IMPORTANT TOM CLOUD PRECIOUS METALS UPDATE: Including Gold & Silver Eagle Best Buy Prices
As the global contagion continues to cause a great deal of uncertainty in the markets, I thought it was a good idea for precious metals dealer Tom Cloud to provide a new update. Tom starts off the video saying that in his 44 years in the industry, he has never seen anything like the current situation in the precious metals markets.
Tom stated that one of his wealthier clients last week took money out of the banking system and purchased a large sum ($millions) of physical precious metals. Unfortunately, there still are only a fraction of financial planners that advise their clients to own a percentage of physical gold and silver in their portfolio. I believe investors should be increasing the typical 5-10% of precious metals in one’s portfolio to at least 20-25%.
Tom also went on to say that some leading financial analysts are calling for a 30% drop in U.S. GDP by Q2 2020. This is no longer a recessionary event. Rather, we are heading into a Depression, the likes we haven’t seen for nearly eight decades. Very few Americans are prepared for what’s coming.
With investment demand for physical precious metals at near-record levels, Gold and Silver Eagle premiums are some of the highest ever. It is quite amazing to see Silver Eagles buy prices more than $10 over the spot price. One large online dealer is selling its Silver Eagles for nearly $12 over spot. Thus, Silver Eagle premiums are ranging between 50-80% over spot.
I also wanted to provide an update on the Gold & Silver Eagle BEST BUY prices. I spoke to Tom yesterday for about a half-hour. He told me that Silver Eagle premiums increased again, but CLOUD HARD ASSETS still has the lowest prices versus the top leading online dealers:
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