Casey Research published an article by Russian coin dealer Dmitriy Balkovskiy that provides fascinating insight into the lives of average Russians suffering from the crash of their ruble currency. He reveals that while the Russian central bank has been adding literally tons of gold to its reserves, the Russian people are not so enthusiastic about the yellow metal. In fact, Russians are very similar to Americans in their complete disregard to owning gold, which he considers a vital part of “personal fiscal hygiene.”
Greg Hunter of USAWatchdog spoke with Michael Pento, author of The Coming Bond Market Collapse. Pento agrees with Peter Schiff on the fundamental problems with the global economy. Central banks and irresponsible politicians have loaded governments with unsustainable levels of sovereign debt. The endgame is an inevitable financial crisis of epic proportions. Pento’s analysis is brutally honest and harshly critical of the financial media. What is his advice for the average investor? “Run for gold.”
We actually believe that small group of… plutocrats can decide better than the free market where commodity prices should be, where currencies should be, where equity prices should be, where bond yields should be. [Central bankers] haven’t just tinkered in that regard. They’ve dominated, usurped, vanquished the entire market. The free market is gone… We put it all in the hands of these few people, and they have screwed things up royally.”
The World Gold Council has released a fascinating new report on Turkish gold demand and gold culture. Many gold investors are aware that China and India have been the top gold consumers in the world, but Turkey has a thriving gold economy as well. In fact, Turkey is the world’s 4th largest gold consumer, and in many ways, gold is even more integrated into the Turkish economy.
Jeff Clark of Casey Research spoke with Vanessa Colette at the Vancouver Resource Investment conference hosted by Cambridge House International. Clark explained that gold has been performing exactly as it should in the past year by rising in the price of foreign currencies that have been experiencing inflation and economic trouble. Clark emphasized that there has never been a better time in history to own gold. On top of that, he reminds us that someday the East is going to take charge of the gold trade, and they’ll do that at much higher prices than we’re seeing now.
Kitco News spoke with forecaster Gerald Celente about the grand manipulation of global markets by central banks. Celente argues that the only reason the gold price isn’t $2,000 is because of the low interest rates and quantitative easing of the Federal Reserve. He predicts a panic in US equity markets in 2015 and a resurgence in precious metals.
Famed contrarian investor Marc Faber has predicted that gold will go up “substantially” in 2015, perhaps as much as 30%. Much like Peter Schiff, Faber sees 2015 as the year that the markets wake up and realize that central banks are no longer capable of artificially supporting asset prices.
Faber’s investment advice comes down to shorting central banks:
My belief is that the big surprise this year is that investor confidence in central banks collapses. And when that happens — I can’t short central banks, although I’d really like to, and the only way to short them is to go long gold, silver and platinum… That’s the only way. That’s something I will do.”
Jim Rickards spoke with Daniela Cambone on Kitco News about what he thinks 2015 will hold for the price of gold and the United States dollar. Rickards reminds us that we’re in a long-term currency war that could continue for years. There’s a good chance that gold will be needed to bring back confidence in paper currencies.
Chris Waltzek interviewed John Embry on GoldSeek Radio this week. Embry is Chief Investment Strategist at Sprott Asset Management and shares many of Peter Schiff’s views on the United States economy, which he believes is heading towards a currency crisis. He emphasized what a great opportunity investors have right now to get into precious metals at very low prices. American citizens should look to the inflation in Argentina or Russia to see why they want to be holding gold when the dollar starts to dive.
We were surprised to see mainstream stock speculators actually recommending gold as a good buy last week. On Friday, stock traders on CNBC argued the bull and bear case for the yellow metal, and the bull won. He touched on two of the key fundamentals supporting gold: the ongoing international currency war and huge physical demand for gold.
Of course, none of these traders pointed out that the US dollar’s days are numbered thanks to the Federal Reserve’s policies. Perhaps that’s the black swan the bear doesn’t see coming.
Here is a fascinating interview with Ned Naylor-Leyland, a precious metals expert with Quilter Cheviot Investment Management. Naylor-Leyland explains the coming divergence between the physical and paper gold markets and how mainstream media doesn’t grasp just how large the daily gold market is.
He also discusses the ongoing Eastern demand for physical gold, especially in China. Did you know China has twice as many retail bullion shops than the United States has Starbuck, Subway, and McDonald’s locations combined?