El Salvador president proposes bill to overturn metals mining ban
In 2017, El Salvador became the first country in the world to ban forms of metals mining.
Zero Hedge charted what has happened to gold prices under Democrat and Republican administrations over the last 50 years.
It turns out Democractic administrations have generally push bullion higher, so the recent election should give gold investors a lot to cheer about:
So a different question is: should gold bugs be more excited by a democrat or a republican president. The answer is self-evident: of the $4000 inflation-adjusted increase in gold price since gold was floated by Nixon, a solid $3000, or 75% of this rise, has taken place under Democratic administrations. So dear gold bugs: stock pile that physical and cheer on Obama and hopefully his democratic successors. At this rate, gold (and ostensibly all other precious metals) will outperform every single asset class known to man (sorry Buffett).
See the chart after the jump>>
3 Comments
MiningMan
I generally don’t answer articles but this one
is total nonsense. I’m a gold bug and have been in the hardrock mining industry all my professional life. However, I dread the thought of 4 more or longer years under democRAT rulers. Expect exploration/mining/environmental costs to skyrocket in the next 3 years, juniors to fail and large mining houses to cut back BECAUSE of Obama policies.
golddigger69
But if one looks at the history of Democrats int he White House vs. Republicans, the deficit, spending beyond tax collection, has skyrocketed under the latter. So any resort to fiat currency is in their yard, not the Democrats.
Stormy
I totally agree with MiningMan but as a mining professional we all know the truth about what pushes the prices up. If your mining costs go up fighting the EPA and other beauracrats the metal goes up due to cuts in production. Always happens under Democratic administrations that push for more and more regulations as they have nothing better to do.