Our GFSB shows it, too. Let me explain how it works...
We are about to enter the next phase of the global financial crisis. Here's why...
At the beginning of today's Digest, I showed you a chart that displayed the relationship between the price of gold and something else... something I called the "GFSB" – the global financial system barometer. I called it that because trying to explain what it actually is would make most of your eyeballs glaze over and put you straight to sleep.
So what is it?
It's the "real" yield that's available to investors who are willing to hold the U.S. government's benchmark 10-year Treasury note (which is just a bond).
Understanding the bond market goes well beyond the scope of today's Digest...
But at a basic level, everyone should be able to understand that what investors expect to earn by lending to the U.S. government for 10 years depends – most of all – on inflation rates. If investors see that inflation is going to increase, they will demand higher interest rates on their loans to the government.
The expected "real" return on these bonds is the yield on 10-year bonds that provide inflation-protected returns – the so-called "TIPS" bonds (Treasury Inflation-Protected Securities) that the Treasury also issues.
How we measure it isn't important. What matters is that when the global financial system is functioning normally, investors can make a profit from lending to the government.
What should investors earn by lending to the U.S. government?
As the largest and most powerful country in the world, with the world's leading reserve currency, you'd expect interest rates to be pretty low. In fact, the U.S. government is considered the world's best credit risk... And these bonds are widely considered to be a "risk free" asset. That means there's zero chance of default.
Even so, in a working financial system, investors have many choices. These government bonds have to compete for investors who can also buy other bonds with higher yields. So even "risk free" bonds should pay investors a real return after taking inflation into account.
Historically, the 'real' rate of interest on these bonds has been between 2% and 4%, depending on the economy's strength...
When the economy is strong, investors can choose from a lot of other faster-growing (and higher-paying) options. So the government has to pay more, too.
But what about when the economy isn't working? What about when investors aren't able to trust banks or large corporations... or even foreign governments? What happens when there's no other safe place for capital?
It's during these times that you see the real yield on U.S. Treasury bonds fall precipitously – during the so-called "flight to safety."
It's during these periods that investors earn almost nothing by holding Treasury bonds. And it's also during these periods that investors are more and more likely to buy gold... which, although it doesn't pay a coupon like a bond, does offer protection against credit defaults.
Ironically, as interest rates fall at the beginning of these periods, investors tend to bid up stock prices when falling bond payments make stocks look progressively more attractive. That happens up until corporations start to default on their debts. Then, stock prices collapse.
That's why a Melt Up happens just before a meltdown.
Interest rates go lower... and lower... and lower. Stocks get more valuable (relatively), so they go higher... and higher... and higher. But then, the economic weakness that's led to lower and lower interest rates suddenly causes companies to default on their debts, starting a panic in the stock market.
That's why you get soaring stock prices just before major banking and financial problems. And that's what we're seeing today, too.
If you understand nothing else that I've written about today, make sure you know this...
The 10-year U.S. Treasury bond is the global paper-currency financial system's "barometer."
The yield on this bond sets the price on all other risk assets. And when the barometer, or 10-year "real" yield, is steady or rising, you'll see "clear skies" ahead. But when the barometer turns sharply lower, and especially when it breaks through key thresholds, a hurricane is coming.
When you see "real" yields on the 10-year U.S. Treasury bond paying little and heading for zero, you'll find investors fleeing "risk on" assets – like growth stocks – and buying things to protect themselves against credit default.
Right now, this barometer is falling steeper, sharper, and further than it has since 2011. It is poised to crack through the 0% level – meaning investors would effectively be paid nothing (after inflation) to hold dollars in the form of a 10-year Treasury bond.
At that level, there's virtually no financial reason investors would want to hold the dollar. And at that point, the entire world's financial system begins to turn upside down. If the dollar isn't the base anymore, what is? Take a look at the chart again...
When big investors flee from the dollar, they flee into gold...
Gold, as you may know, recently broke out to a six-year high. That's not because we've seen any change, whatsoever, in the supply and demand characteristics of the gold market.
Likewise, the big move higher recently in bitcoin isn't a coincidence. (Even after a sharp correction earlier this week, it's still up around 40% so far this month to nearly $12,000, as we go to press.)
Wise and knowledgeable investors can see that a return to crisis conditions is coming. And they're positioning themselves to weather the storm in these alternatives to the paper-money financial system.
Will this new phase of the crisis be the end? Will this be the "End of America" that we've been predicting will eventually occur, as people the world over flee the tyranny of the U.S. financial system?
We don't know, of course. But it is long, long overdue.
So what should you do today?
I would urge you – beg you, really – to consider adding a significant amount of gold and related stocks to your portfolio.
You wouldn't be buying these assets because you expect gold to be a good investment or because you expect gold mining to become a great business. Instead, you'd be buying these assets as a hedge against your other holdings that are denominated in U.S. dollars.
If there's a major capital flight away from the dollar, gold will soar.
If we see real yields on the 10-year Treasurys fall back below zero, I expect gold will surge to more than $2,500 an ounce very quickly... on its way to $10,000 an ounce. This kind of a move will send some small gold-exploration companies up 10,000% or more. That's why it's a good idea to spread your gold investments around in a wide range.
At gold's most recent lows in 2015, I guessed (correctly) that we were seeing a rare, once-in-a-decade opportunity to buy dirt-cheap gold stocks.
