If ever there were a time to ignore all the mainstream pundits and buy gold coins, this has to be it.

July 15, 2011 – If ever there were a time to ignore all the mainstream pundits and buy gold coins, this has to be it. Just three days ago one highly regarded analyst stated the next support point for gold was $1,575 and that the price would meet very strong resistance trying to break through. Less than 24 hours later the price hit 1579. Yesterday the spot closed at $1,591 and the “impenetrable” $1,600 barrier will soon fall.

Get ready for the breakaway. Something is deadly wrong when it puts a smile on Wall Street’s face in the midst of the fiasco over the debt limit, Moody’s warning, and the never ending stream of dire economic news. That would take the unthinkable – say QE3. But clearly it would be insane to flood the market with more liquidity when there is nothing there to spark growth, would it not? Surely the powers that be must realize by now that QE2 did far more harm than good and QE3 would be devastating.

But Bernanke’s magic bullet is back in the gun and the rest of the world is shaking in its boots. Whether Bernanke is insidious or just insane, his policies are certain to erase what little faith remains in our government’s ability to handle its own economy, let alone direct the world’s. And that faith was all that was keeping the global reserve currency from becoming toilet paper.

It no longer matters whether we raise the debt ceiling or not. Whether we default is likewise immaterial. The damage has been done and our so-called leadership has proven beyond a shadow of a doubt that it is capable of no more than petty squabbling. Our government has degenerated into little more than a Vaudeville act.

The world tired of the show some time ago and was already weaning itself gradually off the dollar. If we push it hard enough and flood it with even more cheap paper, however, it will go cold turkey. The dollar might survive for another decade or it could commit suicide at any moment.

Each of us has a decision to make. Should we bet the farm on Bernanke or beat a hasty retreat to the shelter of gold coin investment?

Kevin Johnson

Senior Staff Writer –

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