A recent “Meet the Press” Sunday political talk show opened with an interview with liberal billionaire hedge fund manager and campaign investor Tom Steyer.
Steyer has spent tens of millions of dollars on a televised ad campaign to impeach the President, and he plans to spend millions more on a digital ad campaign to call for Trump’s impeachment.
Michael Cohen, the president’s former personal lawyer, pled guilty to multiple felonies and in the process of a plea bargain admitted to committing these crimes at the direction of “Individual No.1,” whom almost everyone believes to be the president. This got all the Democrat sharks licking their chops to pursue either criminal charges or impeachment proceedings against “Individual No. 1” sometime during 2019.
The incoming chair of the House Judiciary Committee is Democrat Representative Jerry Nadler. He described, the prosecutors’ filings in the Cohen case, as evidence that President Donald Trump was “at the center of a massive fraud.”
“They would be impeachable offenses,” stated Nadler.
Representative-elect Alexandria Ocasio-Cortez said reports on Cohen provide enough evidence for starting impeachment proceedings against Trump.
Ocasio-Cortez said these reports are “really concerning” and said she is interested in learning what else investigators will dig up now that Cohen, in a guilty plea this week, claims to have lied to Congress about the work he did on a Trump Tower Moscow project in the middle of the campaign.
“I’ve been supportive of impeachment for some time now,” she told reporters “I think this just adds to the case.”
In 1972 through 1974, it took about two years from the Watergate break-in to President Richard Nixon’s resignation for the forces of Congress and two investigative journalists at the Washington Post to bring a sitting President to resign, avoiding the inevitable vote against him in an impeachment trial.
If the impeachment process begins next year, we may see a replay of the 1973-74 markets in 2019-20. In 1973-74, the Dow Jones industrial average declined 45% from 1051.7 on January 11, 1973 to 577.6 on December 6, 1974. That coincided with one of the biggest bull markets in gold and rare coins.
Gold more than tripled, from under $60 to over $180, while the Rare Coin CU 3000 index rose 348% -- more than four-fold.
There was an impeachment threat in the Reagan years, too. On March 6, 1987, Representative Henry B. Gonzales, a Democrat of Texas, introduced articles of impeachment against President Ronald Reagan regarding the Iran Contra affair. It’s not well remembered today, but there were hearings running for three months – from May 5 to August 6, 1987 – including testimony by Oliver North and others, followed by Congressional Committee meetings investigating Iran-Contra through the fall.
The impeachment threat wasn’t over until the final committee report came out in November, after a huge 36% stock market crash!
At the same time, we saw the beginnings of a large bull market in rare coins. From 1986 to 1990, the Rare Coin CU 3000 Index rose 665% at a time when gold bullion and stocks were essentially flat.
As in both of those past episodes of political uncertainty and wild stock market gyrations, it seems to historically make sense to take some stock market profits off the table and reallocate them into tangible assets.
Mike Fuljenz is a member of the Newsmax Finance Brain Trust. He is also the editor of the NLG award winning Michael Fuljenz Metals Market Weekly Report. Discover more by Clicking Here Now.
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