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John Williams Eyes Gold as Insurance Against Armageddon

TGR: In fact, many people call gold "the insurance." JW: It is. Insurance against a financial Armageddon. Gold's over $1,400 an ounce as we speak. When it gets up to $5,000 people will say, "Oh my goodness. I bought it at $1,400. I can sell it at $5,000 and make a lot of money." That profit may be there, but the way to look at gold is that it anticipates the inflation ahead and preserves the purchasing power of your paper assets. Even if gold gets to $100,000, it's not that you've made $98,600 profit, it's just that you still have the purchasing power you did with your $1,400 gold. TGR: You're looking at gold as a wealth preserver. Do you see any way to accumulate or increase wealth during these inflationary times? JW: People always see opportunities and, again, are very creative. But I see this as a time to batten down the hatches, buy your insurance and lock in your wealth and assets in terms of purchasing power. If you come out of the storm, you'll have some of the greatest investment opportunities that anyone will have ever have seen. If you can get through the difficult times with your assets and maintain liquidity, you'll be able to take advantage of those opportunities. Along the way, unusual circumstances certainly will arise. You can expect a lot of volatility; but, generally, you'd also expect gold to at least maintain its value so that you could take advantage if an unbelievably good opportunity came along. TGR: Any final thoughts you'd like to give to our readers? JW: Well, as I indicated, from an investment standpoint, you have to look at preserving wealth and assets. Once you're beyond the point of healing the system, you have to look at the personal level—protecting yourself, your family. I'd also build up a store of goods that could carry your family for a couple of months, stuff that you could recycle or roll over, because there's danger of disruptions to the food supply chain and grocery stores; for example, if a hyperinflation breaks. Regardless, I see very difficult and dangerous times ahead. It's going to be very painful.

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