Alan Greenspan: Price of Gold Will Rise
In his latest article from Merk Insights, renowned investment advisor Axel Merk shares his observations of Alan Greenspan’s performance at the New Orleans Investment Conference this last weekend. In particular, people tried to pin down Greenspan on the topic of gold. While it sounds like the former Federal Reserve Chairman was pretty cagey, he did drop some whoppers that Merk is quick to point out. Peter Schiff was also in attendance at the Conference – stay tuned to Peter Schiff’s Gold News for some exclusive video content from Merk and Peter.
According to Merk, Greenspan insinuated that a gold standard in currency is not possible in a welfare state such as the United States. Following up on this, Marc Faber and Greenspan sparred briefly on the topic of the Federal Reserve’s independence from Washington, until Greenspan said, “I never said the central bank is independent!” Here are some other choice quotes from the former Fed Chair as reported by Merk:
The Fed’s balance sheet is a pile of tinder, but it hasn’t been lit … inflation will eventually have to rise.
They (FOMC members) are very smart.
Gold has always been accepted without reference to any other guarantee.
Greenspan: Price of Gold will rise
Question: Where will the price of gold be in 5 years?
Greenspan: Higher.
Q: How much?
Greenspan: Measurably.”
There you have it – straight from the mouth of a former Fed Chairman. Inflation is going to rise, and gold will rise with it.
Read Merk’s Full Analysis Here
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Inflation has been rising ever since I was born… whats the whole point anymore? What do they think they’re going to accomplish by devaluing our buying power more and more until our money is completely worthless? How does that help anyone?
I remember a story my father told me, from a time he was still a young man, working and travelling around Europe. For a while he was also working for Salvation Army house somewhere in France, it was run by on older russian lady. One day she showed him a pile of old russian rubles, all worthless. As her family ran away from a russian revolution and then came back, all that currency was only a paper, worth nothing.
All currencies have yet failed, but gold has kept value over the centuries, therefore it is smart to always have some of it, no matter good times or bad times. Politicians and people such as Greenspan only know how to deflect their responsibility, it is a faliure of leadership, that is how it is.
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