In its current issue, HSL reports rumors that "Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. But not pound sterling. Inside the State Dept., there is a sense of sadness and foreboding that 'something' is about to happen ... within 180 days, but could be 120-150 days."Two points. Such enormous news would have surely "leaked" by now to someone besides Schultz, and I challenge you to cite another source for Harry's blather. Second point, isn't this a pretty stupid way to purchase currency? I envision dark-coated spOOks emerging from the gates of these embassies late at night for secret rendezvous with shady bankers.
And why is Schultz being touted as a financial whiz?
The Harry Schultz Letter (HSL) was my pick for Letter of the Year in 2008 because it really did predict what it rightly called a coming "financial tsunami."BFD. I saw this shitstorm brewing years ago, as did countless bloggers on places like CR and Mish.
And over the past 10 years, the letter still shows an annualized gain of 3.65%, against negative 0.86% annualized for the total return Wilshire.Fact: You could have met that or beat it by parking your money in treasuries and CD's.