By Dennis Miller, Editor of Money Forever
I recall a terrifying experience years ago. It was my last flight of the year, and I was headed home for Christmas. The plane was speeding down the runway to take off, when the pilot suddenly reversed thrust and slammed on the brakes; the plane shook like I have never experienced before as the pilot aborted the takeoff. As we stopped mere feet from the end of the runway and caught our breath, the pilot came on the intercom and announced, "I'm sorry to frighten you, ladies and gentlemen. I have been flying for many years. There was nothing on our instrument panel that says we have any kind of problem. It just did not feel right, and I want to have some things checked out before we go vaulting into the air."
We taxied back to the gate and several mechanics descended on the plane. Within ten minutes they made the announcement that the flight had been canceled due to mechanical difficulties. As I exited, I stuck my head in the cockpit door and exclaimed, "Captain, I will fly with you any time – thank you! I hope you have a wonderful Christmas season." As a seasoned traveler, it was probably the only time in my life that I was happy about having a flight canceled.It just doesn't feel right
As of this moment, the business columns are blaring headlines about the Dow hitting a record high. At the same time, gold and gold stocks have been taking a beating. If you are like a lot of us at Casey Research and have sizeable positions in gold and silver, it can certainly be a test of courage and patience.
At times like this, it seems appropriate to review why we made certain decisions in light of new facts. Have things changed? Is it time to adjust our holdings?
As luck would have it, Federal Reserve Vice Chairman Janet Yellen sheds some light on the subject. Bloomberg's recent headline, Yellen Says Fed Should Press on With QE Amid Limited Risk, sums it up well. Basically she reiterated that the Federal Reserve will keep on purchasing $85 billion in government debt for the foreseeable future. OK, no changes here, folks; we will continue to spend money we don't have, and the Fed will cover us. ...