James West: Time to Buy Battered Juniors
The Gold Report: James, in June you advised selling off all stocks and investing directly in precious metals. What prompted you to dump juniors and go to gold and silver?James West: It was evident to me that the risk to equities in our space, the junior miners, was going to increase as the debt issues in Europe and the United States continued to fester. Back in June, the likelihood of the U.S. not raising the debt ceiling in time for the August 2 deadline was considered very remote. But the last minute deal was nothing more than a Band-Aid on an open artery. The partisan politicking could result in rating agencies downgrading the U.S. triple A rating with or without a default. You can hardly rate the world's largest sovereign debt load as triple A after this most recent fiasco. And when you consider that the only solution is to raise the debt limit, issue more debt, print more money and further debase the currency of the worlds largest economywell, to me, it's just plain dangerous to be holding equities in anything under those circumstances. That environment only bodes well for gold and silver prices.
TGR: So now that there is a deal, will equities rise and gold and silver fall?
JW: Temporarily, yes. That's exactly what I think will occur. Given the gnat-like attention span of investors and the deluge of information flow we are all immersed in, it is what's happening right now that dictates market movements. With these temporary deals done, for the next few weeks, it will seem like the problems have been solved, disaster averted and the party will be back on.
TGR: So we should sell gold and silver and buy equities?
JW: You bet. Sell the precious metals at the high, buy the juniors who have been beaten up in recent months and wait for the next batch of horrible news to make precious metals turn around and head north.
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