G. W. MEIGGS CAPITAL

by George W. Meiggs


Well, it's September. The air is cooler and so is Wall Street. Stocks have had a good run on news the economy is not going to crash but, from my point of view, there isn't any good news that will help this market go higher. There might be more good news from the banks when they report their earnings next quarter but I don't see much else to cheer about and the banks I like already have had a good run.

So I have turned my attention to the dollar. It is hitting all time lows. Usually when the dollar is getting beat up, it's time to buy silver and gold. I think this is where we are now. If you have noticed, gold and silver prices have been moving up lately. I think this is just the beginning. There is much more room for gold and silver to go up. If you adjust gold for inflation it could go as high as $2,000 an ounce.

So what should I buy? I am going on my past experience and lean toward the gold and silver mining companies. Their stock prices should increase as the dollars value decreases. In the past, gold and silver have done very well during an economic crisis.

I like Silver Wheaton at: $12.22 (SLW) and its stock price is rising. I like Gold Corp. at: $40.83 (GG) too. Gold Corp. has already had a correction and it is poised to break out to new highs. These are two of my favorite metal stocks to hold during an economic crisis.

The big picture here is the shift that is taking place in Wall Street. I believe it is topped out and any disappointment could lead to a big sell-off. It's better to be safe than sorry so, I'm moving a substantial amount of my capital into the precious metal stocks.

One important point I want to make is, during the Great Depression not all stocks went down. The gold mining stocks went up. When people feared the Dollars demise they turned to gold and silver.

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