Ned Goodman, a Canadian billionaire businessman, addressed Cambridge House’s Toronto Resource Investment Conference a few weeks ago. While Goodman’s delivery is subdued, his message could not be more important. Goodman believes the US is already in a recession and reviews the reasons why the international community is beginning to turn its back on the US dollar.
The Chinese have 3 1/2 trillion US dollars and they’re spending these dollars as quickly as they can. And it will not be long before the rest of us in the world and the US will be thinking likewise… In the ’30s everyone wanted US dollars. Today, everyone wants to get rid of them. Buying hard assets is what you’ll hear from many people…”
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Tekoa de Silva of Bull Market Thinking spoke with Jim Rickards, author of Currency Wars, about the Fed’s decision to continue QE without tapering. Rickards, like Peter Schiff, had no expectation of tapering. The most interesting part of the interview is Rickards’ discussion of his involvement in a financial war game conducted by the Pentagon in 2009, which examined the role gold would play in the case of an international currency war.
“[Countries] want physical custody of gold…[they’re] positioning for the day when there’s a massive loss of confidence in paper money… When the international monetary system collapses and it comes time to rewrite the rules of the game and create a new system…[it’s] going to be [all about] how much gold you have. So it’s not surprising that everyone is trying to get their hands on as much gold as possible.”
Listen to the Full Interview Here
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Last week, Vanessa Collette of GoldSeek.com interviewed global market strategist Dan Popescu at the Toronto Resource Investment Conference hosted by Cambridge House International. Popescu spoke about the role gold plays in the currency war that is pitting Asia and emerging markets against developed Western nations. Given the uncertainty of the US dollar’s stability, he thinks gold could easily surge beyond $2,000 before the end of the year, if an unpredictable “black swan” event should occur.
Gold is a hard currency, one that most of the central banks are buying now. Even the major developed counties, which used to sell it – now they are not selling it anymore, but they might start also buying it. And China has its own strategy, which is to use gold to give credibility to their currency.”
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In an exclusive interview with IndexUniverse.com, Peter Schiff talked about the inevitable crisis that will result from the Fed’s quantitative easing and the eventual collapse of the dollar. Peter explained how important physical gold is as a safe haven asset in times of uncertainty, and why he doesn’t expect the Fed to taper the stimulus anytime soon.
IndexUniverse.com: Do you view the debt ceiling as a potential new crisis, and how do you see it playing out?
Schiff: I don’t see the debt ceiling as the crisis, that’s part of the solution. The crisis is the debt, and the crisis is that we’re going to raise the debt ceiling. We’re going to keep raising the ceiling so we’re going to keep piling more debt on top of the debt that we have.
And, eventually, the crisis comes not because we don’t raise the debt ceiling, but because lenders don’t raise the lending ceiling because they recognize that we’re broke. They won’t want to throw good money after bad, they don’t want to keep lending money to a country that can’t pay back what has already been loaned to it.
Peter Schiff was interviewed on Gold Seek Radio yesterday. Chris Waltzek spoke with him about how the conflict with Syria might affect gold prices and the great potential silver has as the economic “recovery” fails to develop. They ended with a conversation about the importance of a gold standard and the possibility of a massive short squeeze in the gold and silver futures market.
I don’t think it even matters if the Fed tapers or not. I think the price of gold goes up either way. If we do get a taper, I think it’s already factored in and it’s ‘buy the rumor, sell the fact.’ If we don’t get the taper, then we get an even bigger rally. And my bet is that the Fed is going to be looking for an excuse not to taper, but ultimately to increase the amount of QE. Maybe if we start a war in Syria, that might be cover for the Fed to hold off.”
Listen to the Full Interview Here
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CNBC’s Futures Now spoke with Peter Schiff last night about the long-term outlook for the gold market in the face of the Syrian crisis and the Fed’s talk of tapering. Peter also answered a question from the audience about the likelihood of the government confiscating physical gold in the event of a major economic collapse.
I think we’re going to have a huge rally. I think we’re going to make new highs. I don’t think gold ever really lost that safe haven status. Only temporarily, maybe people were confused based on the rush to sell in a short window. But I think the fundamentals are fantastic and I think Syria really doesn’t make that much of a difference in the scheme of things… It’s a monetary problem that we have. We have a dollar crisis coming, a bond market collapse coming, and gold is going to be a safe haven from all of that.”
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Greg Hunter of USAWatchDog spoke with Peter Schiff about his latest commentary, “The GDP Distractor” and the true size of the US economy. Peter talks about whether or not you should keep your money in the banks and why Americans should expect to pay more for less in the coming years.
The standard of living has gone down remarkably despite all the technology and all the other advancements that should have made our standard of living go up. The standard of living is coming down. Why is that? I think because the economy is not as productive as it used to be. We’re a smaller economy in real terms… I think you’re going to see higher and higher prices.”
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In his latest interview with Greg Hunter of USAWatchdog, Peter Schiff explains the turnaround in gold prices and what investors should be prepared for in the future.
[Gold] is really setting up for a huge reversal, because once the technicals turn around and the momentum goes back to the upside…the gold [that speculators] sold on the way down isn’t going to be available on the way up… The people who own it aren’t going to sell it at any price, because they didn’t buy it to trade out of it. They bought it to own it, to keep it. So this is going to be a big problem for the shorts, and even people who want to re-establish longs, because I think most of the people who want to get back into the market are going to get back in a lot higher than people got out.”
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Enjoy this excellent audio interview with Jim Rickards, author of Currency Wars, on the Korelin Economics Report. Rickards dissects the Fed’s forecasting record and explains why quantitative easing is destroying the economy.
“The Fed’s forecasting record has been abysmal. The Fed has been wrong four out of the last four years in terms of their growth projections… They’ve been wrong by a lot. Sometimes they project 3 1/2 to 4% growth and it comes in around 2%. Sometimes they lower the forecast to 3% and it comes in at 1.5%. So you shouldn’t put any stock in the Fed’s forecast at all. In fact, as a guide, you should kind of assume the opposite or at least a lot worse than what the Fed is saying. You have to look at the fundamental economy, [which] is in terrible shape.”
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Tekoa Da Silva of Bull Market Thinking interviewed Peter Schiff last week about the ugly reality that faces the economy when the Fed’s quantitative easing backfires.
[The Fed] pretends that there is an exit strategy, knowing that exit is impossible. They just have to maintain the pretense as long as they can before the market figures out the true predicament that they’re in. Now they talk about tapering in the future but they can’t taper right now. If the economy is strong enough for tapering, why wait four months, why wait six months? Why not just do it? It’s kind of like the guy who is overweight, and he constantly tells you he is going on a diet but he’s going to start next month. Why don’t you start right now? It’s easy to talk about something you’re going to do in the future. What’s hard is to actually do something in the present. No matter what Ben Bernanke says, between now and the time when he’s supposed to taper, he will come up with an excuse why he can’t. I think he already knows this.”
Listen to the Audio Interview Here
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