I asked my friends in the gold business and our own analysts to help me put together a list of 10 gold companies that we could simply buy and hold... knowing that sooner or later, the world's huge financial problems would return to the market's focus. Buying these stocks when they were dirt-cheap (some trading for just a few dollars per share) and holding them as a hedge against the eventual panic seemed like a smart, long-term way to invest.
And if we see real yields on the 10-year Treasurys dip below zero again, that bet is going to pay off in spades. And since the price of gold hasn't moved much yet, it's not too late for you to build a position. My report is called, "Porter's 10-for-10: 10 Gold Stocks to Hold for 10 Years to Make 10 Times Your Money."
Since 2015, the initial 10-for-10 has done well... Including dividends, the 10 stocks have averaged a 16% annualized return over our holding periods. But as I hope you'll understand, that's nothing compared to the returns that are possible.
Likewise, I hope you'll consult our in-house gold expert, Bill Shaw...
Bill has spent much of the past five years traveling around the world, studying gold mines and getting to know the leaders of the most important gold companies in the world.
He's our "ace in the hole" when it comes to gold stocks... Nobody on Wall Street (or anywhere else) knows these firms like Bill does. He writes our Stansberry Gold & Silver Investor newsletter, maintaining a complete gold and silver portfolio that combines big gold producers with small exploration stocks. You can see exactly how we'd build a gold and silver portfolio by reading his newsletter.
Finally, we recently acquired Gold Stock Analyst – the oldest and best-respected newsletter in the gold-mining sector...
Written by legendary gold investor John Doody since 1994, Gold Stock Analyst has been a must-read for every gold-mining executive and investment analyst over the past 25 years.
John's work is so complete and so detailed that he can tell investors at any given point in the gold-price cycle if they should buy bullion or stocks, a trading technique that allows investors to make money in both bull and bear markets in gold.
For many years, I urged our subscribers to read John's newsletter (even though we didn't publish it). And for many years, I've been trying to buy it.
We recently acquired it, and luckily, we have even persuaded John and his team to continue writing it for us. Our Stansberry Alliance members will soon have access to this publication – for free. We are going to combine parts of Gold Stock Analyst's database into our new Stansberry Terminal software, allowing our best subscribers to see the entire gold sector in a new, vastly improved way.
I believe now is the time to establish a major position in gold and silver...
If you're interested in adding exposure in your portfolio, I'd like for you to have access to all of our research – my own "10-for-10" report (which we've recently updated), all of Bill Shaw's work, and John Doody's Gold Stock Analyst.
All of this research would normally cost you somewhere around $5,000 per year. But there's a better way for you to get access to all of this research...
We've just put together a unique "Stansberry Gold Alliance" that allows you to get all of this research on a lifetime basis for about the same price as a single year's subscription. Plus, as you hopefully know by now, at Stansberry Research, we're constantly adding coverage, developing new reports and products, and hiring new analysts.
As a Stansberry Gold Alliance member, you'll have lifetime access to all of our research products that are focused on gold and silver – all that we publish now and all that we develop in the future. If you're not a member of any of our Alliance programs yet, I urge you to give the Stansberry Gold Alliance a try to see how valuable a partnership with us can be. Click here to get started.
(By the way, the current price on this offer is only available through this weekend. After Sunday night, it will double.)
Please... don't just wait and hope.
If you do nothing else, at the least, find some guide (even if it's not ours) to investing in gold and gold stocks, and make sure you have at least a 5% position in gold today.
In addition to a large position in gold, I have also begun buying bitcoin...
I believe it's growing more likely that bitcoin becomes a viable new global reserve currency.
I believe it could because I believe Satoshi's protocol accurately (and brilliantly) links the supply of bitcoin to the growth in global computational power. In this way, bitcoin as a currency will reflect the growing productivity of information technology in the same way gold reflected the growing motive productivity (global increases to power supplies).
You can try reading Satoshi's white paper to learn how this works, but for most people, simply listening to George Gilder explain everything will be a lot easier.
Some of my colleagues in the business are launching a new publication from Gilder about bitcoin and other blockchain technologies. And they're organizing an upcoming FREE online meeting with Gilder.
Nobody has taught me more about technology over the years than George Gilder...
If I could, I would give you a personal invitation to this meeting, but this Digest will have to do. I wouldn't miss this event, and you can count on me listening alongside you.
You can sign up to participate right here. Please don't miss this opportunity. It pains me to admit it, but I believe it's likely that what he can teach you about bitcoin might be more valuable than anything we can teach you about gold or stocks.
And going forward, we will begin tracking our GFSB and updating you frequently...
We'll update you on where we stand on our prediction of a return to crisis conditions.
Again, in the short term, this could certainly send stocks much, much higher... But in the longer term, this represents a serious threat to anyone who holds their wealth – or earns their income – in fiat currencies.
New 52-week highs (as of 6/27/19): BHP (BBL), Corteva (CTVA), Western Asset Emerging Markets Debt Fund (EMD), McDonald's (MCD), NovaGold Resources (NG), and Polymetal (LSE: POLY).
So... have I made the case that all is not well with the world's financial system? Have I convinced you to make a significant allocation to gold and gold stocks? And have I persuaded you – at a minimum – to take a little time to learn more about bitcoin? Please let me know at feedback@stansberryresearch.com.
Regards,
Porter Stansberry
Baltimore, Maryland
June 28, 2019