Money Printing, Money Printing and More Money Printing

“Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold
is not for jewelry. It’s not for anything other than an escape from what is perceived to be a fiat
money system, paper money, that seems to be deteriorating.”
Alan Greenspan, ex-US Federal Reserve Chairman
August 23, 2011

Dear Investors,
2020 was an interesting year, to say the least. One aspect of the markets that is not mentioned in the
mainstream media is that gold turned in its best year since 2010. Skepticism with regard to the
durability of the rally in gold and silver imposed restraint on the mining stocks, as the stock segment of
the 2020 precious metals rally lagged the returns on gold and silver.

Read the entire Q4 2020 Newsletter here.