The End Of An Era

Market Analyst, Author, and Founder of The Deviant Investor
March 11, 2021


  • This is the last regular article from Gary Christenson and Miles Franklin. I appreciate you, my readers. Thank you!
  • Miles Franklin will occasionally issue special reports.
  • Miles Franklin has been in the precious metals and customer education business for decades. We have thousands of satisfied customers and have helped them protect their assets by converting “funny money” into real money—gold and silver.
  • But in today’s “podcast” world, Miles Franklin will focus on YouTube videos, not written communications.
  • Our recent video is here.

For the week ending March 5, 2021:

  • Paper gold (COMEX) fell $30 to $1,698, a 9-month low.
  • Silver fell $1.11 to $25.29.
  • Tesla stock hit $900 in early February and closed March 5 at $598, down one-third.
  • Chairman Powell and Secretary Yellen… want inflation, more is better.
  • Official U.S. national debt is $28 trillion. The new COVID relief and “special interests” pork bill will add $2 trillion. An “infrastructure” and “special interests” payoff bill is coming. That could add another $2 trillion, in addition to the regular deficit. The national debt will exceed $30 trillion by December 2021. Soon we’ll see $40 trillion in official debt. Inflate or die!

This is the end of an era. Consider the huge changes following these “end of era” events:

  • 1913: Federal Reserve created. Income tax laws. WWI.
  • 1929: Stock market crash. Depression.
  • 1941: WWII.
  • 1971: Nixon closes the “gold window” and debt skyrockets. Stagflation dominates the 1970s.
  • 2001: The 9-11 disaster, Patriot act, surveillance, and loss of freedoms. Homeland Security.
  • 2020: The COVID story, economic devastation, small businesses killed, double masks, social distancing, wearing masks between food bites in California restaurants, DNA changing “vaccinations,” millions unemployed, food lines, censorship, destructive riots, and defunding police.

SO WHAT? The common elements and consequences were:

“Normal” never returned. A new era began.

Increasing national debt, about 9% per year, regardless of who mismanages government. Consumer price inflation followed dollar devaluations. Restaurant coffee no longer costs a dime.

Increasing power and payoffs to Wall Street, lobbyists, congress, and large corporations.

Declining purchasing power of the dollar. Rising stock market, commodity price increases, and higher prices for gold and silver.

More surveillance and censorship, less individual freedom, and more fear.


  • Powered by massive debt and QE, the stock market has reached all-time highs again and again. Valuation metrics are too large and will correct. Perhaps the NASDAQ correction began in February.
  • Gold fell to multi-month lows as interest rates rose. But QE, dollar devaluation, deficit spending, and massive fiscal stimulus will force metals prices higher this year. A bottom is close.
  • Compared to the S&P 500 Index, gold is inexpensive. Compared to most other metal prices since the 1980 highs, silver is inexpensive.
  • Consumer Price Inflation at the grocery store, gas pump, and hospital is much larger than official statistics.
  • Life will not return to the good old days of 2019. COVID opened Pandora’s box, releasing fear, censorship, social distancing, loss of human contact, huge bailouts, government boondoggles, small business bankruptcies, IMF SDRs, massive unemployment, and more.
  • Congress passed the lengthy Cares Act, which was read by no one in congress before they passed it. Hundreds of $billions will go to special interests, including international giveaways.
  • The Fed supports the political and financial elite. Billionaires increased their wealth while millions of Americans lost jobs during 2020.
  • Many states mandated lockdowns, assuring small businesses were destroyed.

We must protect our assets and retirements from inflation and dollar devaluation. Silver and gold are more reliable than congressional actions, giveaways, and assurances from government.


  • The stock market is too high. Tesla stock is down one-third, which is a warning or an anomaly. You choose.
  • Gold (COMEX) is inexpensive compared to the S&P 500 Index.
  • Silver is inexpensive compared to gold, metals, the S&P 500 Index, debt, M3, and many other metrics.
  • Consumer price inflation is higher than the official numbers. The Fed and government will not admit their policies created higher consumer prices. The government wants to minimize pensions by indexing to low inflation numbers. Hence, they “doctor” the inflation statistics.
  • Expect higher deficits, out-of-control spending, payoffs, boondoggles, giveaways, and more. When spending and dollar creation are out-of-control, dollar devaluation and higher prices inevitably follow.
  • In 1987, the stock market crashed after months of a falling dollar index and rising interest rates. In 2021 we have seen a long period of a falling dollar index and higher interest rates. Our leaders assure us...
  • Gold bullion has protected individuals and governments for millennia. Have we forgotten history?
  • Silver has been money for thousands of years. Have we forgotten history?

This is farewell for Miles Franklin written articles. Listen to our YouTube videos.


Gary ChristensonGary Christenson is the owner and writer for the popular and contrarian investment site Deviant Investor and the author of the book, “Gold Value and Gold Prices 1971 – 2021.” He is a retired accountant and business manager with 30 years of experience studying markets, investing, and trading. He writes about investing, gold, silver, the economy and central banking.

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