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?
Q: How much?
There you have it – straight from the mouth of a former Fed Chairman. Inflation is going to rise, and gold will rise with it.
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